You’ve done your research. You’ve decided what type of car you want, new or used. You’ve decided on the main details like model, make, colour, features and fuel type (diesel, petrol or electric/hybrid) so now all that is left to do is deciding how you are going to pay for your car. There are several options when it comes to paying for the car including personal loan, Personal Contract Plan (PCP), Hire Purchase (HP), and cash/savings. The suitability of each car financing option differs case by case so making the choice is entirely up to you.
We’ve spoken to our highly experienced finance managers from across Spirit Motor Group to give us their top three car financing tips that we hope will help make your decision that little bit easier.
Before you start the process of choosing your new or used car you should work out how much you can budget to spend. This will help make it easier to decide how you are going to cover the cost of purchasing your car. Look at all in-comings and outgoings to see what might be possible. Remember to think long term. You might be able to afford x today, but will that be the case in one to two years’ time?
As mentioned already, there are several options out there for you to choose from in terms of car financing. If you are not overly familiar with each option, it might be a minefield to negotiate but each have their benefits. Some of these options are offered by the car dealership directly whilst others are independent. These options include:
Deciding how you are going to pay for a new or used car is a big decision. One which will have an impact on your finances for several years due to potential repayments. Thinking long term about everything to ensure that you fully comprehend the terms and conditions before you finalise any contracts is important.
Thinking of changing your car? Speak to our Spirit Motor Group team today about our new or used options. Get ahead of the conversation by working out your potential finance repayments on a used vehicle by using our flexible finance calculator to find the perfect vehicle to match your budget.