Finding Car Finance in Newcastle upon Tyne

Are you in the market for a new car but don't know where to start when it comes to financing it? Newcastle upon Tyne is home to a variety of car finance options, so you can find the best deal for your needs. Here's what you need to know.

Types of Car Finance

The two main types of car finance are hire purchase and personal contract purchase (PCP). With hire purchase, you pay a deposit and then make monthly payments until the car is paid off. With PCP, you pay a deposit and then make monthly payments for an agreed period of time, after which you can either pay the remaining balance or return the car. Both options are popular in Newcastle upon Tyne.

Where to Look for Car Finance

Newcastle upon Tyne has a number of car dealerships that offer car finance. It's important to shop around and compare the different rates and terms on offer. You can also find car finance through banks and building societies, as well as online lenders. It's a good idea to read reviews and compare rates before committing to any lender.

Things to Consider

When looking for car finance, it's important to consider the total cost of the loan, including the interest rate and any fees. You should also think about the length of the loan and whether you can afford the monthly payments. Finally, make sure you read the terms and conditions of the loan carefully before signing any paperwork.

Conclusion

Finding car finance in Newcastle upon Tyne doesn't have to be a daunting task. With a bit of research and comparison, you can find the best deal for your needs. Just make sure to consider all the factors involved, read the terms and conditions, and compare rates before signing any paperwork.

Reasons Why You May be Refused Car Finance in Newcastle upon Tyne

If you've been refused car finance in Newcastle upon Tyne, it can be both frustrating and confusing. You may be wondering why you were refused, and what you can do to improve your chances of being approved for a loan in the future. Here we'll explore some of the reasons why you may have been refused car finance in Newcastle upon Tyne, and how you can improve your chances of being approved for a loan in the future.

Your Credit Score

One of the most common reasons why you may have been refused car finance in Newcastle upon Tyne is if your credit score is too low. Your credit score is a numerical representation of your creditworthiness, and lenders use it to determine whether or not you are likely to be able to repay a loan. If your credit score is too low, lenders may be unwilling to take the risk of lending you money. To improve your credit score, make sure you pay your bills on time, don't miss any payments, and don't take on too much debt.

Your Employment Status

Another reason why you may have been refused car finance in Newcastle upon Tyne is if you are unemployed or have an unstable employment status. Lenders want to be sure that you will be able to repay the loan, so if you don't have a steady income, they may be unwilling to take the risk. To improve your chances of being approved for a loan, try to secure a stable job with a regular income.

Your Income

If you have a low income, lenders may be unwilling to lend you money, as they may not be convinced that you will be able to afford the repayments. To improve your chances of being approved for a loan, try to increase your income by taking on extra work or finding a higher-paying job.

Your Age

If you are under 18 or over 70, lenders may be unwilling to lend you money, as they may not be convinced that you will be able to afford the repayments. To improve your chances of being approved for a loan, try to secure a job with a regular income and wait until you are over 18 or under 70.

Conclusion

If you have been refused car finance in Newcastle upon Tyne, it can be both frustrating and confusing. However, by understanding the reasons why you may have been refused, you can take steps to improve your chances of being approved for a loan in the future. Make sure you have a good credit score, a stable employment status, a reasonable income, and an appropriate age before applying for a loan. Good luck!