used car finance
admin July 29, 2022

Of course, a personal car makes transport easy and convenient for you. But the cost of purchasing can compel you to seek other modes of transport. One of this could be a used car. All it needs the support of used car finance.

The biggest evidence is the hike in demand of used cars in the first quarter of 2022. You cannot ignore the 5.1% increase that happened in the used car market.

If you are still little hesitant thinking about how to arrange money to own one of them, financing the second-hand car is the best option. In short, this is a way to cut short the outlay.

Indeed, a used car costs less than a brand new car. It also enables you to drive to your office or anywhere. But you need not have to fritter away a whopping amount as the car price.

Now, you may feel why a used car? It is because your budget is too tight. Still, you need to book a car. Thus, a second-hand car just complies with these two criteria of yours.

They are priced in such a manner that you can even apply for car finance with bad credit in Ireland.

Moreover, owning this car does not mean you cannot get a new car. If your budget permits, you can easily get one in the near future. But currently, you can rely on the second-hand option to serve the same purpose of commuting.

You can clear your confusion by reading through this blog.

Typical Queries Regarding Used Car Finance

Here some of the very common queries that an aspiring buyer might have will be answered. Go look at it.

Is it Even really Possible to get Used Car Finance?

It is an obvious question from the side of buyers like you. It might seem like a trick to trap buyers. But the good news is that it is possible.

It has now become a common practice to get a used car on finance. The options presented to you will depend on the type of car you choose and how you purchase it.

Most importantly, stashing money is possible when you opt for a used car. Indeed, it is an amazing feeling to ride a brand new car. But the feeling does not last long when it eats away a huge chunk of money as monthly payments.

This financing option will support you in affording the upfront cost related to the used car purchasing.

Is it Necessary to look for Used Car Finance?

You don’t need such a financing alternative if you have enough money as savings to purchase the car. The requirement comes into the picture when you don’t have the needed funds.

Besides, having a used car is not at all a bad idea. They have a good rapport in the car market. It is because the owners usually pay attention to the maintenance a lot. Moreover, the availability of the car is pretty good.

If the cost factor is a matter of concern for you, getting finance done is the ideal way to buy a second-hand car. It is by far the most economical method to obtain a car that is already used by someone else.

The time duration it will take for you to receive the money depends on the agreement that you will sign with the lender or dealer. It is a must for you to get acquainted with the terms and conditions of financing cautiously.

Is there any difference between New and Used Car Finance?

Now, this aspect might also trouble you while considering used car finance. The two scenarios are different. You have to understand it.

But drawing a comparison can help calm down the tension in your mind. It will give you more clarity on your decision.

You will be amazed to know how a used car has the upper hand in the market. It is because of the benefits you can enjoy with this type of car.

The first thing that you must not overlook is the price. It goes without saying that a new car will cost more than a used car. If money is a constraint for you, then the second car is perfect for you.

With the cost going low compared to brand new cars, monthly payments for used cars will be reasonable for you.

In What Ways Used Car Finance will work for me?

It is up to you to decide where you will purchase the car. You can directly get it from the dealer. On the other hand, you can contact private sellers also.

Used cars are obtainable via these two purchase options. With dealers, you will have the advantage of financing offers getting arranged by them. With private sellers, you will get limited choices.

Getting from a Dealer

When you contact a dealer for a used car, you will have less worry about the current status of the second-hand car. Why? The reason is that they closely examine used cars before putting them up for sale.

You can relax as the used car options are tested ones. You will not have to compromise on the quality of the car you will select.

Dealers let you access different types of financing options like:

Hire Purchase

It allows you to own a car that you have been eying for so long. But you are not getting it due to scarce finances. You can straightaway become the owner once you complete all the payments successfully.

  • You can pay off the decided amount as per the decided schedule
  • Also you will get a clear idea about interest rates
  • You will have to stick to fixed rates

In short, you can set the budget accordingly.

You need not bother about the mileage when selecting this financing option. However, the monthly payments could be costlier than other options. Weigh your options carefully.

It is possible that you might lose the opportunity to become the owner. It happens if the lender repossesses the car without any information before the third payment comes from your end.

Personal Contract Purchase or PCP

It comprises three components the amount you will take out, the deposit, and the balloon payment. It is not like other financing options. Here, the monthly payments will be made on the depreciated value of the car rather than the original value.

The monthly payments would be different at the starting and the ending phase of the contract.

Also Visit Us: Famous Myths About Car Finance

Bottom Line

Asking for used car finance is no more an uncommon thing. Many buyers prefer doing this instead of breaking the bank for a new car. Once you proceed with this idea, you will come across deals that are attractive and different.

But you are lucky enough to have the privilege of getting car loans from direct lenders in Ireland. Now, buying a used car and arranging finance should not take much time. Fix your mind about the right car option you want to purchase.

Don’t select a random offer! First, compare the quotes carefully. Choosing an offer blindly would mean comprising your needs and budget.

Most importantly, don’t fear taking a chance with a second-hand car financing option. It is a widely accepted way to gather cash for the car.