Best new car finance deals uk

What is a 0% finance deal?

Fail to pay on time, and you'll be marked as in default, which could affect your ability to get a mortgage or other credit. If you miss a payment, it's likely the lender will contact you to see if you just 'forgot'. If you keep missing payments, they'll mark you as in default.

Once this happens, they'll quite quickly take the car, as to leave it with you while they chase payments risks the car depreciating in value. As well as taking the car, if you fail to keep up repayments, you'd get a default mark on your credit file, which could affect your ability to get a mortgage or other credit. There are three main types of gap insurance policies, but they all have the same general aim.

If you have a crash, or your car's stolen, your insurer will usually only pay out the amount the car is worth at that time. Gap insurance is a policy you can buy which pays out an amount above this, either to get you back to the original sale price of the car, to the amount you have outstanding on finance which can, at times, be greater than the car's worth , or to the amount it would cost to buy the car new now.

However, watch out for dealers offering you gap. Since September , they haven't been allowed to sell gap insurance to you at the same time as your finance deal they need to wait a week. But it's best to steer clear of getting gap insurance from your dealer anyway. The policies they sell tend to be quite expensive, and are easily beaten by standalone providers - if you think getting gap insurance is worth it.

It's not a necessity, and many think it's not worth the paper it's written on. If you do decide you want it, steer clear of buying it from the same place you get car finance, as it's expensive.

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Stand-alone providers can offer the same cover much more cheaply. Cheap personal contract purchase.

Buying vs. Leasing a Car (Pros and Cons)

If you go through it, it can sometimes result in a payment or benefit to the site. It's worth noting this means the third party used may be named on any credit agreements. We aim to look at all available products. If it isn't possible to get an affiliate link for the top deal, it is still included in exactly the same way, just with a non-paying link. The registered office address of both MoneySupermarket.

View our film and see for yourself how simple buying your next car can be!

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Harriet Meyer Edited by Johanna Noble. Facebook Twitter Print Whatsapp Mailme. In this guide. What is personal contract purchase? Is PCP the right option for me?

Buying Guide: Best 0% APR finance deals on new cars in

Where can I get a PCP deal? For all the latest deals, guides and loopholes - join the 12m who get it. The larger the deposit, the less you'll have to borrow. The amount you borrow. The amount you'll have to borrow is based on how much the finance company predicts the car will lose in value over the term of the deal usually 24 or 36 months minus the deposit you've put down. The balloon payment a balancing payment you pay IF you want to own the car.

Also often referred to as the Guaranteed Minimum Future Value GMFV , this is how much the dealer expects your car to be worth after your finance deal ends.

Apply for 0% Finance

It's agreed at the start of your deal. How does it work? Ok, so this might sound a bit complicated so here's an example to explain how it works We mentioned that you can buy the car at the end of the deal but you don't have to - in reality you have three options: 1.

How does it work?

There are two main types of charges, but both are avoidable: Over-mileage charges. The final way to avoid these charges is to buy the car - though that's not really MoneySaving! Quick question. How is the balloon payment calculated? Some lose value quicker than others. The length of the agreement, eg, a car will be worth less after three years than two. Your agreed annual mileage, eg, a car with 40, miles on the clock after three years will be worth less than one with 20, Here are the pros and cons of PCP:.

It's flexible. You've several options at the end of it - you can even buy the car if you like. Extra charges of p per mile if you go over the agreed set mileage. Online finance brokers. Here are a few of the larger brokers operating in the UK: Financeacar. Halifax Bank. By continuing your visit on the website, you consent to the use of cookies.

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