6 reasons why people use car finance

By: Oliver Jones Apr 11, 2016 6 reasons why people use car finance According to Sainsbury’s Bank car buying index, figures collated towards the end of 2015 showed that 53% of those planning to buy a car over the next six months were going to use some form of personal finance to do it. Credit cards and personal loans were among the top types of finance on the list and we have also seen a significant rise in the numbers of us using specialist car finance packages, such as Hire Purchase (HP) and Personal Contract Purchase (PCP). But what is it about buying a car on finance, rather than purchasing outright, that makes this such an attractive option? Flexible payments For most of us, the primary reason to use finance to purchase a car is the element of flexibility that this introduces. The cost of a car in the UK is steadily rising and could be the same as – or more than – the deposit for a property. This makes it almost impossible for many people to buy a car outright. However, a set
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