Finance at Trading Post Scotland

Financing your vehicle at Trading Post Scotland

We are experts in offering car finance to customers across the UK. We have flexible finance deals to suit all budgets and use a variety of finance companies including Santander Consumer Finance, MotoNovo, Northridge and First Response.

Types of car finance

There are many ways to finance a car, from personal loans to outright purchase, but it is important you understand the different kinds of finance options, so you know which is best for your particular needs.

Cash purchase

A cash purchase is where you pay for the car with your own money. In this case, the final price of the vehicle is likely to be your priority, based on your available funds.

Cash purchases are becoming less and less prevalent as finance options that allow the cost to be spread over several years offer convenience and flexibility.

Personal loan

A personal loan is where you facilitate the loan outside of where you purchase your vehicle. Typically this will be via your bank or building society. You simply borrow a specific amount of money over an agreed payment term and then make regular monthly payments to your bank or building society until the full amount is paid back.

You then use the funds to purchase your car outright, similar to a cash purchase, but it is less limiting to the amount you can afford, allowing you to borrow based on the purchase price.

Hire Purchase

A hire purchase finance agreement offers a fixed interest rate and monthly payments, so you know exactly what your monthly payments will be.

Should you have a specific monthly payment in mind, you can adjust the length of agreement and your deposit when you apply. This option often allows you to drive a newer car with a higher specification.

At the end of a hire purchase agreement, you’ll own th vehicle outright, so you can use the car in part-exchange on a new vehicle, or keep it should you prefer.

Personal Contract Purchase

A personal contract purchase might be the ideal finance option for you if you need to keep payments as low as possible. With a PCP, you are able to delay part of the payment until the end of the agreement, which means you’re financing less of the purchase price, keeping payments lower.

You’re able to adjust the monthly payment, deposit, and annual mileage to suit your budget.

The final payment (or balloon) is arrived at using automotive industry data. The amount is often adjusted down giving you equity in the vehicle that you can put towards your next one when the time comes. Your options at the end of the contract are to either pay the final amount and keep the vehicle or use it in part exchange and continue with monthly payments.