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Rates from 9.9% APR.
Representative APR of 21.9% APR
Excellent
Short term car finance is a car loan where you repay the amount owed over a shorter period of time. This type of loan can last anywhere from 3,6,9 and 12 months, however the length of agreements will vary depending on the lender.
Whether or not short-term car finance can benefit you depends on your individual financial situation and needs. Short-term car finance can offer several benefits, such as lower upfront costs, more flexibility, access to newer cars, lower monthly payments, and potential savings on interest charges or fees. However, it's important to carefully consider the terms and conditions of any finance agreement before signing up, to ensure that it's a good fit for you and your personal circumstances.
Here are some factors to consider when deciding if short-term car finance is worth it for you:
Can you afford to make the monthly payments on the loan without straining your budget? Make sure to factor in other expenses, such as insurance, maintenance, and fuel costs.
What is the interest rate on the loan? A higher interest rate can increase the total cost of the loan and make it less affordable.
How long will it take to pay off the loan? A shorter loan term may result in higher monthly payments, but can save you money in interest charges over the life of the loan.
Will the car lose value quickly? Cars typically lose value over time, so it's important to consider how much the car will be worth when you're ready to sell it or trade it in.
Are there other financing options available, such as personal loans or credit cards, that may be a better fit for your financial situation?
Ultimately, it's important to carefully consider the pros and cons of different financing options before making a decision, and to only take on debt that you can afford to pay back.
We work with number of leading car finance providers and have cross-checked dealers across the country to ensure their prices are fair, transparent and competative.
We compare all kinds of vehicle finance, including Hire Purchase (HP), which we recommend as a viable way to purchase a new car.
Our entire car finance application is free to use and will provide you with a list of competative rates and quotes.
Larger down payment
As the repayment period is shorter, your loan will have higher monthly payments and will likely require a larger downpayment.
Dependant on your credit score
Another thing to consider is that short term loans are usually available to people with good credit. If you don’t have a strong credit history, you may want to consider our poor credit car finance options.
