Motorpoint car finance and bad credit explained

Purchasing a vehicle and arranging for auto loans is not that easy. It is because of this that there has been an increase of car supermarket concepts in the UK in the last few years which includes Motorpoint as well as Money Supermarket and Autotrader. Motorpoint car finance photo

Motorpoint is quite a well known car supermarket and it offers a wide range of cars to its customers. The company has a partnership with the Blackhorse Motor Finance, which is one of the leading finance companies in the country currently. It offers several good car credit options and also offers tailored finance products to customers when necessary.

Boomerang financing?

Boomerang is one of the car finance options offered by Motorpoint. It is acar credit product which offers finance for purchase a new car.  Boomerang is in fact quite similar to the Personal Contract Purchase agreements and it offers the advantage to customers of enjoying the use of the car for 2 or 3 years. The monthly payments are kept quite low. With this finance option, the customers would have a guaranteed future value and low risk.

A term for the agreement would be fixed along with monthly instalments. At the end of the term, you would have the option to return back the car and exchange it for a new one with the same finance program. You can also purchase the car if you want by settling your account and paying the balloon payment or as it is known, the Guaranteed Minimum Future Value of the car. The third option, subject to the car’s condition and mileage, is to return back the car as it is without having to pay anything extra.

Hire purchase car credit

For those who want to stick to a traditional car credit option, Motorpoint offers the hire purchase program. With this plan, you would be able to purchase the car of your choice at the end of the term. You would have to pay a small deposit at the beginning of the term and pay off the remaining balance as monthly instalments. When you pay the last instalment, the car would be transferred in your name.

Motorpoint also offers plenty of other benefits which makes the entire process of purchasing a new car and arranging for car credit and auto loans easier. You would be able to drive away the car of your choice the same day that you apply for the finance. The cost would be fixed so there would be no risk of price escalation or interest hike. You would be able to get free car finance quote and would be able to use a car finance calculator so that you can calculate the instalments on your own for the car of your choice.

Blackhorse Motor Finance would also provide you a vehicle replacement protection program so that you would be covered if your car is written off or stolen so that the risk on your part would be minimized.