Having a low credit rating will impact on your purchasing options. However, we will always take this into account, and seek to provide you with the most appropriate finance package that delivers the best possible value.
Methods of car financing
When it comes to choosing your finance solution, should you opt for Personal Contract Purchase (PCP), Hire Purchase (HP) or a personal loan? It’s certainly worth exploring the pros and cons that each has to offer.
PCP is flexible, providing you with the option to purchase the car outright by paying a deferred ‘balloon’ payment at the end of the agreement. Or, you can decide to hand the vehicle back and walk away.
HP is a tried and tested solution. After making regular, fixed-rate monthly payments for an agreed length of time, the car is yours to keep.
A personal loan can be obtained from a bank or building society. Provided you have the necessary credit rating, it’s a perfectly valid way to finance the purchase of your vehicle. However, interest rates will vary from lender to lender, and you will be personally more accountable for the loan amount.