UK Car finance.
We offer a range of information and companies that provide
UK Car Finance. The following terms are commonly used when
taking out this type of product :
APR (Annual Percentage Rate): This is the yearly rate
of interest which will be payable on your car finance.
Law states that the annual percentage rate must be clearly
stated in order to not confuse those looking or taking
out finance.
Application: When you want to take out car finance, first
you will have to supply some of your details in an application
form.
This is so the lender can verify these and check against
your credit history.
Many factors affect a lenders decision to provide finance.
These include, work status, mortgage status, where you
live.
Credit Check: When your application is processed there
will be a credit check taken out.
This is so that lenders can see how your have previously
performed in paying off lines of credit.
Obviously if you are bad at paying back credit then they
will be reluctant to give you a car loan as they may never
see their money back. The checks are made against a credit
bureau who stores all the relevant information on their
numerous files.
Initial Payment / Down Payment: This is a percentage
of the loan (often around ten percent) put down to factor
the difference between the amount of the loan and final
purchase price.
