Everything You Need To Know About Car Financing (UK)

DISCLAIMER:

The next video it’s gonna be you guys are gonna basically haven’t toured the whole house because i’m gonna be recording in loads of different setups and so i find like the right background for me i just kind of wanted to quickly stop by today and share with you guys everything you need to know about car financing this was actually requested and i fools a

Really good video to film just so that people are educating on financing your car and all of that good stuff i personally don’t finance my car so i bought my car outright because it was cheap was affordable that way any questions 2500 so that’s why i did there however i did make a note and actually do my research on car financing i’ve got that in here and

I’m gonna be talking about it today if you and you make sure you subscribe down below lipgloss lashes from cher makeup the link will be down below mr. disclaimer i’m not so professional in car financing i’m not a professional in anything to do with like cars and stuff bye do you feel like you guys do enjoy these videos and i feel like you learn stuff from it

And it provides value for you so i see if it provides value feeds and us i’m gonna do it make sure you always do further research before you make any informed decisions i’m gonna be in a financial car whatever you want to do you just make you your own research as well as using this video what is car financing my financing is paying off a car in installments

Now there are different methods and ways of paying your car in terms of like financing but that’s basically the broad tire depending on the type of financing method the car is yours once you’ve paid that off people are always like oh if you finance a car the cosmic used to call yours honey if yours you paying for it so if your some people just prefer to do

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Financing because you can get nicer cars if you finance your cars you can get the bm’s the porsches those high and cars are not more accessible if you find out your car weight you can pay back on financial car is by getting your personal loan from the bank banks actually offer loans just for you to get a car and then you end up paying them back it can take

Between two to seven years and for you to pay them back depending on the contract that you agree with them okay so let’s kind of get into it so the first thing i’m going to talk about which is probably the most common way of financing a car is hire purchase hire purchase basically means you usually pay a deposit which is around ten percent of what the car

Cost then you will pay fixed amounts every month the same amount in order to pay off that car obviously for an agreed period it could be for one year could be forty years could be for more car isn’t yours until your final payment so while you’re paying for it even though you are paying for it to be yours while you’re paying for it is not yours just kind of

Like you’re renting the car but once you finish rent in the class this is yours puri if you miss a payment or you miss multiple payments you are in the danger zone you could actually lose the car so definitely make sure that you have a fixed amount you know that money’s coming in to your account every month see it was to pay off and not miss payments because

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Depending on the lender they could be harsh and he could take the car away from you after you’ve paid off with hire-purchase the car is yours personal contract purchase is a bit more complicated slack hire purchase but at the end the car is not necessarily yours so what happens is even you return the car and pay the resale value and then keeper or you can

You can use the resale value to pay for a new car and in order to do a personal contract purchase you need to have a really good credit school they do credit checks as well with pcp you’ll need to pay a 10% of the value of the vehicle it’s kind of like at the put it as well but you actually have to pay 10% of that final price of the vehicle before you can

Actually start monthly payments with pcp sometimes there is mileage restriction if you exceed your mileage we usually have to pay like an extra fee like you have to pay and if you damage the car you will obviously incur extra charges as well so the last finance contract thing i’m gonna be sharing with you guys is the personal contract hire pc hey this is a

Form of car leasing where you would never ever ever own the car so it is strictly a rental basis you’re basically renting the car so each month you pay it and you pay a fixed amount just to use it you know have a car there but once you’re done with the payments you return that car back it’s not yours you are just renting in order to do this we need to pass

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A credit check and also you usually need to pay i think up to three months up front of the coffee like they make you pay a lot of money prior to you starting to use the car and paying monthly you have to stick to your mileage and usage so like you can’t go of your mileage or you incur charges you have to keep the car in good condition and when it’s done you

Obviously need to return the car okay guys so i really do hope this video was really informative in some way just to help any of you guys who have no clue how car financing works before research in this video i like train for planning i didn’t even know how car financing works and how complicated and hardy actually is to pass credit checks and get your car

Finance so if you enjoyed this video make sure you give it a thumbs up subscribe for more content for me and i was a minutes on

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Everything You Need To Know About Car Financing (UK) By Helen Angela