Finding Car Finance in Epsom

Are you looking for car finance in Epsom? There are a number of options available to you, and it can be difficult to decide which is the best one for your needs. Here we look at some of the most popular ways to finance a car in Epsom.

Hire Purchase (HP)

Hire purchase (HP) is a popular way to finance a car. It involves taking out a loan from a lender, which is then used to pay for the car. The lender will set a fixed monthly payment that you will need to make, and you will own the car once the loan is paid off. This is a good option for those who don't have a large amount of money to put down as a deposit.

Personal Contract Purchase (PCP)

Personal Contract Purchase (PCP) is another popular way to finance a car. It involves taking out a loan from a lender, which is then used to pay for the car. The lender will set a fixed monthly payment that you will need to make, and you will own the car once the loan is paid off. With PCP, you will also have the option to return the car to the lender at the end of the loan period. This can be a good option for those who want to keep their options open.

Lease Purchase

Lease purchase is another option for financing a car in Epsom. This involves taking out a loan from a lender, which is then used to pay for the car. The lender will set a fixed monthly payment that you will need to make, and you will own the car once the loan is paid off. With lease purchase, you will also have the option to return the car to the lender at the end of the loan period. This can be a good option for those who want to keep their options open and don't want to commit to purchasing the car outright.

Conclusion

Finding car finance in Epsom can be a daunting task. However, there are a number of options available to you, such as hire purchase, personal contract purchase and lease purchase. Take the time to research the different options and find the one that best fits your needs.

What to Do If You're Refused Car Finance in Epsom

If you're looking to buy a car and you've been refused car finance in Epsom, don't despair. There are still a number of options available to you. Here are some tips on what you can do:

Check Your Credit Score

The first step is to check your credit score. You can do this by signing up for a free credit report. This will show you any negative marks that may have caused you to be refused car finance. Once you've identified the issues, you can start to work on improving your credit score.

Shop Around

You may find that different lenders have different criteria for car finance. Shopping around can help you find a lender that is more likely to approve your loan. You can also use comparison sites to compare the different rates and terms available.

Save Up a Bigger Deposit

One of the best ways to improve your chances of being approved for car finance is to save up a larger deposit. This will reduce the amount you need to borrow and make you more attractive to lenders. It will also reduce your monthly payments and the overall cost of the loan.

Consider a Secured Loan

If you have a poor credit score, you may want to consider a secured loan. This is where you use an asset, such as your home, as security for the loan. This can help you get a lower interest rate and more favourable terms.

Look for Special Deals

Many dealerships and lenders offer special deals for people with bad credit. These may include reduced interest rates or longer repayment terms. It's worth checking out these deals as they can help you get the car you want at a more affordable price.

Talk to an Expert

If you're still having trouble getting approved for car finance, it may be worth talking to an expert. A financial advisor or car finance broker can help you understand your options and find the best deal for you.

Getting refused car finance in Epsom can be disheartening, but it doesn't have to be the end of the road. With a little bit of work and research, you can still get the car you want.