Car Finance Quotes
New Car Finance – Getting quotes and understanding
New car finance and car finance deals are becoming increasingly popular at Askaprice.com and there are a number of reasons for that.
Car finance deals use regular monthly repayments which mean no large lump sum payment. That means you get to keep hold of your money for longer despite driving off in a brand new car – that’s the beauty of new car finance.
8.9% APR Typical
Compare car finance – Get the best car finance deals
Askaprice.com is a fully fledged believer in price comparisons to get the best deals available and that’s no different for finance quotes.
That’s why Askaprice.com allows you to compare car finance deals and get your hands on cheap car finance quotes and offers using our free, no obligation quote tool:
Is New Car Finance right for me?
Car finance is something of an unknown quantity it seems for the majority of UK motorists and it’s a term that gets people a bit nervous.
Askaprice.com though is here to tell you that car finance deals are not something to be worried about and can make your new car more affordable than you thought it could be.
The best way to see if you can afford a car finance deal is to use our car finance calculator and see a breakdown of car finance costs.
You can then compare car finance deals and source the car finance quotes most suited to you.
Car finance explained
Car finance is a complicated and generic term and one that covers all methods of payment for your new car that don’t involve paying for it up front.
Strictly speaking ‘finance’ – as we know it – covers Hire Purchase (HP), Personal Contract Purchase (PCP) and Personal Contract Hire (PCH).
They are agreements which see the customer ‘rent’ or ‘hire’ their new car and pay back the cost in monthly instalments – but it gets a bit more complicated than that!
Fortunately Askaprice.com holds plenty of literature and advice that explains car finance terminology and the intricacies of finding cheap car finance:
Which Car finance deal is best for me?
There isn’t a hard and fast rule to car finance deals so it’s important to compare as many finance quotes as possible and similarly do as much research as possible.
That’s because no two new car finance quotes are the same and it all depends on what works for you as opposed to simply sourcing the cheapest car finance quotes and ignoring other important factors.
What’s the difference?
HP, PCP and PCH aren’t the same things – despite all being forms of car finance.
For example, HP and PCP agreements see the customer pay off the car in monthly instalments until they own it at the end of the contract.
PCH agreements are more of a long term rental and at the end of the term the finance company will collect your car from you – that’s just one difference of many which is why it’s so important to research and compare as many quotes as possible
Cheap car finance deals are readily available but it’s important you understand what it is you’re signing up for:
Car leasing payment breakdown box
Hire Purchase (HP)
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Pros
- Road fund license included.
- Own vehicle at the end of the contract.
- Flexible deposit.
- Fixed or variable interest rates. Cons
- Higher monthly payments than PCP.
- VAT is not reclaimable.
- No cover.
- Responsible for maintenance and disposal costs.
Personal Contract Purchase (PCP)
Pros- Low monthly payments.
- Flexible deposit.
- Road fund license included.
- No depreciation worries – Fixed Minimum Guaranteed Future Value (MGFV) fee.
- Flexibility at the end of the agreement.
- You never own the car unless you pay the MGFV at the end of the contract.
- Must fulfil the contract or pay a termination fee.
Personal Contract Hire (PCH)
Pros- Flexible terms and no final payment.
- Low initial payment and optional maintenance cover.
- Reclaimable VAT.
- No disposal worries.
- Fixed costs.
- Road fund license included.
- Must fulfil the contract or pay a termination fee.
- Never own the vehicle and must be returned to finance company.
- Excess mileage is expensive.
