When it comes to purchasing a used car in Plymouth, finding the right financing option can be a significant factor in making buying your dream car a reality. Used car finance provides a convenient and accessible way to spread the cost of your purchase over time, making it an excellent option for many people in Plymouth. With flexible terms and competitive rates, used car finance allows you to drive home in the vehicle you desire without straining your budget.
Types of Used Car Finance:
Hire Purchase (HP): Hire Purchase is a popular form of used car finance that allows you to spread the cost of your used car purchase over a fixed term. With Hire Purchase, you pay an initial deposit and then make monthly payments until the full amount, plus interest, is repaid. Once the final payment is made, ownership of the car transfers to you. This option provides budget-friendly payments and the security of owning the vehicle at the end of the term.
Personal Contract Purchase (PCP): Personal Contract Purchase is another widely used car finance option. With PCP, you pay lower monthly payments compared to HP as you are only financing the decreased value of the car over the term. At the end of the agreement, you have the choice to return the vehicle, trade it in for a new one, or make a final payment to own it outright. PCP offers flexibility and the opportunity to upgrade to a newer model at the end of the term.
Benefits Of Used Car Finance:
1. Affordability: Car finance allows you to break down the cost of a used car into manageable monthly payments, making it more affordable for many individuals and families in Plymouth. Instead of paying a lump sum upfront, you can spread the cost over a period that suits your budget.
2. Access to Better Vehicles: By choosing car finance, you can access a wider range of used cars that may have been otherwise out of your immediate budget. With financing, you have the flexibility to choose a higher-spec model or a more luxurious vehicle, making your driving experience more enjoyable.
3. Credit Building: Car finance can also be an opportunity to build or improve your credit score. By making regular, timely payments on your car finance agreement, you demonstrate your financial responsibility and can enhance your creditworthiness for future purchases.
Here at Motor City Plymouth, our personalised used car finance Plymouth options provide a practical and affordable solution for purchasing a used car. With various options such as Hire Purchase, and Personal Contract Purchase, you have the flexibility to choose the finance method that best suits your needs and budget. Car finance allows you to spread the cost over time, making owning a used car more accessible. So, why wait? Apply for used car finance deals Plymouth today and drive away in the car of your dreams without the worry of a large upfront payment. Visit our dealership in Plymouth or get in touch with our finance experts to explore your options and start your car ownership journey today.
Once you have test driven the car and had your finance application accepted by one of the many finance providers we work with, the lender purchases the vehicle from Motor City Plymouth on your behalf, then you repay the amount borrowed with interest to the finance lender.
We Work With Over 30 Lenders
Motor City Plymouth works with the UK's top lenders, all specialising in offering competitive used car finance - including used car finance for those with a poor credit history. Each of our lenders offer several finance products with varying rates so check out our Car Finance Glossary before applying for finance on your dream car.
No Deposit? No Worries!
Motor City Plymouth are more than happy to arrange used car finance with no upfront payment. Selected lenders also offer a Buy Now, Pay Later Plan - meaning you can enjoy a 2 month payment holiday at the start of your agreement. This finance offer is ideal for customers who may be approaching an expensive time of year but still need to get behind the wheel of their next car quickly.
Am I Eligible To Apply?
Anyone can apply for car finance from Motor City Plymouth - provided that:
- You are 18 years of age or over
- You hold a UK provisional or full drivinense
- You must have fully comprehensive insurance
- You must be the registered keeper of the vehicle and keep it in your possession for the term of the agreement. You cannot obtain motor finance in your name for someone else
- You have been a resident of the UK for over 3 years
- Are currently in employment and earning in excess of £850 per month after tax
Browse our selection of 150+ quality used cars at our car store in Plymouth, available to finance online. On each vehicle listing page you will find a finance calculator where you can adjust your deposit and repayment terms to reach an affordable monthly payment within budget.
No car in mind but just want to know what you can afford? Easy, just contact us by phone or email and we'll be able to give you an idea of how much you could afford to borrow and therefore spend on your next car.
Top 10 Reasons To Apply For Used Car Finance With Motor City Plymouth
Why finance your next car? Here are our top 10 reasons to finance your used car with Motor City Plymouth:
- Secure way to fund your next vehicle
- Receive preferential rates from more than thirty trusted lenders
- Access to exclusive discount shopping (MotoNovo customers only)
- Tailored finance packages
- HP, PCP and Lease Purchase options
- Repayment terms up to 5 years
- Low payment plans with no deposit available
- Competitive fixed interest rates
- Simple 2-minute online application
- Free credit eligibility check online
- Help for those with poor credit history