You’re driving through town. The sun is shining, your favourite song has just come on the radio. It’s going to be a good day…And then the ‘check engine’ light comes on, and it’s flashing…red.
Cars are a wonderful luxury, when they’re not driving us round the bend, or to financial despair. If it’s time to send your beloved motor to the big scrapyard in the sky, you’re probably going to be on the hunt for the best bank for a car loan.
If that is the case, put your foot on the brake and step into the Pennine Community Credit Union showroom. No shady salesmen setting you on the road to ruin; just up front, honest information about how we can help keep you on the right track when financing a set of new wheels.
If you’ve been scouring the internet looking for the best bank for a car loan applications, you may well have come across of a whole host of car finance deals. Our advice… take a minute to look at what they are offering. The problem with car finance is that more often than not you could end up paying back way more than necessary, with exorbitant interest rates and hefty hidden fees. Even if you’re the kind of person who doesn’t mind throwing money out of sunroofs, it’s definitely worth noting that with a number of finance deals the car is not yours while repayments are being made.
For instance, if you go down the hire purchase route, you do not own the car until the final payment is paid meaning missed payments could lead to you losing the car; while choosing the personal contract purchase option means that at the end of the contract you either have to return the car, pay the resale value and keep it or use the resale value towards buying a new car.
This is why personal loans are generally a safer and more affordable option. And why PCCU should always be near to, if not top of the list when you’re looking for the best bank for a car loan. One of the main reasons for this is the fact PCCU is a not-for-profit organisation meaning we are likely to be cheaper than many alternative lenders.
The interest rate we advertise is the interest rate all applicants pay if accepted. On the other hand, the majority of car dealers advertise ‘Representative APR’, which means this rate only has to be offered to 51% of applicants. And these typically start at 12.9% Representative APR, which is more than we would charge for a loan of more than £3,000.
Another huge advantage of a PCCU loan is our ‘Save as you Borrow’ scheme. When you take out a loan with us, there is a minimum saving amount that builds up to act as collateral against the loan. You’d be surprised how quickly these savings do build up…a great way to develop better saving habits.
So the next time you’re searching for the best bank for a car loan applications, make sure you put PCCU in your sat. nav. We have branches in Colne, Nelson and Burnley and it costs nothing to come in and have a chat with our staff. In fact, we’ll happily give you a free quotation without the need of going through a credit check. Your very own test drive.
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