Car finance - what you need to know | Top10s

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A huge number of UK buyers choose to fund their dream cars through a finance deal. With so many ways to finance a car, how do you work out which works best for you? In this Top 10 guide, I sift through the acronyms to explain each of the methods available, and the pros and cons of each.

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Literally to the 1% who's reading this, God bless you, and may your dreams come true, stay safe and have a wonderful day.

financesky

Interesting that you didn't talk about the risks of PCP and ending up with negative equity, or the fact that dealerships get insane bonuses for pushing people towards PCP over leasing.

cannygrowabeard

Friend works at Aston Martin dealership.
We were talking about how many people buy cars outright the other day.
She says around 80% are on finance.
For a prestige badge this shocked me at first. But then it kind of makes sense when you imagine how many different bills people have going out these days.
Cars like Audi/BMW/Merc are selling more today due to finance options available to people.
It's a lifestyle choice I suppose for some who can just about afford it in most cases.

grantpalmer

tbh if you have a good credit score...you should try bank loan...mines 2.8% interest and over 30months I'm paying 280 interest. Far better interest than BMW offered me and means you don't have milage restrictions or optional final payment.

jlue

Another great video Matt! Although I think it's best to steer clear of car financing in most cases

webbmoney

Finance ? You get to drive a nice care that makes you feel special and happy, it’s warranted for a few years ( peace of mind) it’s new so very rare do they break down, and the alternative to finance? You splash out a few thousand for a used car, spend on expensive parts that may need replacing, if the gearbox or engine pack up, all the money invested in that used car will be wiped out. ☺️always financed mine, and @ roughly £2400 per year I can travel in reasonable style and with peace of mind, knowing that it’s a newish vehicle with warranty.

banpowel

Buy a car within your means. If you're rich splash out, if not get something that's older but known for quality with full service history. I work with people making just over 20 thousand a year who are buying cars on finance costing more than that. Crazy

mr.y.mysterious.video

People on the comment section be like "Use always cash, if you can't afford it you shouldn't be financing it", man do you really know how the real world looks like? Financing doesn't mean that you don't have the cash, it just means that you pay it monthly as if you have saved it just with a little intrest on it, so chill out. Instead of using all that money at once for a car, intelligent people use the rest as an investment.

TheCeliik

What's with all these "cash only - live within your means" comments. Don't people know how the world works? Also using credit and finance sensibly is sometimes wiser than not using it at all. What do you guys think a mortgage is? You don't save first and then buy a house. Also - let people live their life how they want to. If they want to get a brand new car then let them. I've seen people get an older car and spend all the money they're supposedly saving in the garage fixing things every other month.

danielbaker

when buying always go for earliest model of the car and ideally 2-3 years old (try not to buy a newish end of life or ready for new generation model) also go with the most popular option model trim as well as ones with loaded options don't buy a basic spec car because they are less desirable.

Go to the bank get a loan and buy it out right and pay low interest, then change the car every 2-3 years.

I have been doing this way for awhile and it works out pretty well whenever i come to sell it never depreciate more then 25%

bearbear

Massive fan of cars in love with them but however you look at it; buying in cash, finance or even lease... cars depreciate and cars break down. Whatever the scenario do what makes you happy so long as it’s in your means to do so.

Not saying get into car debt for happiness 😊

mrayy_

Great video. Was thinking about doing something similar on my YouTube channel, lots of misunderstandings when talking about financing vehicles

NickMoodyComedy

I'm from Croatia. Our car market is quite smaller and car price for ''cash'' or finance is the same + interests when buying finance. I save monthly for a new car and buy a new car roughly every 7-8 years. My parents gave me their 1995 Daewoo Nexia in '98. I bought my first car in 2002 Peugeot 206. In 2009 i bought VW Eos. And a Sunset Copper Peugeot 3008 gt just couple of months ago.

thormaster