Relying on an old banger to get around can be a real drag, not to mention a real danger in some cases. Most UK consumers choose some level of car finance to afford the vehicle that they need. Investing in a new, or newer, car can be daunting due to the range of car finance options on the market. Being educated about the choices can lead to significant savings in the long run, experts say.

You should decide before researching exactly what you wish to achieve by getting car finance, according to experts in the field. The type of car finance you choose will depend on your individual requirements and your budget . For instance, if you have a large deposit, you may be able to secure a very competitive rate.

There are a number of car finance options on the market, including leading, point-of sale dealer finance and Hire Purchase. Personal Contract Purchase is another form of finance. Many car finance borrowers choose a simple personal loan from a bank . With good credit, borrowers can get competitive rates on unsecured bank loans .