What is car finance?

Car finance is a popular term that encapsulates funding options for a car purchase. It offers varied borrowing money methods for owning a car either lifetime or for a certain amount of time. The popular methods are hire purchase, personal contract purchase, leasing and car loans. The car loans are most popular as they are offered by the finance companies trusted by most of the people. Both direct lenders and mainstream banks provide car loans. The former is approachable by most of the people due to flexible policies of the new age lending. QuickLoansLender is an online car finance loan provider that offers funds to the car buyers on acceptably rational deals. The funding we offer is open for new as well as used cars.

Different types of car finance

The car finance types related to the car loan industry are vast and full of choices. It is better to know about the available alternatives and pick the most relatable ones to your needs. Our customer relationship managers make sure you land to that picked option with the right kind of paperless procedure every time.

Guaranteed car finance – This type can be called the most sought after version of car finance when you apply for a loan because it brings a guaranteed approval. It assures the car buyers that their loan application will be approved but on specific terms and conditions. If you manage, you are almost there with approval on guaranteed car finance.

  • The credit score should be good, or if it is bad, the current income status should be very strong.
  • The employment stability factor should be there with minimum last 1 year in the same company
  • These conditions are applicable despite the pandemic conditions due to the surety on approval.
Different types of car finance

Car finance for self-employed – Yes, you get it right if you can understand that this option is for the people who are their own boss. They have a business as the primary source of income presented to apply for any financial product.

  • Self-employed applicants need to present the account/earning details of the last two years as the car loans are not short-term loans.
  • The personal finance should also be in good condition with the business finances to qualify well on car finance calculator.
  • There should also be indications of stability in the future of earning sources as the time around is uncertain and tough on people.

Car finance for unemployed – After the car loans self-employed we also like to introduce our calibre to offer the funds to the jobless people. Not only that, it comes with a further commitment of 24X7 car finance for the unemployed.

  • You need to be very sure about your repaying capacity because another regular income source should be there in the absence of a job.
  • It is always great if you can show the appointment letter for a new job.
  • It can change the whole game-turning things into your favour.
  • To reveal a fact, unemployment can refrain you from 0% car finance deals that are interest-free, and applying brings unnecessary footprints.

Electric car finance – The new UK prime minister has plans to ban the sale of diesel and petrol cars from 2030. The market has transformed completely, and now the electric car finance is among the rising stars in the car finance industry. QuickLoansLender has all the related arrangement to fund your electric car purchase.

  • The electric car finance is cheap because there is no tax on the vehicle below £40,000
  • Our customization feature that accompanies every other loan option makes the deal more affordable.
  • As these cars are cheap to maintain, we do not worry about physical condition and funding is smooth.
Electric car finance

Electric car finance – The new UK prime minister has plans to ban the sale of diesel and petrol cars from 2030. The market has transformed completely, and now the electric car finance is among the rising stars in the car finance industry. QuickLoansLender has all the related arrangement to fund your electric car purchase.

  • The electric car finance is cheap because there is no tax on the vehicle below £40,000
  • Our customization feature that accompanies every other loan option makes the deal more affordable.
  • As these cars are cheap to maintain, we do not worry about physical condition and funding is smooth.

Used car finance – For many people their budgetary limits do not allow to jump on the conclusion of new car purchase and they can manage easily with a used car. Especially after corona chaos, the used car finance deals are more in demand due to weak financial conditions. We have the best deals on car loans to finance your car with all respect to your personal financial conditions.

  • Used car finance is always subject to the physical conditions of the car, better is the performance, and bigger is the car loan amount.
  • It matters if the vehicle is a second owner car or a third owner, normally the latter one is less promising for funding but situations matter.
  • The old car finance is always subject to the acceptance of car model on environment friendliness rules made by the UK Government.

Soft search car finance – This type of car finance helps the borrowers avoid search footprint and borrow money without getting any impact of credit check. Through soft check, we reach the approval decision based on basic information taken on your personal finances. The salary slips of past 6 to 9 months, employment stability proof are the basic details we take. Most of our borrowers take it as a big advantage in car finance as they can borrow stress-free.

  • A soft search is usually for the people that apply for car finance with bad credit and car finance with no credit history
  • Normally we suggest hard check because with deep knowledge of your finances we can offer better car finance deals.
  • The soft search does not come with any fee or charges as it aims to offer ease to the fund seekers and keep the process easy.

Bad credit car finance – This type of finance is common in the finance industry nowadays because poor credit is no more a reason to reject a car loan application. We also follow the trend with easy and affordable guaranteed car finance for bad credit applicants.

  • You need to have a flawless payment record with timely debt and bill payments in the last 9 months
  • The car finance for bad credit people comes with a precise demand for future income stability to offer approval.
  • The simple process of the application is unhampered and you do not need any physical verification due to a poor credit score.

No credit check car finance – The no credit check finance is basically the simplified version of the soft credit check. Because the latter leaves no footprint on the credit record, it is the reason that people search it as no credit check car loan. QuickLoansLender is available online no matter whatever term you search for online.

  • You should first look for soft credit check car loans because that is the actual professional term. You get better results.
  • There is no difference like the soft check or no check because the latter is the former. Both are similar.
  • You do not need to have any certain financial condition besides strong repaying capacity for car finance with no credit check.

Smart car finance – The smart car loans are basically for the latest model cars that are equipped with advanced features. Such vehicles are usually difficult to buy as they can be quite expensive. QuickLoansLender has all deals in its bucket to fund your smart car.

  • We figure out the best ways to help you attain the biggest possible amount on loan affordability.
  • All our car finance deals for smart cars are backed-up with personalized pricing for small and easy instalments.
  • Smart car finance can never be used car finance because they are basically for the latest car models.

Some other popular ways of borrowing money through car finance

Car loans are indeed the most popular ways to borrow money. However, car finance includes some other options. They can be a bit higher in the interest rate, which may become the reason for people to hesitate a bit sometimes. The major types of car finance options are Hire Purchase, Personal Contract Purchase, Leasing and Personal loans.

  • In hire purchase, you need to pay a deposit amount, and then rest of the payment goes in the instalments. Once the amount is paid off, you own the car. The upfront fee is applicable in hire purchase. There is no option of returning the car.
  • In personal contract purchase, the borrower pays the deposit but instalments depend on the depreciation. The car's value at the time of PCP contract and the value of the car at the end of it is calculated. The borrower pays the difference in repayments. At the end of the contract, the buyer can either keep the car or can return it.
  • In leasing, the buyer uses a car for a temporary period of 2 to 5 years and never owns it completely. One cannot buy the car when the leasing contract ends. If you do the car finance comparison based on the types of buyers, leasing is mostly used by the business persons. They use a vehicle for commercial purposes and then return it.
  • In personal loans, there is nothing special to mention because they can be taken for any purpose and then the borrower can use for money buy a car, and all the terms and conditions are of personal loans only. Their interest rates are higher, and the instalments may not be as small as you expect.

Advantages of car finance

There is so much to count on the advantages of car finance because of the multiplicity it offers to the buyers. Here is a list of promising and pragmatically applicable benefits of car finance. They can help you find more meaning in exploring car finance deals and considering online borrowing.

  • Multiple deals – You get multiple borrowing deals to explore and exploit. This is the stoniest point of the car finance that leverages the borrowers from the multiplicity of choices. With several options, it is easier to pick one and find deals closer to your budgetary limits.
  • Tax relief – The car loan payments are tax-deductible if you use it for a commercial purpose. Not to mention that a huge number of customers borrow money through us for their business purpose. After pandemic when people depend more on their business and not a job, this point can favour car finance.
  • Online verification and application – With current scenario taking charge of the lives of the people in the UK, online lending has bigger importance now due to 100% online procedure. QuickLoansLender satisfies this feature with its advanced application process backed-up with artificial intelligence.
  • Easy-to-repay – A debt does not sound like a debt if it has easy instalments. The instant car finance options are also easy on the repayments due to the flexible schedule and also the consideration to individual circumstances. The complete pricing of the deals imitates the financial capacity of the borrower.

Features of car finance

With the prevalent importance of direct online lending ways, car finance features need to be reframed. The time has changed because the funds are available online now, and thus their features have also changed considerably.

  • Round-the-clock availability – The availability of car finance 24/7 on instant approval decision explains this feature quite efficiently. When we already have online verification, then why not provide funds day and night without time constraint. No long queues, no heavy filing, everything is virtual.
  • Same day fund disbursement – Gone are the days when people used to wait for days to get the money in their account. Also, there were countless physical visits to the lender. But to offer easy car finance and the instant approval decision, the person gets the funds on the same day.
  • Pre-approved deals – It is only the advance approach of the next generation online lending that the borrowers can get assured with a pre-approval on car loan deals. However, it is given only after taking a glance at the finances of the applicant, and the final decision might differ after taking a close look before the final transfer.
  • Interest-free credit – The interest-free car finance or 0 APR car finance is another big feature that the borrowers can exploit. For these loan options, you do not need to pay any extra cost of interest, and the repayment is all about the principal amount. However, one needs a good financial background to get this.

Car finance calculator – calculate affordability

The significance of a car loan calculator is well-known. It makes the deals predictable and give confidence to the fund applicant to reach to a conclusion. Also, it helps maintain the transparency. At QuickLoansLender, we have easy-to-use car loan calculator that can be used multiple times to know the impact of varied interest rates on the overall cost of the car finance loans.

Car finance vs used car finance

There is a considerable difference between the car finance and used car finance because both belong to different situations. A comparison can describe better how both the categories work and why they are different from each other.

Car finance Used Car finance
Car finance is for new cars, and the fund applicant will be the first owner. The vehicle is purchased directly from a dealer or showroom. Used car finance is about taking the money to buy an old car. The loan applicant can be either second of the third buyer of the car.
The new car finance is backed-up by the guarantee of the dealer or car showroom. In the case of car finance, the factor of deprecation always acts as the decision-maker

0 Car finance deals vs 0 apr car finance vs cheap car finance

We believe that better decisions can be taken after proper information. Sometimes the borrowers come to us completely confused because they take two similar things as different or two different things as same. Here, we can understand what is same and what is different.

0 Car Finance
  • It is basically 0% finance that lets you borrow funds without any APR
  • The instalments contain only principle part
  • To get 0% car finance one needs to have a good credit score
0 APR Car Finance
  • It is similar to 0 APR car finance without any annual percentage rate
  • The 0 APR car finance is also about no interest instalments
  • Just like 0% car finance, it also demands a strong financial condition.
Cheap Car Finance
  • This is not free from the APR, but yes the rate is low due to customization.
  • The instalments are the mix of interest + principle.
  • Everyone, including bad credit people, can apply with a stable repaying capacity.

Car finance vs car finance loans

The car finance vs car loans are like two sides of a coin, and they stay together but have a different scale when it comes to car finance comparison. Here is a contrast between the two to enlighten you for a better decision on car buying.

Car Finance
  • Car finance is an umbrella term used for the varied borrowing options to buy a car.
  • Car finance options include hire purchase, leasing, personal contract purchase, personal loans.
  • The types of car finance offer two options to the fund seeker. Either he can own the car by paying off the funds or can return after use. In leasing and PCP, the borrower has this choice.
  • In car finance, one cannot transfer the obligation to another person, such as leasing
Car Finance Loans
  • Car finance loans are basically about one finance option that is a car loan.
  • Car finance loans are about loans, which is the single borrowing option available with mainstream and direct lenders.
  • In car finance loans, the borrower cannot return the car because they are provided only. The applicant needs to pay off the complete loan.
  • In car finance loans, one can sell the car to the other person, but after informing the lender, the obligation transfers to the new car buyer.

Can I get car finance?

Yes, you can get car finance with several terms and conditions. The prime focus you need to put on your personal financial conditions because if they are strong, it is possible to get car finance instant decision.

  • Your first work is to make sure you are paying all the bills and debts at the right time from at least the last 9 months.
  • The income status should be stable with a salary account where you receive the money regularly on a certain date
  • There is no collateral or guarantor, but if you have bad credit and want to obtain quick car finance without hassle.
  • The car finance is a long-term obligation, for employment stability you need to be in the same job from at least last 1 year.
  • Following the terms and conditions help you get instant approval decision and same day car finance

How does car finance work?

Car finance works on the prime principle of repaying capacity. No matter what deal you choose, the final decision is always on how well you can pay back the borrowed money. However, it also depends on the vehicle, whether you are buying a new car or a used car. In the latter case, the depreciation factor is significant because money cannot be approved on a vehicle with poor performance or condition.

Why choose Quickloanslender for car finance?

We want you to have some reasons why you should consider us for car finance. What are the causes that make us stand different from the other choices in the market? Have a look at some of our strong points that can serve your concerns easily.

  • We not only fund you but also give friendly advice on the car finance vs loan confusion. People are mostly confused about it.
  • We approve 98.5% applications even during the pandemic time. You need to show a reliable repaying capacity.
  • We offer funds irrespective of credit score status and self-employed and unemployed, on current financial conditions.
  • We assign you personal relationship managers that never leave you unattended until you pay off the funds completely.
  • We have personal pricing method that facilitates easy repayment; you can pay off the funds easily without any insecurity.
  • We sometimes consider worst credit score people through the very bad credit car finance if you have a debt-pay off plan.

QuickLoansLender is always there for your car finance needs. Let us handle the money mess for you and figure out something practical and affordable. The terms are conditions are already known to you, follow them, come to us, get funds and buy your car.