Just as motorists choose different styles and types of vehicles, they also need tailored finance that suits their needs and budget.
If you'd prefer to check whether you are able to get finance, you can can find out by completing this Finance Check Form.
The main car finance options you have with Approved Used cars are:
Many drivers choose a PCP plan for its flexibility – before, during and after the actual finance term. If you are unsure whether you want to own or lease a car, PCP gives you more time to make up your mind. It also gives you the freedom to change vehicles on a regular basis.
An initial deposit is needed, followed by typically 18-42 months of regular payments. Part of the amount is deferred to the end, and this is known as a 'balloon payment'. It prevents any depreciation in the car's value from putting your lease into negative equity.
At the end of the agreement, you have three options. Return the car with nothing more to pay, make the final balloon payment to own the vehicle, or use it in part exchange for another model.
The traditional set-up of a Hire Purchase agreement is for those who prefer to keep things simple. It's designed for customers seeking to own their chosen vehicle at the end of the finance plan.
On Hire Purchase, you make fixed monthly payments for between 12 and 60 months, depending on the plan. Deposit amounts are typically low, and in some cases there is no deposit required. At the end of the term, you take full ownership of the car.
Those with a good credit rating can go to their bank or building society for a Personal Loan. Many of these provide specialist car loans with competitive interest rates. You can then use the loan to purchase the car you need, paying it back separately and enjoying full access to the vehicle from the outset.
You are personally responsible for repaying the loan, as it is unsecured lending. For other types of car finance, the loan is secured against the vehicle itself.
The team at McCarthy Cars is here to talk you through different types of car finance. You can get a quick finance quote online, or contact us for more information.
McCarthy Cars is an appointed representative of Automotive Compliance Ltd, which is authorised and regulated by the Financial Conduct Authority (FCA No 497010). Automotive Compliance Ltd's permissions as a Principal Firm allows McCarty Cars to act as a credit broker, not as a lender for the introduction to a limited number of finance providers and to act as an agent on behalf of the insurer for the insurance mediation activities only.
McCarthy Cars work with a number of finance providers and brokers to find you the most suitable finance for your new car.
Sub-prime finance is not guaranteed and will cost more than finance provided by a prime lender. We will try to obtain finance for you but that there is no guarantee. It may be from a sub-prime lender, and if so, the cost of finance is likely to be at a higher rate than prime lenders offer.