Skip advert
Advertisement

The quick car finance option is rarely the best one

Senior content editor Shane Wilkinson explains why it always pays to shop around when it comes to financing your next car

Opinion - quick car finance

Take a test drive in a new or used car and it probably won’t be long before the salesperson sitting next to you utters the f word. Yes, finance. Unless you’re fortunate enough to be in a position where you can pay with cash, this will be a very important factor when it comes to sealing the deal on your potential purchase.

Advertisement - Article continues below

Accepting the finance terms offered to you by the dealer selling the car may look like a quick and convenient option, but taking this easy route could cost a lot of money – possibly thousands of pounds. 

As with any type of loan, the general rule of thumb with car finance is that it always pays to shop around. While the finance deal offered by a car dealership may be a decent choice when it comes to overall value, it’s important to remember that the salesperson is almost certainly in line for a bit of commission. This is perfectly above board, but it does mean they’ll be eager to persuade you into accepting their deal, even if it’s not the best one for you when compared with the competition. So if you have your heart set on buying a car, take some time and do your research into all of the deals that are available to you before you visit a showroom.

Your credit score will play a deciding role before you sign on the dotted line, but there’s still a chance that you could negotiate to knock down the applicable interest rate or monthly payments. It’s undoubtedly tempting to shake hands and drive home immediately after you’ve test driven your prospective new car, but a bit of extra time and effort can potentially save you a small fortune. 

There are plenty of finance providers and brokers out there, along with several online tools that will allow you to compare deals with ease. As well as the usual Personal Contract Purchase (PCP) and Hire Purchase (HP) avenues, a personal bank loan could also be an option. If you’re not too fussed about actually owning the car, you could even look at leasing through a Personal Contract Hire (PCH) plan. Each type of finance has its unique pros and cons.

Once you’ve chosen your preferred method, there’s usually a plethora of deals available, so think carefully before shaking the car dealer’s hand.

Did you know you can sell your car with Auto Express? Get the highest bid from our network of over 5,500 dealers and we'll do the rest. Click here to try Auto Express Sell My Car now...

Skip advert
Advertisement

Shane is responsible for looking after the day-to-day running of the Auto Express website and social media channels. Prior to joining Auto Express in 2021, he worked as a radio producer and presenter for outlets such as the BBC.

Find a car with the experts

Skip advert
Advertisement

Recommended

HP vs PCP: which car finance format is best for you?
Finance contract, car key and calculator on desk

HP vs PCP: which car finance format is best for you?

Personal Contract Purchase and Hire Purchase are two of the most common ways of paying for a car. But which is best?
Tips & advice
22 Aug 2025
Car finance explained: a simple guide to paying for your new car
car finance

Car finance explained: a simple guide to paying for your new car

A comprehensive guide to hire purchase, PCP, contract hire and more, for anyone buying a new car on finance
Tips & advice
14 Aug 2025
New Polestar 7 to take the fight to Tesla, Audi and BMW with cutting-edge tech
Polestar 7 render (watermarked) - front

New Polestar 7 to take the fight to Tesla, Audi and BMW with cutting-edge tech

The new Polestar 7 is set to arrive in 2028 and our exclusive images preview how it could look
News
13 Aug 2025
New Audi TT: everything we know about the electric sports car
Audi TT design render (watermarked)

New Audi TT: everything we know about the electric sports car

The Audi TT looks set for a sensational return in electric form, and our exclusive image previews how it might look
News
10 Aug 2025

Most Popular

New Suzuki Swift Allgrip 2025 review: why bother with an SUV?
New Suzuki Swift Allgrip - front tracking

New Suzuki Swift Allgrip 2025 review: why bother with an SUV?

The Swift Allgrip’s all-wheel-drive system makes this a niche option in the supermini class, but one that some customers will definitely appreciate
Road tests
19 Aug 2025
We're past the peak! New cars are growing far too complex, frustrating and expensive
Frustrating modern cars - Opinion, Dean Gibson

We're past the peak! New cars are growing far too complex, frustrating and expensive

Senior test editor Dean Gibson thinks that modern cars are becoming too complex and frustrating, signalling the end of ‘peak car’
Opinion
20 Aug 2025
Tesla Model 3 indicator stalk reintroduced in China. Is it on the way to the UK?
Tesla Model 3 - front cornering

Tesla Model 3 indicator stalk reintroduced in China. Is it on the way to the UK?

Currently only customers in China have the new Model 3 with an old fashioned indicator stalk
News
20 Aug 2025