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Finance

Here at FIRST4vauxhall, we will introduce you to a professional credit broker who will advise you on low cost car finance deals to match the major high street lenders, so you can be assured of a truly great deal on your next car purchase.


Personal loan

DID YOU KNOW?
Personal loans are usually the cheapest way to finance a car deal, but only if you have a good credit rating.

You can get a personal loan from a bank, building society or finance provider so long as your credit rating is good. Make sure the loan is not secured against your home. Otherwise you will be putting your home at risk if you failed to keep up with repayments. Shop around for the best interest rate by comparing the APR (or annual percentage rate, which includes charges you have to pay as well as the interest).

  • Pros
    It can be arranged over the phone, internet or face-to-face
    Covers the whole cost of the car but it doesn’t have to
    Can charge a competitive fixed interest rate if you shop around
  • Cons
    There may be a wait for the funds to appear, although some lenders make funds available almost immediately
    Other borrowing may be affected
    Hire purchase (HP)


Hire Purchase

Hire purchase is a form of buying a car on finance and is paid in instalments where payments are spread over 12-60 months and you usually (but not always) have to put down a 10% deposit. They are arranged by the car dealer and are often very competitive for new cars (less so for used cars). The loan is secured against the car, so you don’t own it until the last payment is made.

  • Pros
    Quick and easy to arrange
    Low deposit (usually 10%)
    Flexible repayment terms (from 12 to 60 months)
    Competitive fixed interest rates
  • Cons
    You don’t own the car until the final payment
    Tends to be more expensive for short-term agreements
    Full guide to buying a car through hire purchase


Personal contract plan

This type of car finance deal is a variation on hire purchase and tends to result in lower monthly payments. Instead of paying for the car outright, you agree to pay the difference between its sale price and its price for resale back to the dealer, based on a forecast of annual mileage over the term of the agreement. Payments are spread over a shorter term of 12 to 36 months.

At the end of the term you can:

  • hand back the car to the dealer and pay nothing
  • trade the car in and start all over again, or
  • pay the resale price of the car and keep it

    Pros
    Lower monthly payments
    Low deposit (usually 10%)
    Flexible repayment terms (from 12 to 36 months)
    A choice of what to do at end of repayment term

    Cons
    Mileage and condition of car affects the costs
    Total amount paid may be more than with hire purchase
    Have to pay the outstanding balance to keep the car