query-monitor domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/ukcarfinancecouk/public_html/wp-includes/functions.php on line 6114query-monitor domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/ukcarfinancecouk/public_html/wp-includes/functions.php on line 6114wp-pagenavi domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/ukcarfinancecouk/public_html/wp-includes/functions.php on line 6114[et_pb_section fb_built=”1″ _builder_version=”4.20.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_row column_structure=”1_3,2_3″ _builder_version=”4.20.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.20.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/www.uk-carfinance.co.uk\/wp-content\/uploads\/2023\/04\/undraw_Questions_re_1fy7-5-300×209.png” alt=”car finance jargon words” _builder_version=”4.20.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”2_3″ _builder_version=”4.20.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.20.4″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n
Don’t get bogged down by popular car finance jargon! If you’ve never had a car on finance before or are struggling to understand some of the terms of your car loan, our jargon busting guide is here to help! We’ve included everything from what APR means to how option to purchase fees work!<\/p>\n
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\nFind out more – Should you finance or lease your next car?\u00a0<\/a><\/p>\n<\/blockquote>\n
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M<\/strong><\/h2>\n
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- Mileage Limit.<\/strong> Mileage limit refers to the number of miles covered in a vehicle on finance. The mileage limit is usually associated with PCP car finance as you will need to set an agreed annual mileage at the start of the agreement. If you exceed the agreed mileage limit at the end of your deal, there can be additional charges to pay.<\/li>\n
- Monthly Rentals.<\/strong> Leasing a car, and not purchasing a car at the end of the deal, usually refers to the monthly payments as monthly rentals. This is because you do not own the car so are essentially renting it throughout the term. A lease car finance agreement should not be confused with a lease purchase as you will purchase the car at the end of a lease-purchase deal.<\/li>\n<\/ul>\n
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- Negative Equity.<\/strong> Equity is the difference between how much the car is worth(value) and how much you owe on finance. Negative equity is when you owe more than the car is worth.<\/li>\n
- Net Income. <\/strong>Net income is your income minus any deductions such as national insurance and tax. This gives car finance lenders a better insight into how much you can afford to put towards your car finance payments.<\/li>\n<\/ul>\n
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- Option to Purchase fFee.<\/strong> At the end of a hire purchase agreement, the option to purchase fee is a payment which you can make to take ownership of your car once all payments have been made on time and in full.<\/li>\n<\/ul>\n
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- Part-Exchange.<\/strong> Part exchange is when you trade in your current car and put the value towards a new car. You can trade your car in at a participating dealership and can even part exchange a car on finance too! Find out more about how to part exchange your car<\/a>.<\/li>\n
- Personal Contract Purchase.<\/strong> PCP car finance is a flexible way to get a car. It’s a car finance agreement that allows the driver to pay low monthly payments and differed much of the value of the car until the final payment. The balloon payment is optional and you can simply hand the car back to the dealer if you do not wish to own it. Explore our PCP car deals<\/a>.<\/li>\n
- Personal Loan.<\/strong> A personal loan is a form of car finance but the loan is not secured against your vehicle. A personal loan can be used to buy anything you like and if accepted, you get the money deposited straight into your bank account. You can then buy the car you want just like a cash buyer.<\/li>\n<\/ul>\n
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- Quotation.\u00a0<\/strong>A quotation for car finance is when you get an idea of how much you could pay for your car finance when making a soft search application or even before you apply. Our free car finance calculator can give you a quotation for car finance based on your monthly budget, credit score and loan term. Find out how much you could borrow<\/a>.<\/li>\n<\/ul>\n
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