Swansway Car Finance

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)

The FCA refers to the Financial Conduct Authority. They are the financial regulator in the UK. Swansway Motor Group is a credit broker, not a lender, and is authorised and regulated by the Financial Conduct Authority.

A hard credit check occurs when a lender, carries out a detailed search of your credit history. This appears on your credit report and can affect your score slightly.

Most car finance deals require a deposit, typically around 10% of the car's value. However, some lenders offer "no deposit" finance options, though these may come with higher monthly payments or interest rates.

Yes, most car finance agreements allow early settlement, but there might be an early repayment fee. You can either pay off the balance in full or make a partial payment to reduce the remaining amount.

Car finance agreements typically last between 24 and 60 months (2 to 5 years), depending on the type of finance, the car’s value, and the buyer’s preferences.

• APR (Annual Percentage Rate): Includes interest and any other charges to give a full picture of the loan’s cost over a year.
• Flat interest rate: Only accounts for the interest rate without including extra fees, which can make it appear lower than APR.