Used Car Finance
Used Car Finance
The Car Finance Experts
Are you looking to purchase your next used car on finance? Come and speak with the experts here at Solo Car Sales. We know your day is busy so we've made it very easy to get your application underway. Simply fill in the form below and get the ball rolling.
What is Car Finance?
Put simply, car finance is a way to purchase a car without the need for having the full balance available. It's a loan provided to you over a period of time, using your car as collateral. You then pay it off weekly or monthly until you repaid back your loan.
Did you know that over 80% of cars purchased use some kind of finance. That's quite a large number isn't it? Well that's because many people don't just go to car finance companies for their loan. We have people approach us that have bank loans as well as loans from friends and family.
What is PCP Finance in Liverpool?
PCP stands for Personal Contract Purchase, it's a different way to purchase your new car without paying a lot of money each month. Although you still have monthly commitments, it's the end of the agreement that is the biggest change.
First you draw up an agreement of price for the car and arrange your part exchange valuation. Then the dealer approaches the company with the proposed deal. As it's personal contract purchase, there will involve a large purchase at the end of the agreement. This must be paid for you to own the car. The amount of this purchase is agreed before you drive away. As it's already agreed, the PCP company place a limit on the amount of mileage you can cover each year. This figure is based of an estimate of the cars value on the closure of the agreement.
Don't worry if you don't want to keep the car at the end of the term. You can hand it back to the dealer as a part exchange and start your deal again. You'll never own the car however, you will have much easier and manageable monthly payments. It's a fantastic way for you to cap your monthly outgoings and still have that new car you'd always dreamed of.