Cheap Nissan Micra Car Finance Options
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- Competitive PCP & Hire Purchase quotes from over 20 lenders
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- Rates start from 8.9% APR with a representative APR of 8.9%*
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Nissan Micra Finance
Compare Cheap Nissan Micra Finance Options
Known as being a staple for city driving and available in both automatic and manual makes, the Micra is an excellent option for the practical driver. Getting one of these cars on finance can be a useful way of securing yourself the right set of wheels without badly denting your savings. That’s why Quotezone.co.uk has teamed up with Magnitude Finance, to take all the hassle out of finding the right finance deal for your new Nissan. Who are Magnitude Finance? They are a UK business that has been helping people get the cars of their dreams for over 30 years and have arranged over £500 million of loans each year. No matter what deal you are searching for, we are here to help you with your car finance comparison.
Getting a Nissan Micra on finance
There are a handful of finance options available to borrowers wishing to finance a Nissan Micra in the UK. Which one of these options works best for you will largely depend on your own preference as well as what option your lender deems the most appropriate for your situation. Below is a list of the most common car finance methods offered by lenders in the UK.
- Hire Purchase (HP) – With hire purchase you’ll make regular payments over a typical fixed period of 1 to 5 years or 12 to 60 months. With this finance option, the owner of the car will be the financer until such time as the final payment is made and ownership is transferred to you the borrower. Therefore if you miss payments, you could lose the car. This option is most popular with those seeking to own the car at the end of the finance term.
- Personal Contract Purchase (PCP) – This popular method of finance involves you making regular repayments over a fixed period of time but instead of buying the car you are essentially renting it. You will have the option to purchase the car for the remaining amount, commonly known as the balloon amount, after the end of the fixed period or simply return it to the lender.
- Personal Loans – This type of finance involves you borrowing a lump sum of cash for the purchase of a car and then you will make regular payments over the fixed term until the loan is repaid.
- Lease – A lease works in a similar way to PCP where you essentially rent a car for a fixed period of time whilst making regular payments. After the end of the lease you’ll return the car to the financer.
It is important that you always do your research before agreeing to proceed with any potential car finance plan. You should consider your overall affordability as well as your long term financial goals for the the future. Finance is not always an appropriate option for everyone but it can be very useful for securing your dream car in a more timely manner if you have the appropriate plan in place.
How can I save on my Nissan Micra finance?
Whether it be for a Nissan model or any other car make for that matter, these steps are fairly simple to implement but will require dedication to see through and realise the full benefits.
- Elect to pay a larger deposit – By paying a larger deposit you can effectively reduce the amount of money you borrow on your loan. The typical deposit for car finance is 10% but increasing this to 20% or 25% can effectively reduce the total amount borrowed and reduce the amount of interest you’ll end up paying overall.
- Choose a plan with a shorter loan term – Opting for a shorter loan term will reduce the amount of months you spend paying interest, this will ultimately mean you end up saving money in the long run compared to a more prolonged plan.
- Get and maintain a good credit score – Having and maintaining a good credit score is crucial for securing the best car finance offers. Whilst a bad credit rating is not an automatic bar to accessing a car finance plan, it can make it more difficult and you’ll likely be charged a higher interest rate. Having a good credit score will also open doors to many other types on finance products such as mortgages and personal loans.
Remember that you should always consult the T&Cs before you commit to any car finance plan. You should also not be afraid to negotiate with your financer if you have a good credit score, you may be able to secure a better interest rate.
Do I need to have a good credit score to get car finance?
Getting car finance with a poor credit score can be difficult but it is by no means impossible. In fact different lenders will have their own weighting on what they constitute as a poor credit score. This means the real challenge is finding a lender who is willing to offer car finance to someone with a lower credit score. Once this is achieved you can generally lock in a plan and start financing your desired car without much issue. You be required to submit some additional documentation to confirm your affordability and you will likely be paying a higher interest rate than someone with a good credit score. Luckily Quotezone.co.uk has teamed up with Magnitude Finance to make getting the right car finance plan for you more easy than ever.
What should I consider before financing a Nissan Micra?
Taking out car finance isn’t for everybody, however if you could benefit from a car finance plan it can be a great option for securing the right vehicle for you. There are a few key things to consider when taking out a finance plan. Firstly you will want to evaluate your affordability for the car you wish to finance as well as how much you’ll need to repay once interest is added to the loan. You should also check the term length as this will directly impact the amount of interest you will end up paying in total.
- Term Length
- Interest rate
You should also always check that there are no hidden or early repayment fees worked into your potential policy. Always consult the policy documentation of a finance plan before agreeing to it.
Is it easy to finance a Nissan Micra?
How easy it is to get a Nissan Micra on finance will really depend on factors which are unique to you, such as your credit score, your income level and any outstanding debts you may have. You may potentially be asked to provide additional documentation to the financer in order to support your application. Luckily Quotezones partnership with Magnitude Finance is here to help take out the hassle in getting a car finance plan that works for you.