How to Get the Best Car Finance Deal for You!
A car finance agreement is a long-term commitment, so it is important that you get the best deal for you. Here are some things that you might want to consider…
Finding the Right Agreement Type
The main types of car finance agreement are hire purchase (HP) and personal contract purchase (PCP). To ensure that you choose the right deal, it is worth familiarising yourself with how each type works.
HP is generally better suited to buyers who want to own the vehicle at the end of their contract, while PCP is good for those who want exclusive use of an expensive vehicle for the contract term and the flexibility to decide whether to keep it or return it at the end.
Tailoring the Deal
At Hilton Garage, you will be able to customise your finance deal to suit your requirements, selecting your preferred contract duration and your deposit. The monthly instalments will then be calculated automatically, and you will be able to adjust the variables until they suit your budget.
When you are working out your monthly budget, consider your average income and outgoings, but remember to factor in the costs associated with owning a vehicle, like road tax, insurance and fuel.
Building Your Credit Score
As with any loan, your credit rating will affect the deal you get. The better your credit rating, the more reliable you look to lenders and the better the deal. There are a number of ways to improve your credit score:
- Register to be on the electoral roll
- Use a credit card (sensibly!)
- Pay any outstanding debt
- Pay your bills and any loan payments on time
- Limit your credit applications
It takes time to develop a healthy credit score, but it can help you get better deals in the future. If you want to apply for car finance with bad credit and don’t have time to wait for your rating to increase, Hilton Garage may still be able to help you secure a deal.
Apply for car finance online with Hilton Garage by completing the application form on our website!