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% APR REPRESENTATIVE

Representative Example: Annual Interest Rate (fixed) is % p.a. with a Representative APR of % based on borrowing £ and repaying over monthly repayments. Monthly repayments £ with the total amount repayable £ and the total interest payable will be £.

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Car finance

Aspire Money can help you spread the cost of a new car with a flexible and affordable car finance solution. Working in partnership with selected dealerships and our growing panel of lenders, we offer car loans and hire purchase plans to customers based on their individual circumstances.

  • You can use a car loan to cover the entire cost of a new car or just fund part of the total payment.
  • As soon as you take out the loan, your new car belongs to you. This means you may have the freedom to sell the car to pay off the loan if you choose, and, unlike some hire purchase plans, there are no restrictions on mileage.
  • When you take out a car loan, you don’t need to pay a deposit. As an unsecured loan, the loan is also not secured against another asset, such as your home or the car itself.
  • Repayment periods on car loans are flexible and you will often be able to choose how long you would like to repay your loan. Payments are often the same amount each month, so repaying a car loan is also easy to budget for.
  • If you have a less than perfect credit rating, then a hire purchase plan will often be easier to apply for than a car loan.
  • Interest rates tend to be lower on hire purchase plans than on car loans. Many lenders also offer flexible repayment terms, allowing borrowers to make fixed monthly payments from between one to five years.
  • If you choose to fund the cost of your new car through a hire purchase plan, you will need to pay a small deposit upfront. The deposit is normally at least 10% of the value of the car, however the size of the deposit and the length of the hire purchase plan will affect your monthly repayments.
  • With a hire purchase plan, the car will only be yours once you have made the final payment on your agreement. This means the lender may be able to repossess the car if you are unable to make the repayments.

Whether you choose a car loan or hire purchase plan, you will need to repay the total cost of the car as well as interest. Interest rates on car loans and hire purchase plans vary and are based on the borrower’s individual circumstances. However, our loan calculator can help you work out the cost of borrowing.

We specialise in finding affordable car loans and hire purchase plans for our customers. Even if you have a bad credit history, it is still possible to obtain finance for a new car. The amount you can borrow is based on several factors, including the type of vehicle you would like to finance and the size of your deposit. Our lenders will evaluate candidates based on their individual circumstances, and will assess your income and outgoings as well as any other assets you might have to help determine your eligibility and whether you can afford the monthly repayments.