Buying a car is one of the big purchases you make in your life, especially if you want to take advantage of a car that is a few years old. The quality of today’s motor vehicles is incredible, with most of them more efficient, safer and comfortable than ever before.
Such a large expense can seem daunting. But there is a good way to get around this – car finance. Instead of buying a car outright, car finance gives you a lot of flexibility with how you fund the purchase of your vehicle. While you will be charged interest on the amount of money you borrow to finance the car, there are many advantages that make it worthwhile. Here are five reasons why you should choose car finance to buy your next car.
The biggest advantage of car finance is that you are able to spread the cost of your vehicle into manageable monthly payments. By spreading the cost across the length of your agreement – anywhere between 2-5 years – you can break down the big fee into chunks that won’t leave as big a hole in your savings.
These monthly payments can be adjusted by extending or reducing the length of your car finance agreement. If you choose a longer period, the payments are lower. If you choose a shorter period, then you won’t pay as much interest. You can use our car finance calculator to work out how much a package could cost you too, so you have an idea of how much you would need to budget each month before you apply.
Not all car finance packages are the same. In fact, every single one is tailored to a customer’s personal financial situation. So you can find a package that suits you and your circumstances. One of our dedicated customer advisors will talk you through all the options you have available.
When you apply for car finance, Creditplus will carry out a soft search on your credit file. This means we will take a look at your financial history to see what sort of deals you will be offered. Don’t worry, this soft search isn’t recorded on your credit file. Some car finance providers will carry out a check that can negatively affect your credit score if you choose not to complete the finance package. We don’t do that at Creditplus so you can apply and get a no-obligation quote.
Your customer advisor will discuss the different packages available to you based on your credit score and financial circumstances. We work with a wide panel of different lenders, with some specialising in different types of customer. Even if you have a bad credit rating, we may be able to find a car finance package that works for you.
Why not take a look at some of the car finance options available to you?
If you had to pay for a car with all your savings, would you really be able to afford the car you want? The advantage of car finance is that it isn’t based on how much money you have in your bank account. Instead, it will be based on your income, so what you will be able to afford to pay each month. That means you can often get a car that is much more superior to a car bought with one lump sum.
Being able to break the cost down into those monthly payments gives you a lot more freedom and flexibility in the type of car you can choose. Creditplus work with a whole network of trusted dealers, so we can find a car based on your exact requirements. Already found the car you want? We can still provide the finance you need (after we’ve carried out those important security checks to ensure you aren’t getting ripped off).
Worried that you don’t have a deposit to pay on your car finance package? Well there are plenty of zero deposit options available too. This will make your monthly repayments more expensive, so we always recommend paying a deposit if you can to help reduce the cost. But if that’s not an option for you, then we can help find a zero deposit car finance package that means you won’t be stopped from financing a new car.
It may seem like, once you’ve found your car finance package and the car you want to buy, that you are stuck with the deal you have. But that’s not the case. When you apply for car finance with Creditplus, once the deal is complete and the car is delivered, you have 7 days to try the car and see if it’s a good fit. If you feel like it’s not right for you, then you can return the car and get your money back without any hassle from us!
But we’re pretty confident that when you apply for a car finance package with us, we’ll be able to make sure you get the finance package you need to match a car that you’ll fall in love with.