Online car finance deals are a transparent way to buy
Fri, 09 Jun 2017

In March, car buyers spent £3.6bn on New Car finance deals, a rise of 13% on the same month in 2016, according to the Finance and Leasing Association (FLA).

Some of the most popular deals on new cars are of the PCP variety (Personal Contract Purchase) and this is now becoming a favourite for Used Car buyers too.

Buyers can pay a smaller monthly payment and then pay a final lump sum at the end or return a car at no extra cost - as long as it is within an agreed mileage and in good condition.

Consumers spent a record £32.5bn on all car finance deals including New and Used Cars January to March, the latter being a record month for car sales as a whole, brought about by the changes to Vehicle Excise Duty in April.

Using Payment Swap's new self-deal website, motorists can change more freely and at a time when they choose. The front end is simply a car finance change calculator that takes minimum effort to gauge what cars the consumer can exchange their current motor for. This is the first to put the consumer in control of doing their own deal on a second hand car and has been welcomed by motorists who prefer an alternative route.

By applying the existing monthly payment, the website displays a dealer's cars that cost the same, giving a seamless transfer from one car to another, where a new agreement is started and the old one is cleared off.

Payment Swap let's the consumer choose between standard HP and PCP, both offered at 9.9% APR representative, making it straight forward to compare the two.

The FCA (Finance Conduct Authority) insist that buyers are able to see the full transaction in a transparent way. Buying online does this and gives a non-negotiable method that cannot be confused or misinterpreted - good for customers of all types.

Subscribe to our newsletter for all the latest news, reviews and blogs!
 Subscribe

Payment Swap ® is a registered trademark of Automotive Media Ltd. Privacy, Cookie Policy, Terms and Conditions

Depending on the amount you owe, there is a likelihood your new agreement’s term will be extended beyond your existing arrangement. Subject to status. The renewal of a new agreement is subject to underwriting conditions and may not always be possible. Payment Swap is a registered trademark brand, operated in accordance with FCA guidelines. Automotive Media Ltd is authorised and regulated by the Financial Conduct Authority (Firm Reference Number 757685). Automotive Media Ltd is a firm registered in England and Wales under company number 9679212. All rights reserved. Written quotations detailing a choice of finance lenders will be made available from Automotive Media Ltd, who are a credit broker and not a lender and whose name is listed on the FCA register.

Click here to see your activities