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Purchasing a new car is incredibly exciting but working out how to finance it can be a bit trickier.

 If you’re hoping to buy a new car on finance, but don’t know where to start, then this little guide has everything you need to know.

How to finance a new car

There are plenty of options available when it comes to financing a new car, for example you can get HP Car Finance, pay monthly car finance, PCP Car Finance

How to finance a new car with bad credit

Just because you have bad credit doesn’t mean you have to forfeit the ability to get car finance. You can get bad credit car finance by comparing options that work for you.  

How to get a new car with existing finance

Refinancing is always an option when you are looking at taking out an existing car finance loan.

How do new car loans work?

A new car loan enables you to buy a vehicle without having to pay the whole cost upfront.

Your lender will give you enough money to cover the value of your new car and you’ll then repay them over time plus interest. When you buy a car using a loan, the car will be entirely yours from the start. 

 

What other kinds of new car finance are available?

Aside from loans, you can purchase a new car using a personal contract purchase (PCP) plan or a hire purchase (HP) plan.

 An HP plan requires you to make an initial deposit, and then pay regular instalments to cover the vehicle’s remaining cost. The car then becomes entirely yours. 

 With a PCP plan, you’ll pay the deposit and instalments but will either have to return the car at the end of the contract or pay an additional lump sum to own it outright.

 

Who can get a loan for a new car?

You must be over 18 to qualify for a new car loan, be able to prove that you have a stable income, and that you live in the UK.

 

Can I get a new car loan with a low credit score?

Good credit history is not essential for a car loan, but it will make things easier. However, if you’re concerned about a low credit score, there are a few ways to boost your application.

Firstly, consider a guarantor loan, which is where you ask someone with a higher credit score to co-sign your debt. This reassures your lender that they will be repaid, even if you cannot do it yourself.

Secondly, if you’ve opted for a PCP or HP plan, consider making a higher deposit as this decreases the amount you ‘borrow’.

Finally, commit to paying off smaller debts promptly. This will show your lender that you’re trustworthy, and boost your credit, too.

 

How do you apply for a new car loan?

Once you have selected a vehicle and payment plan, the process is surprisingly simple. Just fill out your lender’s application form and provide your personal details. You might need to prove that you have a regular income and that you live in the UK. Your lender will then run some credit checks and decide on your application.

 

Should I get my new car on finance?

The answer to this question will depend on your personal preferences. Car financing plans can be a great way to get your own vehicle without needing to make a large payment upfront. It can also make the purchasing process much quicker, as you won’t need to save up first.

However, there are many different financing styles available so you will need to do your research before you decide if car financing is for you.

 

What costs should I consider when buying a new car?

Once you’ve purchased your new car, be prepared for some additional costs. Car tax and MOT costs are non-negotiable but you’ll only need to pay them once per year. You’ll also need insurance, so try to research different providers to find the right one for you.

You’ll also need to consider the cost of fuel and you might want to pay for breakdown coverage as this can work out cheaper in the long run.

*Representative Example – Personal Contract Purchase: Cash Price £15,000.00, Deposit £500.00, borrowing £14,500.00 over 4 years at 8.9% Representative APR (fixed). 47 monthly payments of £228.99 followed by a final payment of £7,560.00. Total cost of credit of £3,832.53 and total amount payable of £18,832.53. Based on 8,000 miles per annum, excess mileage charges will apply if this is exceeded. Finance subject to status 18+ only. We are a credit broker and not a lender. Magnitude Finance is a trading style of DSG Financial Services Ltd. DSG Financial Services Ltd is a company registered in England & Wales with a company number 02313903. Our VAT registration number is 511678843. DSG Financial Services Ltd is authorised and regulated by the Financial Conduct Authority under firm reference number 649675

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