Car Finance: Your Car Buying Options

Cash – Buying a car using cash is probably the easiest and best way to pay for a car. However, it does come with some pitfalls. Firstly, you’ll need to have all the money together, before you decide to make the purchase. Secondly, today’s dealerships are more oriented towards finance and financing options. They’re unlikely to be set up for large cash transactions. Nevertheless, the major advantage of buying a car with cash, is that you will own the vehicle outright and save yourself interest repayments on credit and finance.

Car Finance – Your car finance options go hand in hand with your credit score. The greater your credit score, the more options you have when it comes to car finance. Lease agreements can quickly get messy if you are unable to complete payments when required. Make sure your car finance is within your range of affordability.

Personal Loan – A personal loan from your bank will enable you to purchase and own the car outright. Through monthly payments to your bank, you will cover the cost of the car. If, for whatever reason, you’re unable to maintain the payments, you can always sell the car and pay off the loan. Again, a personal loan depends on your credit score.

Hire Purchase – With an initial deposit of 10% and repayments spread across a mutually-agreed timeframe, a broker or car dealer can offer you a hire purchase deal. However, since you don’t own the car until the final payment is made, it can be repossessed if payment agreements are not met.

Personal Contract Purchase (PCP) – This form of finance is similar to hire purchase, with different options upon the culmination of the contract period. PCP deals often come with mileage restrictions, which charge you in case you exceed their limits.

Personal Contract Hire (PCH) – PCH is like leasing a car. Whereas with a PCP you are given the option to purchase the car at the end of the contract, a PCH is better suited to those not intending to own the vehicle. During the course of the contract, you are restricted by the miles you can use the vehicle, but your monthly payment covers costs such as vehicle servicing and vehicle tax.

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