Second Hand Car Finance Deals & Offers
If you are looking to buy a used car on finance, we work with a number of car finance providers in the UK to find the best second hand car for you.
Our service is completely free of charge so all you need to do is enter your details and how much you can afford and we will put you in touch with the best dealer to suit your requirements.
We are always looking for the best offers for thousands of second hand vehicles all over the country including London, Manchester, Birmingham and Liverpool.
So whether you are looking for a car, bike or van, our partners are used to handling all kinds of requests and can process your application as quickly as possible so you can be on the road in no time.
Why Would You Buy A Used Car On Finance?
2nd hand cars on finance are ideal for those with bad credit or looking for 0%. As cars depreciate in value over time and models become outdated, dealerships are keen to sell in order to bring in newer models.
As a result, several car companies, including the ones we work with, are willing to offer 0% car finance and offer deals to those with less than perfect credit scores.
So if you need a car for family or work purposes but cannot afford a brand new car, there are great deals available for second hand automobiles.
What Things Should You Look Out For?
To ensure that you get good value for money, there are various things to consider when buying a used car. For instance, you want a car that has had low mileage on the clock because this means that there is likely to be less wear and tear and the vehicle will last for longer.
Also consider things like bumps and scratches on the car because you want the car to maintain its value in case you want to sell it again.
It is always advisable to double-check the market value of the car before purchasing. If no deposit is required or you are buying it on zero finance, the lender might increase the price slightly to allow for risk.
If possible, try give the car a test drive at the dealership so that you can confirm it is still working properly. It is worth asking for a valid MOT certificate so that you know the car has been checked and won’t cause you any problems.
How Does The Repayment Work?
There are several options available for buying used cars – with some requiring a deposit, a balloon payment or a part exchange with your existing vehicle. The repayment options include:
Used Car Hire Purchase
As a 'Hire Purchase Agreement', you will need to make a deposit upfront in one lump sum, for the amount of your choice or make a part-exchange with your current car.
Your repayment plan will consist of equal monthly repayments for a loan term of your choice. You own the vehicle outright only once all the payments are made. If you cannot keep up with repayments, you will run the risk of your vehicle being repossessed by the car lender. You will not be able to sell the car until you have repaid the loan in full or repaid early.
Used Car Lease Purchase
By leasing a second hand car, you are not required to pay a deposit. Instead, you make small monthly payments with one big balloon payment at the end of the loan term, based on an agreed value of the car.
So if you find that you are in a better financial position, you can make balloon payments and voluntary pay a deposit to reduce the monthly payments.
This is a good option if you are unsure how long you wish to keep the car for. You will not own the car completely until the loan has been paid in full.
Used Business Lease
For businesses looking lease a vehicle, this option require no deposit and payments can be tailored to match the company’s budget with the option to reduce the cost with a balloon payment.
One of the perks is that the vehicle will be shown as a leased asset on your balance sheet and can be regarded as a revenue expense and offset against taxable profits (Source: Gov.uk)