You may have some knowledge, you have perhaps had a type of Motor finance in the past, but we understand that even returning customers do not know everything they need to know about how financing a car/motorbike/van/caravan actually works – let GoFinance.co.uk break it down for you and give you some insight.
Firstly, people come to us if they do not have the funds to purchase the vehicle, or simply don’t want to dip into savings and are happy to make monthly repayments to make the purchase a reality.
The choice of finance products on offer can be vast, but essentially you are borrowing money from a credit lender, who will offer finance based on your individual circumstances.
The way to compare offers is to look at the lenders APR (Annual Percentage Rate). The lower the APR, the lower the monthly repayment, which will mean less interest paid back over the course of the agreement. The APR figure includes all costs and associated fees that may be charged, so always use APR to compare the offers on the table to you. The longer you take an agreement out the more interest will be payable – so try and take it over the shortest term possible depending on your monthly budget.
Deposits also play a big part, the more deposit you have to put down against your purchase, the less you borrow which in turn keeps your monthly repayments down.
You need to make sure you can afford the monthly repayments, and GoFinance.co.uk will make sure you are not overcommitting based on the information you provide to us – Although you may have your heart set on a Ferrari – you must be able to make the repayments now and in the future, so play it smart and keep within your means.
Do your sums and make sure you can afford it – we will guide you as much as possible, and there is always independent legal advice out there should you be concerned.
The rates available to you will depend on your individual circumstances and your credit score, we have a panel of lenders who can help customers, whether they have a perfect credit history or have had past or ongoing problems such as defaults or County Court Judgements.
We have been in this game a long time and know that there are lenders available who can and will help people who may feel their past problems will go against them when looking at finance.
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