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Which Car Finance Package is right for you?

Which car finance package is right for you? We have detailed 7 different finance options below. All are valid and suit many people in certain circumstances. Rachael Consider carefully any finance option to find the right one for you PROS v CONS 1 Savings Delayed purchase Can take a long time to save up enough money No interest to pay No Savings left Could leave you with few (or no) savings to turn to in an emergency You'll own your you conld keep back 3 times your monthly salary car outright Secured loan 2 Second mortgages rose by 14% to £323m Yr on Yr in 2012 Immediate cash Allows you to borrow a large amount immediately Ties up your secured lending against your home Own car upfront You can pay the whole cost of your car upfront Deal with 1 lender x Puts your home or Only have to deal with your existing lender other assets at risk If you default on your payments the secured assets can be at risk 3 Credit Card Borrowing on credit cards dropped to £1.51bn down by 12% x Limited credit Your credit limit might not allow for such a large purchase Spread the cost x Pay more interest Any 'interest free' period means you can spread payments without extra cost You could face huge interest payments in the long-term Car finance totalled £16.47bn an increase of 21% yr on yr in 2012 We can help arrange the following finance options for you... POOR Unsecured loan 4 FAIR Easy to set up An easy option as it can often be set up via your car dealer Yon may have a bad credit score. Low risk However we can help Doesn't put any of your assets at risk Own car outright x A good credit score You can pay the whole cost of your car upfront is usually required 5 Hire Purchase (HP) Easy to arrange Short term Only a short-term commitment (around 2-5 years) Finance company owns the car Low deposit required Short on cash You don't own the car until the final payment is made Fixed interest rates FINANCE AGREEMENT TRANSFER OF OWNERSHIP Flexible terms Final payment made 6. Personal Contract Purchase (PCP) No depreciation worries (x Large final payment No need to worry about depreciation You don't own the car until the final 'balloon' payment is made Short term Only a short-term commitment (around 2-4 years) Be aware of final charges Low deposit required If you decide not to keep the car, you'll be charged for any damage and/or excessive mileage Personal Contract Hire (PCH) You never actually own the car Contract Hire x Costly to settle early Few months' hire No need to worry about deprecation costs usually required in advance Can we help arrange finance for your next car? Visit us at http://www.thecarpeople.co.uk/finance-part-ex/ With car dealer finance up 21% year on year now is a great time to look at finance with The Car People Sources Brought to you by: http://www.motortrader.com/ http://www.motorfinanceonline.com/ http://www.financeacar.co.uk/ the car Ppeople http://www.financingyourcar.org.uk/consumer-guides/ BAD

Which Car Finance Package is right for you?

shared by KeirGibson on Oct 28
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Are you a car buyer wondering which car finance package is right for you? The Car People has put together an infographic to illustrate your options when it comes to car finance.

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