- Car Finance
At Cars2 we pride ourselves on our ability to personalise our service to each individual customer. We offer the best prices; a free, no obligation valuation; fast secure payment and free collections and deliveries.
By using carefully selected finance partners we ensure that your new car is tailored to fit your budget. Simply tell us what payment you can afford each week or each month and we'll do the rest.
We have the ability to access credit for most customers regardless of whether their credit history is good or bad. We can compare finance quotes from various providers, so it's clear you're getting the best price and terms.
To ease the stress of buying a car, our helpful sales team are all SAF (Special Automotive Finance) and FCA (Financial Conduct Authority) qualified and are always enthusiastic to share their knowledge and guide you through purchasing a vehicle with finance.
See below for more information about the different types of Car Credit to see which one suits you...
PCP allows you to offset part of your loan to the end of the term. This deferred balance is called Minimum Guaranteed Future Value (GFV). This means that your monthly payments will be lower. At the end of the term (usually 36 months), there are three options. The car to be returned to the lender if its value is below the Guaranteed Future Value, you can buy the car by paying off the GFV or part exchange the car using any equity left in the car as a deposit for your new one.
PCP MIGHT BE SUITABLE FOR YOU IF:
- You want lower monthly repayments.
- You want the risk of negative equity passed to the finance company.
- You want to option to own or not own the vehicle at the end of the agreement.
- You like flexibility at the end of your agreement.
- You plan to replace your car every 2-4 years with a new or nearly-new car.
Hire Purchase agreements are simpler than PCP. There is a deposit to pay and then fixed monthly payments until the end of the term. You do not own the car until the final payment has been made and a small 'option to purchase' fee has been paid. At the end of the term the car is yours, you can either keep it or sell it, as the finance has already been settled the amount the car is sold for is all yours.
HP MIGHT BE SUITABLE FOR YOU IF:
- You want to buy either a New or Used vehicle.
- You like low-risk credit secured against the car only.
- You want to eventually own the vehicle or be able to use the full value of the vehicle as part-ex towards a new car.
- You like to keep your cars for a long period of time.
- You don't want any mileage restrictions.
With Hire Purchase you are renting a car for for a longer period of time (typically 2 to 3 years), with an agreed mileage limit (set by you). Servicing and Maintenance can be part of the agreement or can be charged separately. There's no option to buy the car at the end of the contract: you just hand the keys back to the finance provider, you are responsible for the well being of the car over the term of the agreement and may be charged if things aren't right . You are essentially paying for the cars depreciation, which can make the payments cheaper than the other finance options.
PCH MIGHT BE SUITABLE FOR YOU IF:
- You don't want to own the car.
- You want a fixed monthly payment to cover most of your motoring costs.
- You like being able to change cars frequently.
- You know what mileage you do a year.
- You like to look after your cars and keep them in good condition.
Borrowing money from a bank, building society or other lender gives you instant ownership of a your vehicle. It is very easy to shop around for the best deal, however the downside of an unsecured personal loan is that any of your possessions could be seized if you do not keep up your monthly payments whereas with dealer finance, your only asset that can be repossessed is the vehicle the loan is secured against .
A PERSONAL LOAN MIGHT BE SUITABLE FOR YOU IF:
- You want to own the car outright as soon as you purchase the car.
- You don't have a large deposit for a finance deal.
- You like to keep your cars for a while .
- You don't want annual mileage restrictions.
- You are happy that the loan is secured against yourself rather than the car.
Want to know if you can get finance?
You can easily apply for Hire Purchase (HP) or Personal Contract Purchase (PCP) finance on this website when viewing any used car found on our Used Car Search Page. Simply find the 'Finance Example' and use the calculator tool provided.
Adjust the 'duration', 'monthly payment' and 'deposit' inputs to view a representative example of what you will likely pay, subject to your actual credit position.
You can choose to Apply for Finance (for a quick no obligation decision) or take a free Motor Credit Check (which will not affect your credit rating) to find out how eligible for finance you are.
The calculator tool also offers some useful links for additional information about financing the purchase of a car.
Go on, find a car and give it a try now!