Can Simplify Finance help you get car finance? Yes!
Vehicle finance is available in various ways – as a loan, a lease or a hire purchase arrangement. Each of these types of finance is suited to different situations.
When you contact a mortgage broker about vehicle finance we can work through the option that’s best suited to your individual circumstances.
A standard vehicle loan allows you to borrow up to 100% of a vehicle cost with fixed repayments over terms of up to 7 years. The vehicle generally is the only security required for the loan, this means you don’t need to have ready cash to buy the vehicle, you just need to get your loan application approved.
A lease is a form of a rental agreement because the company providing the lease owns the vehicle throughout the term of your agreement. When the lease comes to an end, you will be offered the opportunity to purchase the vehicle (based on the residual amount agreed in the lease). You may also have the option to trade/upgrade the vehicle (and sign a new lease agreement) or you can terminate the lease.
Leasing is usually an option that companies or self-employed people prefer because there can be some tax advantages of running the lease through a business. But this depends on how much you will use the vehicle for work.
- Hire Purchase
When you enter into a hire purchase agreement, the finance company owns the vehicle during the life of the agreement. Your payments are structured so that at the end of the agreement you own the vehicle. This can be a good option for anyone needing expensive trucks or machinery to operate a business.
Why choose a broker for vehicle finance?
Time and convenience – we have access to numerous lenders and we can work through the options available and help you with the paperwork.
Service and advice – we will consider your vehicle finance in the context of your overall debt and other business or personal financial commitments. Sometimes one type of finance will make more sense than another, depending on the interest rates involved, how you want to make repayments and why you need the vehicle.
Independence and choice – we are not ‘locked in’ to recommend any particular financiers – quite simply, we’re looking for the best loan for you.
Advocacy and negotiation – if you have unusual employment or a bad credit rating, having a mortgage broker can make all the difference. We have great relationships with lenders and can ensure that you get everything you need organised for approval.