PERSONAL LOAN OR HIRE PURCHASE?

www.glensidefinance.co.uk

CAR FINANCE:

Which is the best type of car finance for you?

Perhaps you need transport to get to work; perhaps the local takeout is infuriatingly far away if you have to

get there on foot.

Either way, you’ve decided it’s time to buy a car. There’s just one problem: you’re not sure whether you should finance the purchase with a personal

loan or with Hire Purchase.

These are two of the most widely-used forms of car finance, and choosing between them can be

intimidating. But never fear, we’re here to help you compare the two and reach a decision!

Personal LoanA personal loan is the first option. Available from loan

companies and banks alike, this option simply lets you borrow the money to purchase the car

outright. You’ll still have to pay back the debt, of course, but the

car becomes yours immediately; you can hang your fluffy dice in the windshield secure in the

knowledge that if you happen to miss a payment, there’s no danger of them (or the car) being taken

away. This may be the option for you if you’re confident

in your ability to handle debt and have a good credit rating.

Hire PurchaseHire Purchase is another option. You agree on a deposit to be laid down with the dealer, then pay

off the remainder in regular monthly instalments.

You don’t own the car until the final payment has gone through (so, sadly, you have to hold off on any

neon-hued custom paint-jobs you might be contemplating).

You still have the use of the vehicle before that time.This may be the better option if you’re confident you

can keep up the repayments on the car and would prefer to avoid a personal loan or have been

declined for a personal loan due to a poor credit history.

Whichever option you choose, remember to obtain your car

finance from a source you feel sure you can trust.

Bear that in mind and, before long, you’ll have a car to call your

own… including the fluffy dice and questionable paintwork.

Bad Credit Car Finance Specialists

www.glensidefinance.co.uk