Buying a car is a significant milestone, and securing the
right finance option is crucial to making your dream car a reality. At George
Corbett Motors, we understand that navigating the world of car finance can be
daunting, but it doesn't have to be. This guide will walk you through the
basics of car finance, helping you make informed decisions and secure the best
deal.
Step 1: Start with a Conversation
with a Car Sales Executive
The first step toward getting the car of your dreams is
having a conversation with a dealership car sales executive. This discussion is
more than just about the make and model - it's about understanding your
lifestyle, preferences, and finance options. Whether you need a spacious SUV
for your growing family, a sleek sedan for your daily commute, or a small
electric car as your second city run-around, our team will help you find the
best match for your needs.
Once you've settled on the right car, a Sales Executive
will work with you to put together a finance proposal. At George Corbett
Motors, we have an in-house Qualified Financial Advisor (QFA) Business Manager
with over 30 years of experience in financial institutions. This ensures that
your finance application is handled with the expertise and care it deserves.
Step 2: Explore Your Car Finance Options
It’s essential that the car dealership gives you finance
options and it is essential to compare different options to ensure you're
getting the best deal. Take the time to understand the interest rates being
offered: for example, a fixed versus variable can significantly impact your
monthly repayments.
At George Corbett Motors, we're committed to transparency
and will walk you through every detail of your finance agreement.
Step 3: Understanding the Costs of Car Finance
Applying for car finance comes at no initial cost other
than your time. However, taking the time is an investment worth making.
When comparing what we offer as a car dealership versus
other financial institutions like Credit Unions or Banks, it's important to
understand how loans are structured. For instance, a Credit Union might offer a
'personal loan' for car purchases, but the terms could differ significantly
from a lower rate car loan such as PCP (Personal Contract Purchase) or HP (Hire
Purchase) loan.
At George Corbett Motors, we specialize in PCP and HP
loans. Understanding the differences between these options is key:
·
PCP Loans: These are flexible car loans
available on new and used cars. They typically require a lower monthly payment
with a final deferred payment at the end of the term which is a portion of the
car’s value. This final payment is based on a Guaranteed Minimum Future Value
(GMFV), which is the minimum value that the bank guarantees your car will be
worth at the end of your term. A PCP loan also gives you the option to change
your vehicle at the end of your term (using the equity in your existing car as
a deposit for the next one), return your car to the dealership with no further liability,
pay off/re-finance final instalment to take ownership of the car.
·
HP Loans: With HP, you pay off the car's
entire value over the loan period. Once the final payment is made, the car is
yours. The term period is typically 1-5 years and the monthly payment is fixed
over the period of time chosen.
Step 4: The Importance of Your Car Purchase Deposit and
Credit History
The deposit you pay for your new dream car and your credit
history are critical factors in securing car finance. A higher deposit can
reduce your monthly repayments. Similarly, a good credit history increases your
chances of approval and can help you secure a better interest rate.
Step 5: Speed and Expertise of Car Finance Applications at
George Corbett Motors
One of the advantages of financing your car through George
Corbett Motors is the speed and efficiency of our process. We have access to
finance through multiple institutions such as Volkswagen Financial Services
Ireland, Aphera, Finance Ireland Motor and Leading, First Citizen, AIB and Bank
of Ireland to name a few.
We can process your finance proposal quickly and usually
secure a decision within a few hours. With our qualified financial expert on-site,
who has 30+ years’ experience, you can trust that your application is in good
hands.
Final Thoughts: Why Choose George Corbett Motors for Your
New Car and Car Finance?
When it comes to securing car finance, the process doesn't
have to be stressful or time-consuming. At George Corbett Motors, we're here to
make it as smooth and straightforward as possible. We offer competitive finance
options tailored to your needs, with the added benefit of personalized service
from our experienced team.
Don't let concerns about finance hold you back from driving
the car you've always wanted. Start with a conversation with us today, and let
us help you find the perfect car and finance solution to suit your lifestyle.
Ready to Take the Wheel? Let’s Talk!
Navigating car finance options can feel overwhelming, but
you don't have to do it alone. At George Corbett Motors, our experienced team
is here to help you every step of the way. Whether you’re curious to learn more
about what a PCP or HP loan would look like for you, or just want to explore
what’s possible within your budget, we’re ready to find the best solution
tailored to your needs.
Contact our sales team today for a no obligation chat. Your dream car awaits!
