Car finance

Can I get car finance to buy used vehicle?

Although, new car registrations are reaching all-time highs in the UK, many are still opting to purchase used vehicles. It’s understandable, as they’re much cheaper, and can often be more reliable than some newer models. Due to the fact, that used cars are slightly cheaper, compared to new vehicles, many are not aware that they can still get car finance.

That’s right, used cars can be purchased on finance, meaning if you don’t have a large sum of money saved in your bank account, you can still get a great deal on a used car.

The process is quite straightforward; however, it’s important to do your research first, prior to applying for any form of finance. Although, a great number of car finance providers allow you to choose a used car, some exclusively deal with new cars.

Prior to going ahead an applying, make sure that the car finance provider of your choice deals with used vehicles. There are many of them out there, but it’s still crucial to ensure that the one you go with will consider your application. You don’t want to apply for finance, only to get turned away because the place you’ve applied doesn’t offer what you’re after.

Contrary to popular belief, applying for as many loans as possible in hopes of getting approved is a very bad idea. Every rejection becomes part of your credit history, making it harder for you to get approved for any form of finance in the future.

You really don’t want to ruin your credit score, as it opens a lot of doors when it comes to borrowing money. The better your credit score, the more options you have, and the more money you can borrow. Although, it’s not entirely impossible to borrow money with poor credit, there are numerous restrictions and limitations.

Whether it’s a used or new car that you are looking to purchase, buying on finance can be extremely beneficial, as it can save you money, and make it possible for you to purchase a vehicle you could never afford otherwise.

For more informative guides, fun articles and car maintenance tips, check out the rest of our blog, where we cover a lot of different topics, by posting on a regular basis.

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