When financing a second-hand car, understanding the options available, such as Personal Contract Purchase (PCP) and bank loans, is crucial for making informed decisions.
PCP financing typically results in lower monthly payments compared to traditional loans. This method offers flexibility at the end of the agreement, allowing various options for the vehicle.
While PCP has benefits, potential buyers should be aware of the large balloon payment at the end and the risk of incurring extra charges for exceeding agreed mileage.
Bank loans remain a traditional choice for financing used cars, but those interested in second-hand vehicles should research to find the best financial fit based on their situation.
Collection
[
|
...
]