R N Golden: 01484 608060  

Car Finance at RN Golden

We offer a range of finance options to help you purchase your next vehicle. It’s our mission to provide the best deals for your needs and financial circumstances, so get in touch with our team if you’re thinking of buying your next car to find out what we can offer.

Types of car finance

There are multiple ways to finance a car, from personal loans to outright cash purchase, but it’s important to understand the types of finance options so you know which route is best for you.

Cash purchase

This is when you pay for the car outright with your own funds – you won’t take out any finance contract. You’ll pay for the car in one single payment and own it outright straight away. If you don’t have the full purchase price available in cash, consider other finance options.

Personal loan

A personal loan is where you arrange a loan outside of the car dealership, usually with your bank or building society. A personal loan is where you borrow a specific amount of money for an agreed payment term. You then make regular monthly payments to your bank until the full amount of paid back. Some banks offer specific car purchase loans, while others will have general personal loans.

You then use these funds to purchase the car outright, similar to a cash purchase, and repay the loan according to the loan terms. A personal loan allows you to treat the transaction like a cash purchase, as you won’t sign a hire purchase or finance agreement with the dealership, but you will have to make repayments according to the loan terms.

Hire Purchase

A hire purchase finance agreement helps you budget by offering a fixed interest rate and monthly payments, so you know what you will pay each month.

If you have a specific monthly payment in mind to meet your affordability, you can adjust the deposit and length of agreement accordingly during your application. This type of finance option usually allows you to drive a newer car with better specification.

At the end of a hire purchase, you own the vehicle outright. This means you can keep driving it without further payments, or use it as collateral towards a newer vehicle.

Personal Contract Purchase

If you want lower monthly payments, a personal contract purchase might be the ideal finance option for you. With a PCP deal, you delay part of the payment until the end of the agreement, which keeps your monthly payments as low as possible.

The deposit, monthly payment, and annual mileage can all be adjusted to meet your needs. The final payment is usually known as a balloon payment and is calculated using industry data. The amount is often adjusted down so you have equity in the vehicle that you can put towards your next purchase.

At the end of the term, there are two options. First, you can pay the balloon payment and own the car in full with no further payments. Or, you can use the vehicle as a part exchange towards a new car and carry on with your monthly payments.

You can use the finance calculator on our used car listings to see what finance offers are available. We have a range of fantastic finance offers available on our new and used cars.

If you need more assistance, you can speak to our friendly team, simply get in touch with us on our website.

Get In Touch

Take a look at the videos below for more information on the car finance options available here at R N Golden.

 

Rainworth (Yorkshire) Limited is an Appointed Representative of Automotive Compliance Ltd, who is authorised and regulated by the Financial Conduct Authority (FCA No 497010). Automotive Compliance Ltd’s permissions as a Principal Firm allows Rainworth (Yorkshire) Limited to act as a credit broker, not as a lender, for the introduction to a limited number of lenders. We can introduce you to a selected panel of lenders, which includes manufacturer lenders linked directly to the franchises that we represent. An introduction to a lender does not amount to independent financial advice and we act as their agent for this introduction. Our approach is to introduce you first to the manufacturer lender linked directly to the particular franchise you are purchasing your vehicle from, who are usually able to offer the best available package for you, taking into account both interest rates and other contributions. If they are unable to make you an offer of finance, we then seek to introduce you to whichever of the other lenders on our panel is able to make the next best offer of finance for you. Our aim is to secure the best deal you are eligible for from our panel of lenders. Lenders may pay a fixed commission to us for introducing you to them, calculated by reference to the vehicle model or amount you borrow. Different lenders may pay different commissions for such introductions, and manufacturer lenders linked directly to the franchises that we represent may also provide preferential rates to us for the funding of our vehicle stock and also provide financial support for our training and marketing. But any such amounts they and other lenders pay us will not affect the amounts you pay under your finance agreement, all of which are set by the lender concerned. If you ask us what the amount of commission is, we will tell you in good time before the Finance agreement is executed. All finance applications are subject to status, terms and conditions apply, UK residents only, 18’s or over. Guarantees may be required. Rainworth (Yorkshire) Limited is an appointed representative of Automotive Compliance Ltd which is authorised and regulated by the Financial Conduct Authority (FRN 497010). Permitted activities include advising on and arranging general insurance contracts and acting as a credit broker not a lender. We can introduce you to a limited number of finance providers and do not charge fees for our Consumer Credit services. We may receive a payment(s) or other benefits from finance providers should you decide to enter into an agreement with them. The payment we receive may vary between finance providers and product types. The payment received does not impact the finance rate offered. All finance applications are subject to status, terms and conditions apply, UK residents only, 18’s or over, Guarantees may be required.