Luxury vehicles have been around for almost as long as the automotive industry has existed. Not only do they showcase what manufacturers are capable of achieving, but they also offer an incredible level of comfort. Although they have many fans across the globe, not everyone can afford them due to their rather steep prices.
It’s no secret that luxury cars are expensive. They offer a lot more however, than most standard vehicles so it’s understandable. If you have ever dreamed about owning your very own luxury vehicle, now could be your chance.
Although car finance has evolved since it was first introduced, the main purpose of it remains the same. It allows you to get a vehicle of your choosing without having to pay for it straightway. This means that you don’t have to save up cash in order to get the car you want. The process is quite simple, and since it’s used by thousands of people on a regular basis it’s also rather safe, provided you go about it the right way.
Many people wonder whether purchasing an expensive car on finance is an option. Although it entirely depends on your personal circumstances and how much you can afford, it’s certainly possible. Most car finance providers are willing to loan people large sums of money. Since there are numerous different ways of purchasing a car on finance, certain options are better suited for people looking to purchase expensive vehicles.
The process itself will most likely still follow the same rules. You will receive the vehicle of your choice following a successful application, after which you will pay for it in regular instalments until the full amount of your debt is paid off. This part of the car buying process typically doesn’t change, regardless of which option you choose.
When buying a car on finance, the two most popular options currently available are hire purchase and personal contract purchase, otherwise known as PCP. Both allow customers to get the vehicles they want and pay for them over an agreed upon period of time. Depending on which option you choose, how much you borrow and how long you borrow for, your payments can either be very low or quite high.
Since luxury cars are a lot more expensive than most standard vehicles, you may find that if your credit is extremely poor you won’t be eligible. Although there are many poor credit car finance options available out there, the more you are looking to borrow the better your score must be. If you’re after an expensive car and want to pay it off over let’s say three years, your payments will be quite substantial.
If you go with hire purchase, you will receive your car and pay for it in monthly instalments. You won’t officially own the car until the last payment is made; however, this will ensure that both you and the car finance provider remain protected throughout the process. If your credit is in particular poor, this could be the best possible option for you. Since the lender will be taking a risk on you due to your financial circumstances, they must ensure that they will get their money back. If you fail to make your payments for any reason whatsoever, the vehicle will get repossessed to cover the value of your loan. This allows car finance providers to offer finance to those with poor credit.
PCP otherwise known as personal contract purchase is always an option. Your credit score will have to be much better if this is the option you want to take. It will allow you to borrow more money, which is why the car finance provider will be taking a much bigger risk on you. Since the option is quite flexible and allows for a lot of freedom, this may not be the option for everyone. If your credit score is poor, you will likely not get approved for PCP and will be advised to go with a more suitable option, which is likely going to be hire purchase.
It’s certainly possible to purchase a luxury car on finance, you just need to know where to look. With many options available out there it can be difficult to find the most suitable car finance provider. Look for one that specialises in luxury vehicle, or at least offers this option. This will guarantee that your application is successful and you will be able to get the vehicle of your dreams in no time whatsoever.

At Trusted Car Credit we offer car finance for anyone looking to purchase a new car. Whether it’s a luxury car you’re after or something slightly less extravagant, we will do our best to help you. All you need to do to get the process started is fill out our quick and simple online application. Buying a vehicle on finance has never been easier, so don’t hesitate – contact us today and get the ball rolling. Let us do all the work for you and come one step closer to owning your dream car.