Pay As You Go Car Finance – Explained!

Trade Price Cars were one of the first Bad Credit Specialist Dealers to introduce Pay As You Go Car Finance throughout Essex and Nationwide. We are proud to be one of the first dealerships to offer this finance product as it has allowed so many of our customers get back onto the car finance ladder.

Since 2012 we have offered this revolutionary finance product, and been able to assist hundreds of customers to buy a car on Pay As You Go Finance with us. It’s a scheme which is suited to customers who have attempted to gain finance, and have been typically refused with one of our alternative lenders. It may be they are or have been in the armed forces, have limited or no voters trace. They may have been Bankrupt, had ccj’s, defaults, late payments, or maybe customers on Disability Living Allowance (DLA) all can be considered.

How Does it Work?

Pay as You Go Car Finance is a Hire Purchase (HP) agreement. More info on how a HP agreement works can be found on this website but in a nutshell it means that you are essentially hiring the car until you make your final repayment at which point you full own the vehicle.

Once we have a finance acceptance in place, and you have chosen a car from our used cars stock list or we have sourced you a vehicle using our car finder service, The Car Finance Company arrange to have a payment reminder device fitted to your vehicle by one of their auto electricians. It is not visible or accessible to the customer, however you will receive a small credit card size pin device to keep in the car.

The system works by sending you a nine digit code that you will need to enter into your device once your monthly finance payment has cleared from your bank.

When your next payment is due you will here a beep or two from your payment reminder device reminding you that your payment is due and to contact the finance company in the event you don’t have a direct debit arrangement set up.
You continue to pay the car finance company over the agreement length typically 24 – 48 months and enter the pin on a monthly basis.

Terms & Conditions to be considered for Pay As You Go Car Finance are: A full driving licence, and income of over £1,000 per month and can prove affordability with 3 months bank statements.

Will This Help My Credit Score?

Yes! Certainly, this is a great finance product. It allows you to buy a car on finance when typically you may not be able to elsewhere. We are finding that customers with a successful repayment history after 12 – 18 months (providing they haven’t experienced any additional credit blemishes in that time) can come back to Trade Price Cars, Part Exchange their car, refinance at a significantly reduced rate and drive away in a newer, lower mileage car!

Interested? Apply Online today or call 01268 766722

Representative APR 49.6%

PAYG Car Finance Calculator

PAYG Credit Car Loans from 49.6% APR representative, apply online today

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*Representative example is for people that qualify for our excellent status on loan amounts from £5,000 to £50,000. See calculator for full representative statement. Your rate may differ from the representative APR. Loans are subject to status.

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