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A personal car loan can be taken out at a bank, building society or a private finance provider. You are generally given the option to change providersĪ personal loan can be used to purchase a new or used car.
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When agreeing to a hire purchase contract, the steps involve paying a deposit (usually between 10% - 20%) and then repaying the balance, plus interest, in monthly instalments until the term finishes. You have options to choose from at the end of the repayment term.The advantages of a Personal Contract Purchase are: Those are the options that will be available to you if you do not have access to cash to clear the final payment. With this type of car finance, you will pay a deposit (usually around 10%-20% of the vehicle’s value), low monthly instalments, and one lump sum (referred to as a balloon payment) at the end of the contract.Īs an alternative to paying back the lump sum at the end of term, you can hand the car back to the dealer, trade it in and sign a new contract or sell it privately to clear the balloon payment. If you plan on changing cars every few years, then a personal contract purchase (PCP) may be a suitable option for you. To make sure that you choose the best way to buy a new or used car for you, you may want to scrutinise the following financial options. But the number of different car finance options can be overwhelming and choosing the best deal that’s suited to your lifestyle can be a daunting task. Not many individuals have access to such large lump sums of money, however, and this is when financial assistance becomes an option. The cheapest way to buy a car is generally to fund all or part of it in cash.