Used car finance is a popular way of buying your next used car. Sometimes people cannot afford to buy a brand new car let alone a used one, but as used cars are less expensive, if you are struggling for cash this could be the better option. There are some good used car finance deals out there, so we would always recommend shopping around and finding the best deal available.
Different finance terms
There are many different loan terms that you can choose, they can range from 12 to 60 months, depending on how much deposit you want to put down and how long you agree to pay the monthly payments.
Always make sure the car you buy is clear on an HPI check, the dealership will carry this out for you before they agree to finance the car for you. Always find out what the APR is before you agree to the used car finance.
The longer the term, the smaller the payments will be, however, if you want to have your used car finance over a shorter term, you will pay more but will also pay less interest.
You can pay the term off earlier if you want to, you will need to request a settlement figure from the finance company at any point during the agreement term.
Used car finance online
Some used car finance dealerships will allow the finance deals to be done online, so you can sort it online from the comfort of your own home, without even having to go into the dealership. You will need to provide certain documentation such as your driving licence and proof of your current address.
You can fill in an online application form and should be able to get a decision about whether you are eligible for finance or not, if you are, you can then choose the car you want, you can then sign the agreement electronically and arrange to have the car delivered or picked up.