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We can offer Finance on your new car with RSV

Have you seen the perfect car but you're unsure on how to finance it?

If you'd like to finance your car we have different plans available and can help you choose the right one. Some of our providers include Eurodrive, MotoNovo, Alphera, Mann Island, Close Brothers, Oodel and many more.

A Hire Purchase (Also known as HP)

Hire Purchase is where you hire the car from the lender until you have paid off your debt, which is very similar to a Conditional Sale Agreement. Once you’ve finished paying the lender back, there is an option to buy the car outright. This is referred to as an ‘option to purchase’ fee and is usually around £100-£200. You’ll only own the vehicle outright once all repayments have been made and you’ve paid the option to purchase fee.

A Personal Contract Purchase (Also known as PCP)

Might be better suited to some as it gives you more flexibility at the end of your agreement, and the monthly repayments tend to be cheaper. It’s where you pay a deposit followed by monthly repayments for an agreed amount of time. At the end of this time period, you have the choice to either hand back the car or pay an amount to buy the vehicle outright. The cost to buy the vehicle is referred to as the Guaranteed Minimum Future Value fee and will vary depending on the make and model of the car.

How much does car finance cost?

When applying for car finance the cost is different for everyone. Depending on your personal circumstances such as salary, residential status and credit score, your car finance eligibility will be different.

One way that can help give you a rough idea of what cost you’ll be looking at, is to use a car loan calculator. These calculators are great as they will tell you the amount you could borrow and over what period of time, as well as giving you an estimate on what APR rate you might be looking at. Our typical APR is 7.7% If you’d like to get an idea on rates check out this car finance calculator from Money Supermarket.

Responsible lenders will always check that you can afford the repayments before confirming you have been accepted for the loan. It’s important to understand how the affordability process works before applying for any type of car finance as this will help you to understand what your repayments could be.

We can introduce you to a number of finance providers. We do not charge fees for our Consumer Credit services. We may receive a payment(s) or other benefits from finance providers should you decide to enter into an agreement with them, typically either a fixed fee or a fixed percentage of the amount you borrow. The payment we receive may vary between finance providers and product types. The payment received does not impact the finance rate offered.