FAQ About Car Finance

We often get asked questions about car finance so we thought it would be useful to give you a quick guide to a couple of the most common queries that we receive here at Blackshaws.

Isn’t it easier to arrange my own personal finance?

Although you may wish to do this it is actually much quicker and easier for Blackshaws to sort out finance for you. If you arrange your own personal finance the process is usually more complicated and takes much longer. Also you may be asked some quite intrusive questions as part of the application process.

If you use Blackshaws for your finance we can give you a quick decision and information on your interest rates and monthly payment very quickly. In fact we will only ask you four very simple questions:

• Where you live
• Who your employer is
• What your bank details are
• How long you have been with your bank

Are there any advantages in taking out a Hire Purchase agreement rather than a personal loan?

The answer is YES

Firstly, a personal loan will show up on a credit search and this may affect your credit limit. A hire purchase agreement on the other hand is classed as finance against the car and will allow you more borrowing opportunity in the future.

Secondly a hire purchase agreement is protected by the Consumer Credit Act.

Finally if you choose to settle a personal loan early it may attract an interest penalty whereas a hire purchase agreement may actually involve a rebate of interest.

Blackshaws is an Appointed Representative of ITC Compliance Ltd who are Authorised and Regulated by the FSA.