Car Finance NI is available here. – are you looking to apply for a car loan in Northern Ireland?
If so you are not alone as hundreds of thousands of people apply for loans to buy cars in the UK every month. If you are, then this page could be very important to ensure you get the loan you deserve.
Looking for Car Finance NI?
Car loans are sometimes described as a number of different loan products. The main finance product that is used is Hire Purchase.
This is the traditional loan type that dealers and finance providers offer.
This is a secured loan as the value is secured against the asset (your car). An alternative option to Hire Purchase would be a personal loan or a car leasing product.
Consumers in the UK love their cars. As of 2012 there were nearly 28.5 million registered cars in the UK, a number that has consistently increased over the last 15 years.
With the continuing rise in the number of vehicles it is clear that millions of new and used cars are sold each year. In the UK we have a history of wanting to own our cars and although leasing products are growing in the consumer market, the majority of drivers still want to continue this trend.
Car finance loans available
It will be no surprise that cars are an expensive purchase, especially if you are looking at newer models. Most people do not have thousands of pounds saved which they can use to purchase a car, therefore people tend to look for affordable ways to borrow money.
As you would expect from the name, car loans are one of the most popular choices that consumers use to buy a car. Secured car loans tailored specifically for the purchase of a vehicle and provide affordable monthly payments over a sensible length of time.
A car loan is a Hire Purchase agreement that is designed to be used to purchase a car. The money can only be used to buy a car and the full amount will be given to the seller. The buyer will never receive the funds and cannot use the money for anything other than the purchase of the car.
The car loan will be set over a fixed period which is generally between 2 – 5 years (24 – 60 months). Each month a set payment is made to pay back the money borrowed and any interest that was agreed when the loan was taken out. The monthly payment will not change throughout the loan period.
The borrower will instantly own the vehicle once the documents have been signed and completed. They are the registered owner on the V5 document. Once the final loan payment has been made the owner keeps the car and they are not required to make a balloon payment.
When you apply for any loan the lender will check your credit file to understand the level of risk that you pose to them. If you have adversity or negative factors on your credit file you might not be able to achieve the interest level you were hoping for.
Understanding your likely credit history is vital. Once you understand this you will be able to make a decision about how competitive the loan that you are being offered is from Car Finance NI.
Even though a car loan is technically a secured loan the lender will still want to see evidence that you will repay the money they lend you.
Car Finance NI will also want to ensure that you are in a stable job and unlikely to move away suddenly.
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