Rates from as low as 8.9%

How Does Vehicle Financing Work

Miss-Sold Car Finance and Industry Changes

Car finance has evolved significantly, especially post-January 2021, with regulations that ensure dealers don’t prioritise high commissions for salespeople over providing the best deals. This has made it easier for consumers to access fair finance options. But due to this, dealers have to provide a one for all finance option which tends to me much more expensive than a broker. As they have to fit good and bad credit into their finance option. Whereas, if you have good credit you are going to be paying more for this. So this is where Streamline Car Finance comes into play.

Why Use a Broker for Car Finance?

Using a broker like Streamline Car Finance can help you secure the best car finance rates, especially if you have good credit. Streamline Car Finance has access to over 30 lenders, which increases the chances of finding a better deal.

Types of Car Finance Options:

Personal Contract Purchase (PCP): Flexible and often the cheapest option, allowing you to return the car at the end of the agreement or make a balloon payment to own the car. But upfront, the lowest monthly cost.
Hire Purchase (HP): A more expensive option where you finance the full value of the car with the intention of owning it outright after completing the payments.
Lease Purchase: Similar to Hire Purchase (HP) but with a lower monthly payment, though you must pay a balloon payment at the end to own the car. Or alternatively, you can sell this car prior to the end of the agreement.
Business Personal Contract Purchase (PCP): For business owners, similar to PCP but designed for vehicles used in business. But allow flexible terms, and business tend to have new vehicles more often with this option as it is most cost effective.
Business Hire Purchase (HP): For businesses looking to own vehicles over time without a balloon payment.
Business Lease Purchase: A financing option for businesses, similar to Lease Purchase, where the car can eventually be owned after a final balloon payment.

When Can You Leave an Agreement?

You can leave a car finance agreement early, but there could be charges depending on the terms of the agreement and the value of the car.

Car Rejection Rights (Consumer Rights Act 2015):

If your car is of unsatisfactory quality, unfit for purpose, or not as described, you have the right to reject it within 30 days for a full refund.

Broker vs. Direct Lender:

Working with a broker like Streamline Car Finance can be more beneficial because brokers work with multiple lenders, saving you time and effort in finding the best deal. They can also source the car for you at the best rate as they aren’t tied to the one franchise.

Can a Broker Source a Vehicle?

Yes! Brokers like Streamline Car Finance can help you find the best car at the right price, and they can even arrange delivery to your home, making the process time-effective and convenient.

 Car Finance without a Deposit:

You don’t always need to put a deposit down. However, offering a deposit may open up more lender options and potentially secure a better finance rate.

Part-Exchanging Your Current Car:

Brokers like Streamline Car Finance can help you get the best trade-in value for your current vehicle, which can be applied toward your new car.

Car Leasing vs. Financing:

Financing allows you to eventually own the car, whereas leasing only allows you to use it for a set period without ownership. Financing is better if you want to modify the car or build equity. Should you not want the car after a period of time, you can leave a finance agreement at any time (potentially with a cost) Whereas, a lease you are stuck in their agreement for that period of time.

Refinancing Options:

Refinancing allows you to adjust your car finance terms (such as lowering your monthly payment or interest rate) to better suit your current financial situation.

Financing Negative Equity:

If you have negative equity (you owe more on your current car than it’s worth), you can still finance a new car and roll over that negative equity into your new loan.

Can You Buy a Van or Wagon?

Yes, brokers can finance any type of vehicle, including vans or wagons, for both personal and business use.

The Financing Process:

Step 1: Choose the car you want.
Step 2: The team will find the best finance deal for you.
Step 3: Complete the application and sign the documents.
Step 4: Payment is made, and the car is delivered or collected.
Step 5: You drive away in your new car.

Can a Broker Do Asset Finance?

Yes, brokers like Streamline Car Finance also offer asset finance, which covers various types of vehicles, machinery, and even planes or boats.

By utilising a broker like Streamline Car Finance, you can save money, avoid the hassle of dealing with multiple lenders, and secure the best possible finance deal for you or your business.

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      Personal Info

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      Income

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      Contact Details

      Your Title...
      Next
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      Gender
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      Do you hold a UK Driving license?

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