Can I Get Car Finance?
Ready for unforgettable journeys and amazing driving experiences behind the wheel of a new car? With the right finance option you can enjoy all that, plus the peace of mind that comes from knowing that the choice you’ve made matches your circumstances and won’t break the bank.
So, if you’re wondering ‘can I get car finance’ and how to do it, here’s what you need to know, how the different types of finance products work and what the requirements are.
Can I get car finance?
The first thing to keep in mind before considering your options is that applying for car finance is similar to applying for a standard loan. The lender will run a credit check to determine whether the finance product is suitable for you. But this first step provides only half the answer to the question ‘can I get car finance’. There are a few considerations you need to make as well, including monthly payments, duration of the contract term and extra charges.
Car finance: key information
Finding a convenient, affordable and financially-savvy car finance solution might look a bit overwhelming at first. But it doesn’t have to be that way. You can get the finance product that is suitable for you just by making sure you know how much you’ll be paying, for how long and what will happen at the end. These are some of the most important factors that will help you decide what car contract or plan you can get:
Are there requirements for a down payment at the very start? And if so, can you afford it? Keep in mind that if you can make an initial payment, there will be less to pay down the line.
Duration of the agreement
Deciding whether you can afford a short-term contract or would rather extend it over a few more years is a key part of the process of finding the car finance solution that is right for you. So, make sure you take the duration of the agreement into consideration.
Monthly payments and extra charges
Monthly payments are surely on the mind whenever the question ‘can I get car finance’ comes up. But they’re often the easiest to work out to make sure they’re affordable. There are other types of charges to keep in mind as well. These include interest charges and excess mileage charges. Don’t forget that the interest rates applied can be fixed or variable, so choose the option that makes the most sense for your circumstances.
End of term options
Depending on the car finance product you choose, there can also be an optional final payment at the end of your agreement allowing you to buy the car outright. But if you want the car to be yours after you’ve made all your monthly payments, there are finance agreements that allow you to do just that.
What do you need to qualify for car finance?
If you want to apply for car finance products you need to be a UK resident over 18 years old. Guarantees may also be required, provided you are considered eligible after a credit check has been completed. The application typically requires identification documents, bank details and even employment history, so be prepared to provide these documents as well.
How to get a car on finance with MG?
Depending on your circumstances and preferences, you can choose between two types of car finance solutions at MG. In both cases the interest rate is fixed so you know exactly what you’ll be paying each month.
Personal Contract Purchase
Our Personal Contract Purchase solution allow you to pay for your car in monthly instalments, with the option to change cars at the end of your payment period or to make one final payment and buy the car. A deposit payment is not required, but it will help you pay less each month, so it’s worth considering it. With this option there is a mileage limitation to be mindful of, so make sure you don’t exceed it otherwise charges may apply.
If you don’t want to worry about mileage limitations and final payments, our Purchase Plan might be more suitable. It allows you to finance your new car in an affordable way, as you can choose whether to put down a deposit or not and you can select the agreement term you’re more comfortable with (between 2 and 5 years).
Still not sure which financial option to go for? Once you’ve decided which MG car suits you best, try our Car Finance Calculator. We’ll crunch the numbers for you so you can easily figure out if the car finance option you have in mind is the right one for you.
Don’t forget to check out our MG Car Finance and Offers page for the latest information and car models. whether you prefer our petrol car range or you want to go the zero-emissions route with the MG electric car models.