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Car financing options in the West Midlands
31 May 2016

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Most new and used car dealers offer finance options

Most new and used car dealerships in the West Midlands will offer a variety of car financing options - the reason why there are so many different options available is that different people’s financial circumstances will determine what type of financing they choose – what’s suitable for one person might not work for another. But with so many options available, choosing which is the right one for you can be confusing. In this article, we’ll take a no-nonsense look at the advantages of different financing options.

0% finance

If you can afford a large deposit, 0% finance might be your best option. You won’t pay any interest on the monthly instalments, but you will be required to pay roughly 40% of the car’s total value up-front.

Hire purchase

Hire purchasing generally involves an initial payment of 10% of the value of the vehicle. The remainder is paid monthly, with interest of between approximately 7 and 13% APR (annual percentage rate – this is the amount of interest you’ll pay annually on the total loan amount. A lower APR equals lower monthly interest). Hire purchasing in the West Midlands works best for people who want simple, easy-to-arrange car finance.


If you don’t want the hassle of owning a vehicle, you could always choose to lease. You simply choose your vehicle and inform the dealer how long you want it for. Some leasing schemes include maintenance in the monthly cost price.

Personal contract plan

PCPs allow you to pay monthly instalments with an agreed minimum guaranteed future value – this means that there is a minimum amount to pay before the vehicle is yours. At the end of the contract, you have three options: pay a deferred sum to keep the vehicle, give the vehicle back to the dealer or sell the car privately to fund the final payment. A personal contract plan is only recommended if you want a new vehicle every two to three years.

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