How does car finance work?

Here at Tickenham Garage, we are experts in Car Finance – having helped many customers since we started trading, we assist people in obtaining credit / finance for their car – no matter what their circumstances.

Car finance – What is it ?

Car finance is a loan that is provided to you in order for you to be able to purchase a car – the money can not be used for any other means.

Can I get car finance? 

The likelihood is yes – you can. Car Finance is the same as any other type of lending, where a credit supplier (E.G Bank or Finance Company) provide you with the money to purchase a car. Finance companies run checks on you to decide how much, over what time scale and what interest rate to charge you.

What factors change the interest rate that I will be charged?

There are multiple factors that finance companies take into consideration when making a decision for a finance application. Some of them are listed below. 
1. Your credit score – you can check your credit score using well know credit reference agencies
2. The amount of credit you are currently using with other lenders
3. Your income information
4. Your employment and address history
5. Electoral roll information
6. Any Credit information available, such as previous history and any CCJ’s or IVA’s that you may have had applied in the past or currently involved in
7. The age and mileage of the vehicle.

When assisting customers with a finance application, we will take into consideration what information you provide us with in order to help you apply to the correct lender, achieving the best rate that we possibly can for you.

Who is the registered owner of the car when if I buy a car on finance?

The registered owner of the car is different, depending on the finance company. Some insist they are the registered owner of the car until your finance has been paid in full, others offer a loan which is not secured against the vehicle. We can provide this information to you in the key information that we provide to customers when assisting them with a finance application.

How many cars can I have on finance? 

The number of cars that you can have on finance at any one time is subject to your individual circumstances. We have known people to have multiple cars on finance and others only be able to have one at a time. It is down to the lender to make an informed decision as to what they believe you are able to cope with in terms of repayments and affordability. This information is not provided to us, however, you could always request information from the lender if you were to be accepted or declined. 

How much deposit do I need for car finance?

Usually this is up to you, the higher the deposit, the lower the amount of interest you will need to pay as you can reduce the payment term. However, some companies will insist on a certain level of deposit e.g 10% of the cars value. Others will stipulate a minimum value of a deposit. We can advise on this when completing your application. There are lenders that we work with that accept customers with ZERO deposit.

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Second Hand Cars

We offer a variety of second hand cars. Cars for the family, SUV's, MPV's, Economical small cars for town driving and larger models for you if you need something for frequent longer journeys. No matter what your need is, we can help.

Flexible finance

All of our finance packages are bespoke to your requirements. You are in control. We are independent, so we can find you the best deal available for you and your car. We offer both HP, PCP and can even arrange personal loans. Give us a try!

Sell your car to us

Maybe your looking to sell your current car, this could be through part exchanging against another car or just selling it to us. We will appraise your car and provide you with a valuation. We make payments within 6 minutes, with no admin fees.

Warranty options

Our relationship doesnt end once you drive away. We offer nationwide, comprehensive and market leading warranties to protect you for years once you have taken your car home. Our warranty is the only one in the UK that is Trading Standard approved.

Accredited Garage and Workshop

Our garage is a RAC Authorised Repair Centre, Which? Trusted Trader as well as previously being awarded Garage of the Year for South West of England as well as an AA Approved Garage.

Approved Used & Enhanced Inspections

All vehicles undergo a vigorous inspection prior to leaving us. MOT advisories are fixed before the car is released as well as ensuring all servicing and maintenance tasks have been fully completed.