Let’s say that you have passed your driving test and that it is now time to properly consider your very first car purchase. Car finance is an excellent route to go down because it reduces the costs while allowing you to more quickly experience life on the road, and it also opens the door for a greater range of potential vehicles as a result. If you are like us with a whole host of pets and can’t leave them behind you for when you are going on holiday or a long trip you need a pet friendly car. That all being said, you still need to have a fair amount of knowledge concerning the process of buying your very first car on finance, and that is what this article is all about.

The first thing you should do is note down what your circumstances are. How often will you be using a car? What kind of journeys will be required, such as lengthy commutes to work? How long are you hoping to keep the vehicle before upgrading or simply moving on to a different model? And most notably, how much are you willing to spend? By this, we don’t just mean the monthly costs incurred to purchase the vehicle, but also insurance, maintenance, MOT, gas and so on. The starting cost of a vehicle might be £300 per month, but the added costs could push it to more than double that number; it is the higher figure that you should consider and clarify in your mind so that you are well aware as to what you would need to pay for the car that you most desire. Plus, it also means that there will be a nice surprise if you happen to get a vehicle at a lower price.

Once you have essentially set your own boundaries, the next part is to make sure you have all the relevant documentation. This is a crucial step, yet it is sometimes overlooked by new drivers who are desperate to get behind the wheel. Simply put, you need your physical driving licence, your insurance papers and any other information that essentially supports who you are, where you live and your right to drive. This isn’t just in the event of an accident, because all of these will be needed by any finance company you approach about a potential purchase. If you cannot fully prove that you are qualified to drive, even if you have passed your test, then a finance plan cannot be green-lit, so make sure that you have everything you require to hand before you communicate with the finance company about buying that first car.

Assuming you are equipped with these documents, however, you can then begin to consider your options, and not just for the car itself. Think about what kind of finance plan you wish to enter into. There are four main types, which we have covered often in our blog (so you can find out further details about each of them in that section of our website: Personal Contract Purchase (PCP); Personal Contract Hire (PCH); Hire Purchase (HP); and Personal Loan (PL). Each of them allows you to pay for your vehicle over a long-term period via a finance plan, but they all have their own specific terms and conditions which allow them to stand out from one another. Researching this aspect beforehand is important, because it might be a factor in determining which car you buy; for example, some vehicles may require a deposit in advance, so if you are not keen on that, your options will be filtered down as a result.

At that point, you can start to properly consider which car you want to buy. Note that the above factors will narrow down the possibilities for you, but even at that stage, you will be able to choose between a range of manufacturers, models, colours, ages, mileages and, of course, prices. By taking these steps and picking out a few that particularly catch your eye, you are more likely to end up buying a vehicle that meets your preferred requirements on all levels, as opposed to merely buying the first car that you think would be suitable. Remember that this would be for your very first finance plan, so in the future, experience and time will make the process easier, especially when arranging the deal with a first-class provider such as ourselves here at Accept Car Finance www.accept-car-finance.co.uk.