Arguably a tough call: not replacing your car could save you money in
the short term but service and repair bills means there could be longer
term financial considerations. If your current vehicle is not as fuel
efficient as a newer model, cost concerns could be compounded further
as you part with more cash at the fuel pump.
As the credit crunch continues to bite, those of us who do wish to
purchase a new vehicle could well find themselves in a very strong
bargaining position. Hmmm, still, there’s that large question mark over
funding though.
How about a few pointers to help overcome some of the fear factor surrounding borrowing?
If you choose an alternative to High Street lending by opting to
fund your vehicle through your local dealership’s finance schemes –
typically Hire Purchase (HP) or Personal Contract Purchase (PCP) plans
- buying a new car could be a step closer than you otherwise thought.
For instance, did you know?
- A finance agreement on a car may not affect your previously agreed
bank credit limit (other factors such as non or late repayment will so
you still need to keep up any repayment agreements already in place and
future bank credit may be affected)
- Your High Street lender could turn you down if you request
additional personal loan money, however, you may still be eligible for
a finance agreement such as Hire Purchase (HP) or Personal Contract
Purchase (PCP) on a car
- If you have been turned down from one lender, this may not affect your ability to get finance from another lender
When applying for a vehicle finance agreement (typically PCP or HP):-
- It is not rated against your income or your outgoings but rather
your previous consistency in paying your bills and the vehicle you have
chosen
- Rates for PCP and HP are fixed and available to all qualifying customers
- Your full income details are not requested
- Information about your current outgoings is not required
- Information about your dependents is not required
Lovekyn can help you find the right car for you, at an affordable
price and on a credit scheme to suit your circumstances – choose a PCP
and your monthly repayments could well be driven much further down as
part of the cost of the car – known as the guaranteed future value -
does not have to be repaid until the end of the finance agreement. In
addition, there are other options at the end of the agreement including
re-financing the final amount or simply handing the car back with
nothing to pay (subject to mileage, wear and tear and regular service
records).
Not only that, buying a car through the likes of Lovekyn means you
can enjoy total peace of mind as all the necessary checks including
mileage and finance investigations are undertaken.
Cars subject to an outstanding finance agreement are the biggest
risk facing private used car buyers today, according to vehicle
information organisation HPI. An incredible 30 out of every 100 cars
checked by HPI are still subject to an outstanding finance agreement.
If a car is bought with outstanding finance, there is a very real
chance that the car buyer could lose both the car and the money they
paid for it.
A good time to buy a car from Lovekyn?
- Flexible and fixed finance solutions
- Readily available finance
- Processes for peace of mind purchasing
- Guaranteed future value of your newly purchased vehicle if you select the PCP funding method
- More vehicle choice
We think you’re in the driving seat!