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Paying for your car

Paying for your car

Once you’ve found the right car and looked into all the associated costs involved in buying it, you’ll know exactly how much you need to pay. You then have three main options: saving for a car, borrowing for a car and dealer finance.

Waiting until you have enough money to buy a car outright will obviously take time, but you won't have to pay any interest on it once you've bought it, so it's usually the cheapest option.

By choosing a savings account to suit your needs, you will be able to add money regularly until you have reached your target amount. Our budget planner calculator can help you work out how much you’ll need to save each month, and how long it will take for you to reach your savings goal.

A personal loan enables you to get your car now and pay it off in instalments. You can even get pre-approval for a personal car loan, giving you up to 30 days to find the right car within the loan amount. Use our borrowing calculator to see how much you may be able to borrow and what your repayments will be. 

Car dealers often offer finance as a means of buying a car. If you are considering this option, there are a few things you should ask the dealer:

  • 'What's the interest rate?' Compare it with the interest rate of a personal loan to check you're getting the best rate.
  • ‘Is there a balloon payment at the end of the loan?’ The loan repayments may seem cheap, until you face an additional large lump sum when your loan term is up.
  • ‘Is the price of the car negotiable?’ It often isn’t with dealer finance. 

All you need to know about buying a car

 Tips for saving for a car

 Need extra funds? Find a personal loan that suits your needs

 Buying a second hand car? First, complete an ownership check 

 Cover your car for those unexpected moments on the road with car insurance

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