Car Finance Available at Swansway Motor Group

Swansway Car Finance

Car Finance made easy

Thinking about a new car? The next step is deciding how you want to fund your next motor. If buying the car outright isn't an option,car finance could work for you! Here at Swansway we want to make the car financing journey as quick and easy as possible. We will guide you through the car finance journey, helping you understand what each finance product is, picking the right finance for you and assisting you if you have bad credit.

There are different types of car finance that give you the option to borrow the money you need to buy your next new or used car, or lease it before having the choice to buy it outright.

Don’t worry if you’re undecided on what your best option is, we here to help you! There’s lots of information to help you decide which car finance is right for you, thanks to our helpful guides below.

How does car finance work?

Buying a car is such a big purchase, it’s not always possible to buy the vehicle outright, which is where car finance options come in handy.

There are two main car finance options available:

  • Hire Purchase (HP)
  • Personal Contract Plan (PCP)

To help you decide which will be right for you, we are going to explain what each of these car finance methods are as well as the pros and cons.

What is the best financing option for you?

Hire Purchase (HP)

A hire purchase is the simplest type of car finance that you can take out. You pay a deposit at the start of the agreement (usually 10%) and then you make fixed monthly payments over an agreed period of time.

The repayments will usually last between 12 - 60 months depending on the agreement and by the end you will have paid the full cost of the vehicle – including any interest and fees which were agreed. You will now be the owner of the vehicle.

Benefits of Hire Purchase:

  • You'll have a fixed rate of interest throughout your agreement
  • You will own the vehicle at the end of the agreement

HP is good if:

  • You want fixed monthly repayments.
  • You want to own the vehicle after all repayments have been made

Personal Contract Plan (PCP)

With a Personal Contract Plan, (PCP), you will only pay for part of the total amount due on the car. To start you will likely need to pay a deposit (10% of the vehicle value).

A figure of how much you will need to pay monthly is worked out by your lender. This is usually calculated based on the difference between how much the car costs, and how much it's predicted to be worth at the end of your agreement.

At the end of your agreement you will then have 3 options; return the car, pay the resale value and keep the car or use the resale value to put money toward your next car.


    Benefits of PCP:

    • You don’t need to worry about depreciation value
    • Lower monthly instalments for a better car

    PCP is good if:

    • You enjoy changing your car frequently
    • You are looking for an affordable way to finance a car

    Hire Purchase (HP)

    A hire purchase is the simplest type of car finance that you can take out. You pay a deposit at the start of the agreement (usually 10%) and then you make fixed monthly payments over an agreed period of time.

    The repayments will usually last between 12 - 60 months depending on the agreement and by the end you will have paid the full cost of the vehicle – including any interest and fees which were agreed. You will now be the owner of the vehicle.

    Benefits of Hire Purchase:

    • You'll have a fixed rate of interest throughout your agreement
    • You will own the vehicle at the end of the agreement

    HP is good if:

    • You want fixed monthly repayments.
    • You want to own the vehicle after all repayments have been made

    Personal Contract Plan (PCP)

    With a Personal Contract Plan, (PCP), you will only pay for part of the total amount due on the car. To start you will likely need to pay a deposit (10% of the vehicle value).

    A figure of how much you will need to pay monthly is worked out by your lender. This is usually calculated based on the difference between how much the car costs, and how much it's predicted to be worth at the end of your agreement.

    At the end of your agreement you will then have 3 options; return the car, pay the resale value and keep the car or use the resale value to put money toward your next car.

    Benefits of PCP:

    • You don’t need to worry about depreciation value
    • Lower monthly instalments for a better car

    PCP is good if:

    • You enjoy changing your car frequently
    • You are looking for an affordable way to finance a car

    Car finance options explained

    Car finance may seem like a daunting concept however it’s a very simple, 3 step process. Find your perfect car, choose the right finance deal for you and then get approved by the lender!

    There are some key details to remember before committing to car finance.

    You don’t own the car

    You don’t own the vehicle until either the final payment – or a balloon payment – has been made.

    This is one of the reasons why you won’t be able to sell a vehicle on finance.

    When taking a car out on finance, the vehicle is owned by the finance company throughout the agreement and you “loan” it by covering the total cost with monthly repayments.

    You can buy the car outright

    If you have opted for a PCP, you’ll have the option to buy your car outright from the lender at the end of your agreement. If you took your car out on a HP Deal, you’ll own the car as soon as the last payment is made.

    With PCP, you do however have other options such as handing the car back and starting another agreement. Alternatively, when your Hire Purchase finance agreement is over, you could sell that vehicle and use the money as a deposit for your next car.

    You can get car finance with bad credit

    Even if you have poor credit, you can usually still get car finance. Try to build up your credit score as much as you can because this is going to help a lot, but if you can’t, don’t worry, there are things that you can do to get you that dream car and our expert finance team will be on hand to help!

    Before you apply for any vehicle finance you should check your credit score to see how you could boost it. Opting for a soft credit check when looking for finance won’t affect your credit score but can give you an idea about the options available to you.

    If you get accepted, a hard credit score will then be done to show your credit report for the last 6 years.

    Why do people choose car finance?

    There are many reasons why people opt to use finance deals for their vehicle. Some of the biggest reasons people choose car finance include:

    • Flexible payments - You can control how long you want to be tied into a deal for and how much you’re paying each month.
    • Variety of options – With many finance options to choose from, finding a deal to suit you can help with getting the latest car without needing to pay the whole cost up front.
    • Get a model upgrade - With certain finance options, such as PCP, you can hand back the vehicle at the end of the agreement and start the journey again with a newer model.
    • Boosting your credit score - Having finance where payments are regularly made and not missed can help boost your credit rating.

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    We work with a range of lenders including Black Horse

    We have carefully selected finance lenders to partner with to provide you with car finance; One of which is Black Horse who are one of the UK's leading providers of car finance.

    Here are a few other lenders we work with: Volkswagen Financial Services, ALD, Northridge, Startline Motor Finance, and Motonovo



    Let us help you find the right car finance for you on your dream car:

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    Finance is subject to status and acceptance, available to over 18's only

    The finance agreements provided through us are fully regulated by, and compliant with, the Financial Conduct Authority so you can have total peace of mind

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