[{"faq_question":"How Does Car Finance Work?","faq_answer":"

How car finance operates involves obtaining a loan from a lender to cover the cost of your new or used car, followed by repaying it through manageable monthly instalments. Car finance serves as an umbrella term encompassing various loan types. To find the suitable deal, you must determine the desired loan amount, loan term (how long you plan to borrow), and consider making a deposit to reduce the overall loan. Upon approval, you'll make monthly payments, inclusive of interest, throughout the loan term, typically ranging from one to five years. Depending on your chosen deal, the finance may be secured against the car.<\/p>"},{"faq_question":"What are the Different Types of Car Finance?","faq_answer":"

There are several types of car finance to choose from but the most common are hire purchase (HP), personal contract purchase (PCP), and personal car loans.<\/p>

Hire Purchase<\/strong><\/h2>
With hire purchase, the loan is secured against the car and you won\u2019t own it until you\u2019ve reached the end of your agreement and paid the \u2018Option to Purchase\u2019 fee. You might need to put down a deposit but it\u2019s unlikely that you\u2019ll have to agree to any mileage restrictions.<\/p>
Personal Contract Purchase<\/strong><\/h2>
Personal contract purchase loans are also secured against the vehicle, but you don\u2019t automatically own the car when the loan term ends. Instead, you can choose to give it back, use any positive equity as a deposit in a new deal, or buy the car by paying the balloon payment. Monthly payments can be lower than with HP car finance, but you may have to agree to annual mileage limits.<\/p>
Personal Car Loan<\/strong><\/h2>
With a personal car loan, you typically receive the full amount in one go so that you can buy the car straightaway. You\u2019ll then pay back the loan in fixed monthly instalments. Monthly payments can be higher than other forms of finance, but you won\u2019t have to face any restrictions and can sell the car before the end of your loan term if you wish<\/p>"},{"faq_question":"Will Applying for Finance Affect My Credit Score?","faq_answer":"
No, applying for finance in the first instance does not affect your credit score. The initial application involves only a soft credit check, which lenders use to assess the likelihood of a full car finance application. If you are provisionally approved and decide to proceed with purchasing a car, our lenders will conduct a more detailed finance application, constituting a 'hard credit check' that will be recorded on your credit report.<\/p>"},{"faq_question":"Do You Offer PCP Deals and Hire Purchase?","faq_answer":"
Yes, we provide both PCP (Personal Contract Purchase) and Hire Purchase (HP) options. Once you receive the provisional approval for finance, the offer link will showcase examples of both PCP and HP finance, detailing the monthly payment options. It's important to note that PCP deals may not be offered by all lenders or for older vehicles. If you require assistance in choosing between these options, our customer advisors are ready to help and answer any questions you may have.<\/p>"},{"faq_question":"How Can I Guarantee the Car is in Good Condition?","faq_answer":"
Rest assured that every car undergoes a thorough inspection process, consisting of a meticulous 204-point mechanical and cosmetic inspection at our preparation centre. We take great care to present each car in excellent condition, both internally and externally. You can find detailed information about the car on the respective details pages, and our knowledgeable team is available to address any specific questions you may have. Your confidence in the quality and condition of the car is our priority.<\/p>"},{"faq_question":"I Have Been Rejected for Car Finance in the Past \u2013 Can You Still Help?","faq_answer":"
It\u2019s certainly plausible. Submitting your details for the initial, no-obligation 'soft credit check' is a risk-free step that assesses your eligibility without affecting your credit score. It's important to note that our diverse panel of lenders includes those who specialise in assisting customers with previous financial challenges. If your initial application is declined, we are open to discussing your situation in more detail to explore potential ways we can assist you.<\/p>"},{"faq_question":"I Have Poor Credit History \u2013 Can I Still Finance a Car?","faq_answer":"
At Carsa, we firmly believe that having a poor credit history shouldn't hinder your ability to obtain car finance. We collaborate with a diverse panel of lenders, some of whom specialise in assisting individuals with less-than-perfect credit in securing a loan. While it may pose more challenges to secure a car loan with bad credit, it is not an insurmountable obstacle, even if you have faced rejections elsewhere. In fact, consistently meeting your car finance repayments can potentially contribute to an improvement in your credit score over time. Obtain a no-obligation quote to learn more about how we can assist you in securing the car finance you need.<\/p>"},{"faq_question":"What Details are Required for a Financing Decision?","faq_answer":"
If you have a specific loan amount in mind or have identified a car for purchase, it's time to initiate the application process. The journey begins with a quote. Our online application form will prompt you to provide personal information, details about your current employment status, monthly income, and information concerning the vehicle you intend to purchase. This enables us to secure an approval in principle from our network of lenders. For further information on the documentation needed for car finance, refer to our guidelines here.<\/p>"},{"faq_question":"Do You Have a Finance Calculator?","faq_answer":"
Absolutely! Utilising the car finance calculator allows you to obtain an estimate of your monthly repayments. By inputting details such as the desired loan amount, the length of the loan term, and your credit score boundary, you can get a quick and accurate projection of your monthly repayment figures. Just head to https:\/\/www.carsa.co.uk\/finance<\/a><\/p>"},{"faq_question":"Can I Use a Part-Exchange as Part of the Deal?","faq_answer":"
Certainly! We gladly accept part-exchanges. You can obtain a valuation for your part-exchange when inquiring about finance. Alternatively, you can quickly and easily find out the value of your car online by visiting https:\/\/www.carsa.co.uk\/sell-your-car.<\/p>"},{"faq_question":"I Already Have a Car on Finance - Can I Still Use It as Part-Exchange?","faq_answer":"
If you currently have a car under finance, using it as part-exchange is absolutely feasible. The process involves obtaining a 'settlement figure' from your existing deal. This helps us determine if there's any equity that can be utilised for your new vehicle deal or if there's negative equity that needs to be addressed, and if possible, incorporated into your new deal.<\/p>"},{"faq_question":"If I Decide to Go Ahead With a Deal, Will You Guide Me Through Any Paperwork?","faq_answer":"
Absolutely. If you choose to proceed with a deal, we will be there to assist you with all the necessary paperwork. Once the deal is approved and a deposit is secured, our team is ready to guide you through the remaining steps. You may discover that the process is more straightforward than you might expect, but our customer advisors are available to help you organise everything, ensuring a seamless 'handover' experience.<\/p>"},{"faq_question":"How Quickly Will I Receive My New Car?","faq_answer":"
Once a deal has been approved and a deposit has been taken, we will endeavour to arrange the \u2018handover' at your earliest convenience, whether you choose to pick up the vehicle in person (from any one of our 5 showrooms) or take-home delivery. But, to physically \u2018prep\u2019 the vehicle to a high standard and get all the administration in place, we would be looking at a minimum 3 to 5 day turnaround.<\/p>"},{"faq_question":"How Can I Contact Carsa?","faq_answer":"
Feel free to reach out to us today for swift and straightforward answers to any questions. Our committed team of customer advisors is readily available to provide assistance. You can contact us by calling 0330 040 1031 or emailing sales@carsa.co.uk.<\/p>"},{"faq_question":"Is It Possible to Repay My Car Loan Early?","faq_answer":"
Certainly, you have the option to settle your car loan early by covering the settlement figure. The settlement figure represents the amount required to conclude your finance agreement and typically encompasses any outstanding finance, minus any future interest that won't be applicable. Opting for early repayment could result in overall cost savings. To initiate the process, reach out to the lender, inquire about the settlement figure, and ascertain whether there are any associated early settlement fees.<\/p>"},{"faq_question":"What is APR?","faq_answer":"
APR, short for Annual Percentage Rate, is a measure that reflects the comprehensive annual expense of borrowing funds. It encompasses not only the interest but also administrative fees and any arrangement charges associated with the loan. The APR offered is customised based on individual circumstances, with factors such as credit score playing a significant role in determining the final rate.<\/p>"},{"faq_question":"What Does Your Credit Score Mean?","faq_answer":"
Your soft check offers an indication of your household's credit score, not just your individual score. It shows how likely you are to be accepted for car finance and does not affect your credit rating.<\/p>
Above 700: Your score is above average, indicating a high likelihood of acceptance for car finance.<\/p>
600-699: Considered average, you're likely to be accepted for car finance.<\/p>
500-599: Below average, but you may still be accepted for car finance. Retailers can advise on the best financing options based on your credit.<\/p>
Below 500: While acceptance is unlikely, retailers may still be able to assist by exploring different lending options.<\/p>
For any further information or questions, please contact us.<\/p>"}]

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