Buying A Car With Car Finance in Armagh
Best Car Financing Options Available When Buying a Used Car in Armagh.
#1. Car Loan – A car loan is a financing option where you seek financing for the purchase of the vehicle from a financial institution. Upon being granted the loan, you are given the money required to purchase the vehicle. Thereafter, you start repaying the money borrowed as well as the interest as agreed with the financial institution.
#2. Personal Contract Plan (PCP) – Under this financing option, the financing institution purchases the vehicle for you and gives you the vehicle. Thereafter, you start making the agreed monthly payments for a certain period. At the end of the period, you can make a part exchange of the vehicle for a new one, pay the final payment and take ownership of the vehicle you are using, or even return the car with no further payments.
#3. Personal Contract Hire (PCH) – This financing option is quite similar to the PCP option. However, unlike the PCP option, there is no transfer of the asset at the end of the payment period.
#4. Hire Purchase – For this financing options, you make a deposit, with the remaining value of the car being paid in equal monthly instalments. The repayments period lasts between 1 year to 5 years. You should note, however, that ownership of the car is not transferred to you until you make the final payment.
We always stress that you buy with regard to your monthly budget, so that finance payments, if you choose to use it are affordable, so that you get to enjoy the car you buy!