Using finance to purchase a car is one of the most popular ways to pay for a new set of wheels. While financing has soared in popularity within the new car market, it’s also an option for drivers who are looking to shop used, too.
Here at David Hayton Autostore, we offer finance options on nearly all of our used vehicles, allowing you to get behind the wheel of a top-notch pre-owned vehicle while spreading the cost into more manageable amounts. In this article, we’re going to be looking at your options when it comes to purchasing a used car with finance.
Why choose finance?
Finance is a great alternative to purchasing a car with a lump sum. By using this option, you aren’t sinking a large sum of cash into a vehicle and, instead, pay smaller increments every month.
When looking at used vehicles, finance can deliver some impressively low monthly payments, as well as small initial deposits, which can help to drive down the cost of motoring. Finance usually gives you additional flexibility by allowing you to swap and change between vehicles on a more frequent basis than you might when paying with cash.
What are my options when it comes to financing a used car?
Here at David Hayton, we are a car supermarket that offers two main forms of car finance - Personal Contract Purchase (PCP) or Hire Purchase, which is more commonly referred to as HP. With PCP, you’ll pay an initial deposit, followed by monthly payments over a set period, which is usually around three years. At the end of your agreement, you’ll have the option to pay a final ‘balloon’ payment to own the car outright, or you can hand the vehicle back and start a new finance setup on a new vehicle. You’ll also have to keep within agreed mileage limits or pay a certain amount for each mile you go over that plan.
HP, meanwhile, is slightly different. Whereas with PCP, you’ll hand the vehicle back at the end of the agreement, with HP you’re paying off the total value of the vehicle in monthly instalments. It means that once you reach the end of your agreement, you’ll own the car outright and no longer have to make any payments. You also won’t have to keep to any mileage limits during your payment period.
What are the benefits of these finance options?
PCP is there for drivers who need a low monthly payment and the ability to switch between cars every few years. You’ll need to make sure that you research how many miles you travel before signing up to an agreement; however, to make sure that your limit is accurate, you don’t want to have to pay too much for going over this limit.
HP, meanwhile, is great for drivers who simply want to spread the cost of a new car and would like to hang on to it at the end of an agreement period. HP also helps to avoid the sting of paying with a lump sum of cash and instead breaks the car’s total price up into more manageable monthly amounts.
Which cars can I finance with David Hayton?
You’ll find that nearly all of our cars here at David Hayton are available with some form of finance. On each vehicle listing, you’ll find a clear and easy-to-read breakdown example of a finance agreement offered through our trusted partners. You can even apply for PCP finance directly through our website.
Take this Peugeot 5008, for instance. Via our clear finance example, you can see that it’s available with monthly payments of £221.36 over 48 months with a £1,350 deposit. You’ve also got the option to see how much the monthly payments might be if you went down the HP route, too. You’ll find a dedicated finance example on every car listing on our site.
Finance can be a helpful way of getting the keys to a new car, be that factory-fresh or used. Here at David Hayton, we’re here to help guide you to the payment method which works best for you, so if you have any questions or would like to find out more about the types of finance packages that we offer, get in touch today. We have taken an image off our website of what a finance quote could look like once you click on one of our vehicles:
