So you have just purchased an electric vehicle (EV). The next step to take now is to decide on the type of EV charger to bu read more
Things to consider when applying for car finance
23/03/2023 Nissan Qashqai SUV 2wd 1.5h e-POWER 190 Tekna+ Auto - Save 11.2% - £4,625 off list price - £36,715
23/03/2023 Hyundai Santa Fe SUV 2WD 1.6h T-GDi 230 Ultimate 7Seat Auto6 - Save 6.3% - £2,883 off list price - £42,877
23/03/2023 Lexus NX 450h+ SUV 4wd 2.5 PHEV 18.1kWh 306 NX E-CVT Auto - Save 4.4% - £2,354 off list price - £50,946
23/03/2023 Audi Q4 e-tron 40 Sportback 5Dr 0.0Electric 82kWh 204 S line Auto - Save 3.9% - £2,113 off list price - £51,417
That is why it is extremely important not to rush into a decision, and to take each step slowly with careful consideration.
When looking at car finance options there are a number of key things to do before making a decision. Don't leave any stone unturned and follow our tips on what to look out for when applying for car finance.
- Follow our tips on credit ratings. Your credit rating is a key factor in which finance deals are available.
- Make sure that you can afford the monthly payment comfortably over the entire term of the loan.
- Interest rates play a key part in getting a good finance deal, so make sure to compare them by looking at the APR (annual percentage rate). The APR includes all the charges you have to pay, and typically a higher deposit means a lower interest rate.
- Compare the total cost when it comes to borrowing, not forgetting all the charges over the course of the loan.
- Take into consideration that other charges may be incurred if you exceed the forecast mileage in personal contract purchase (PCP) or personal lease agreements.
- Consider what additional expenses may arise during the term of the loan. Will you be making any other big purchases, such as buying a house or going on holiday?
Get a GAP Insurance quote
For more tips on how to get the best car finance deal visit the Finance Tips section on the MotorPocket blog.