Car sales on finance up a third on a year ago
18 May 2012
You need to put as much thought into how you will finance your new car purchase as you do into choosing the make, model and age of the car you are going to buy.
Millions of people across the UK use car finance. In fact, the Finance and Leasing Association states that around half of all new car registrations in Britain in 2009 were financed by its members. This is equivalent to £16.5 billion of motor finance.
Car finance products work like any other loan, so you need to know the interest rate you'll be charged and the length of the loan in order to work out your monthly repayment. The interest rate can vary significantly between lenders depending on the repayment duration and is usually set at the outset for the life of the loan.
You can use our free car finance loan calculator to determine the monthly repayments for any amount of loan and see if it suits your budget.
