Affordability
Think about how much car finance you can afford alongside your other financial commitments. Calculate roughly what you can afford and look carefully at the car finance products which are available, as each one will offer different perks and considerations for you to choose from.

Remember the Deposit
When purchasing a new car, it’s crucial not to overlook the role of the deposit. A substantial down payment directly impacts your loan amount. A lower loan amount translates to more manageable monthly repayments, which then contributes to a more affordable loan.

Total Amount Payable
This is always down to individual preference of either lower payments over a longer period, or higher payments over a shorter period, but it’s always worth looking at the difference between the two.
Sometimes paying a little more on your monthly payments will help you pay off the total amount quicker and reduce the interest liability.

Understanding APR
Remember when looking at APR for car finance, that there can be a common misconception when the finance contains balloon payments. This is, that the lowest APR automatically translates to the best deal. However, the true value hinges on the future value of the car at the contract’s end.
One lender may give a low APR but also give a lower balloon payment. (This gives you a greater amount between the amount you are financing and the balloon payment.) A second lender may give a higher APR but also give a higher balloon payment. (This means you may get lower monthly payments)

Always look at ALL the factors involved and work on what is best for YOUR finances. Yes, look at the APR percentage, but also the Future value of the car (balloon payment) and what your monthly payments will be.

Help with the balloon payment.
If you do not have the funds to pay off the balloon payment at the end of your contract, don’t worry we have you covered. Our team of Auto Experts are always here to help you with a new deal to re finance the outstanding balloon payment, so you can continue enjoying your car.

Releasing Equity
If you own a high-value vehicle and have ample capital, our team of specialist Auto Experts can tailor a finance package for you. This package enables you to release funds from your car while still enjoying its use. By doing so, you can free up cash for other purposes.

Feel free to reach out to our Auto experts to explore this opportunity further on 0207 112 4487 or at info@drivenfi.co.uk