The Benefits of Getting a Car on Finance

Purchasing a car can be a daunting prospect. Unsure of what you would like, doubting if you can justify the expense and wary of paying over the odds for a vehicle that you may end up needing to sell quickly due to a change in life circumstances.

At Euphoria Finance we make the purchase of your car, van, motorbike or campervan simple and affordable.

Below we look at why finance may make life a little easier for you, especially during these uncertain covid times.

Lower outlay

The car market can be a confusing one with so many different makes and models to consider. This brings the inevitable headache of what should you spend your hard-earned savings on. With finance deals available from as low as £99 per month the dent in your bank balance is no way near as severe as purchasing a car outright.

Long term or short-term payment options

Much like with a bank loan, you will agree a term to make your payments over, sometimes though, life can throw a few surprises your way which may mean you can clear the payments faster or potentially need a little longer to reduce the balance. At Euphoria we will always aim to offer you the best finance options to match your needs.

Improved credit score

Choosing a new or used car on finance is a great way to improve your credit score. By committing to a contract and making the payments, you are showing the lender and other financial institutions that you are a responsible borrower which is largely beneficial when it comes to other large purchases you may need to make in the future such as a house.

Get a better-quality vehicle

You may have saved for a long time to get your first car, van for work or deluxe motorhome but are still finding yourself a few thousand pounds short of the amount you need. With finance, you could put the amount you have saved down as a deposit against your dream vehicle then arrange affordable monthly payments. With terms ranging from 36 to 60 months, it couldn’t be easier to get the keys to your dream vehicle.

You won’t lose money

When purchasing a car outright, you may not have to worry about monthly payments to a lender but you will notice that when it comes to selling it, your return is significantly less. A feature on WhatCar.com showed that many cars lost 50-60% of their value within the first three years with it only slowing in depreciation from year four. When purchasing a car on finance your outlay remains affordable and keeps your savings intact.

Less additional costs

You may have a savings account that you wish to put towards a car. Assuming you have £5000, it doesn’t look likely you could buy the new car of your dreams and as a result will have to choose an older model that may require more maintenance to keep it roadworthy.  With the option of finance, you can deposit a portion of your £5000 towards a new car that won’t require as much extra attention, make affordable monthly payments and still have a portion of your savings left for something else in the future.

Easy returns

Taking a car on finance could see you paying for a car over three, four or five years and at the end of the agreement, it’s yours. You can either keep it or offer it back to the lender and go into a new affordable agreement with them. The deposit potentially being covered by the value of your original vehicle.

Euphoria Finance is a car finance direct lender, offering the best car finance deals on new and used cars. We can even help if you’re buying a car with bad credit. Get a quick finance quote or speak to our team on 01282 509609 for more information. We can secure fast car finance for you today!