Who Should Use Car Finance?

In these blogs we talk a lot about how great car finance agreements are. Splitting the cost of a car, van or motorbike into monthly payments gives people access to vehicles they never could’ve afforded before. But who are the people who benefit most from car finance?

 

Families

No matter the size of your family, getting around without a car isn’t easy. The school run can easily clash with the morning commute, meaning you might need two cars. On weekends, shopping becomes much easier with a large boot to fill, and days out are much easier to organise when you can jump in the car and hit the road.

But families are expensive too, especially with the rising energy bills in the UK. Buying a car can be too big an expense, so a finance agreement becomes not only the best option for families, but the only option.

The best cars to finance if you have a family are saloons and SUVs. The latter gives you plenty of space for luggage, pets, and people. If you’re a family of 4 or less, a small hatchback will be ideal for day-to-day life, and will be cheaper to run, but you might miss the extra space in the future.

 

Commuters

If you work far from home, and there isn’t an easy public transport route, you need a car that will get you there and back every day. The majority of people who work in cities live outside of them too.

For cities public transport can be faster, but you’re at the mercy of delays and have to deal with cramped journeys each morning and afternoon. If you see the traffic jams in cities from all the commuters, a car might seem the worst way to go, however if you choose the right city car the journey will be much easier.

Financing a car gives you space for bags and anything else to need for your busy career. A slow cruise into work, with music or a podcast to get you ready to start your day, will help you arrive focused and ready to work hard.

The best cars for commuters are saloons to travel in style, or small city cars for the blend of easy parking and practicality.

 

Business Owners

A large number of financed cars are offered by business owners as company cars to their employees. Paying monthly for a fleet of cars not only guarantees easy commuting for their staff but is also a great incentive for new hires.

The most popular company cars to get on finance are saloons from manufacturers like BMW, Mercedes-Benz, Audi, and Jaguar. However, electric and hybrid cars are becoming a lot more popular for company cars, as it helps the business reduce their carbon footprint without removing any cars from their fleet.

 

New Drivers

Learning to drive is something everyone has to do at some point in their young lives, but it’s not cheap. This leaves a lot of young people with brand-new licenses but no savings to buy their first car. Even if they look into the used car market, they might only be able to afford an unreliable car that is cheap to buy but expensive to insure.

A car finance agreement gives a new driver access to a wide range of cars to splash out on. Both new and used markets gives them plenty of choice for their first car with plenty of savings to get it insured and full of petrol.

The best first car to get on finance is a small hatchback that is practical, easy to park and cheap to run. Most learners use similar cars for their lessons and tests, so switching to a car they’re already familiar with will give them a boost of confidence on the road.

 

Contractors

For contractors, a lot of their time is spent on the road. Getting from job to job, with everything they need, can’t be done without a car or van. Plus, they need one for outside of work too, something reliable with plenty of space is essential.

For contracting firms, a fleet of vans can be financed to save money and used when needed. This gives them the opportunity to expand fast and bring in more money from more ongoing jobs.

The only downside contractors face when financing a car or commercial vehicle is the mileage limit. Spending so much time on the road makes the mileometer soar, which can lead to fines if they exceed the agreed limit the lender sets. However, these limits can be set higher at the start of the agreement to avoid this issue.

If a contractor needs a car as well as their van, a large estate with plenty of boot space is ideal.

 

More about Car Finance

Financing a car gives you the wheels you need to get from A to B without breaking the bank, and it works for everyone. Remember to use the Match Me Finance Calculator to find trusted lenders and thousands of vehicles that will be perfect for you. It also NEVER affects your credit score, so you can find perfect cars and lenders in just a few clicks without harming your credit.