Is there PPI on car finance?
In the past, car finance companies sometimes offered payment protection insurance (PPI) with their products. This is no longer the case – and the deadline has now passed for making a claim for mis-sold PPI.
Can you put car finance in someone else’s name?
Applying for a car loan in someone else’s name is referred to as ‘accommodation finance’. This is likely to be against the finance company’s terms and conditions – and, in some cases, it could be considered to be fraud.
Can I give my car back to the finance company?
Whether or not you can return a financed car depends on the type of agreement you have. If you’ve got a hire purchase (HP) or personal contract purchase (PCP) plan, you’re allowed to hand it back – as long as you have paid off at least 50% of the loan, including any fees and interest.
Should I finance a car through a dealer or a bank?
Dealerships and banks have access to some slightly different finance products. Banks can offer personal loans – and dealers can sometimes offer special promotions like 0% APR. Since you’re free to choose – you should compare all options available to you.
Can you modify a financed car?
It is possible to modify a financed car – but it’s absolutely vital that you check with the company that provides the finance that it’s okay before you do. After modification, you’ll need to inform your finance company, and insurance company that work has been carried out.
Can I change a car with outstanding finance?
In many cases, yes, changing or part-exchanging a car with outstanding finance is possible. Since car finance can’t be moved from one car to another, you (or a dealership you’re getting your next car from) will have to settle the current loan and begin another on your next vehicle.
Can car finance be transferred to another car?
No, you cannot transfer your car finance to another car. However, depending on your circumstances, you may be able to settle your current finance agreement and begin a new one on a different vehicle.
What do car finance companies look for?
As well as checking your credit rating, car finance companies will need some details about the vehicle you’re planning to buy – and some information about your current employment and accommodation situation.
How to settle car finance
Settling a car finance agreement is usually just a case of paying back the amount you borrowed, plus any additional fees. If you want to settle early, you may face extra charges.
How to sell a used car with a loan
If you want to sell a used car with a loan, check the details of your agreement carefully. Unless you’re the legal owner of the car, you won’t be able to sell it until you’ve paid a settlement figure.
How to check if you can get car finance
One of the easiest ways to check if you can get car finance is to use online affordability calculators.
Where to get a car loan for a used car?
You can approach lenders directly to get a car loan for a used car. However, it’s often best to use an online broker instead. This approach can save you time and help you to find the most competitive deals.
How do interest rates work on car loans?
When determining interest rates on car loans, lenders take a range of factors into account, including the size of the loan and your credit rating.
How car loans are calculated
Car loans are calculated according to a number of factors, including the type of loan you take out, the term of the loan and your credit rating.
How car finance is calculated
Car finance is calculated according to a number of factors, including the type of agreement you take out, your credit rating, the term of the loan and the size of deposit you pay.
