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Is finance right for everyone?

Oct 5, 2020 | News From LMC | 0 comments

Finance is a big subject and big world. Over the last few years, finance has grown in popularity for the flexible nature of paying for something, with cars being top of the list. 

With car finance, you have the luxury of being able to drive the car without saving up a large chunk of money to afford it. It can also often mean that you can get a nicer or newer car, due to the financial aspect of it. By spreading the cost of your car, you free up money to use on other things. But, is finance right for everyone?

It depends on your circumstances and finance is not right for everyone. 

There are a lot of varying factors involved in car finance and so it is really important to make sure you are making the right decision, as it is a large purchase and commitment. The key thing is, to make sure you can keep up with the repayments, but if you can, finance can be a great option. 

It is also worth noting that if you have been refused for finance in the past, there may still be an option out there for you. Similarly, if you have CCJs or have been bankrupt in the past, there may still be a deal available for you, often under the umbrella of bad credit car finance.

Finance is not the right option for you if you do not think you are able to commit to regular monthly payments on a vehicle, or if you are not going to get your use out of the car, then it may not be the most cost-effective solution.

At LMC, we take the time to get to know our customers and so, we can make sure you are choosing wisely. To find out more about car finance, please get in touch with a member of the team.