Your checklist for comparing monthly prices for cars?

Your checklist for comparing monthly prices for cars?

When you have decided that a monthly price for your new car is within your budget, before committing to it you should always make comparisons with alternative providers. However, you must ensure that you are comparing like with like because the cheapest monthly price may not be the best deal. Use the following checklist to make your comparison:

  1. ensure that you are comparing exactly the same car with the same extras;
  2. ensure that you are comparing the same finance product (PCP, leasing or hire purchase);
  3. ensure that you are comparing the same period (number of months);
  4. if there is an annual mileage restriction, make sure this is the same.  What will the excess mileage fee be?
  5. ensure that the upfront payment/deposit is the same. Some dealers or brokers will offer a ‘deposit contribution’ to make the car sound cheaper and more attractive by reducing the upfront payment. This can be confusing, so be careful and make sure that the monthly price and total payment are still competitive.  Just tell them you want to know the actual amount of the upfront payment;
  6. compare the total payment across the entire period for the deals;
  7. if relevant, check what the final payment will be (this may vary from nothing to a full balloon payment if you want to take ownership of the car at the end of your contract);
  8. ensure that you have an understanding for each deal of all fees that are upfront and at the end of the period; and,
  9. ensure that you know  likely delivery date for the vehicles you are comparing. A shorter delivery date might mean you have to pay a higher amount.

If you find a provider that is cheaper than FinanceAcar, please do contact us to give us a chance to beat that quote.

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