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Pay As You Go Car Finance
Pay As You Go Car Finance is a brand new way to pay for your car on finance. It’s perfectly suited to those with a poor credit rating and has been integrated into car loans in recent years. Pay As You Go Car Finance deals from Get Car Finance Here are a simple solution for those who often can’t afford a car on finance with a deposit.
PAYG car finance requires an initial payment followed by scheduled monthly repayments as it is based on a traditional Hire Purchase agreement, and it is also important to know that the ownership of the vehicle will only change hands once all payments have been made.
What is Pay as You Go Finance?
Pay as you go car finance is a great alternative to monthly instalments when it comes to financing a vehicle and is a great option if your credit score isn’t quite up to scratch. You might have heard of a hire purchase agreement before, which essentially means that the creditors are the legal owners of the car until you have paid off the total sum of your loan. Having a pay as you go loan is a different kind of credit agreement, where you’ll be given a box that will prevent you from driving should you miss payments.
How Hire Purchase Finance Works
Get Car Finance Here can help you get your dream car, even if you have bad credit. You can find a vehicle with us, or if you’ve already found your dream set of wheels and are struggling to become approved for a finance package, then GCFH can help. Like many vendors, Get Car Finance Here work with creditors on a hire purchase basis. You will be able to drive the car and use it as your own, but it will remain our legal property until the full agreed upon sum has been paid off. Of course, you can do this in affordable monthly instalments as part of pay as you go finance.
What is the difference between Pay as You Go Finance and Monthly Payments?
When you choose pay as you go finance, your car will be fitted with a box into which you will input a code that gets sent to you via text message every month, provided that you have made your payment. If you haven’t been able to pay, then your box will lock next time you’re parked, and your engine is off. This method of financing means that your creditors will be sure that a payment is made each month.
How PAYG Car Finance Works
Getting a car on a Pay As You Go Finance deal is simple. Firstly you need to apply for car finance with Get Car Finance Here and let us know what your credit rating is like. The scheme works with a black box which is fitted to your car once you have been accepted.
Black Box Car Finance Explained - A.K.A 'Car Payment Box'
Having a black box can help you finance your car at an affordable rate. After you’ve driven away in your vehicle, each month you will receive a password straight to you that enables you to unlock the box provided that you’ve made your payment.
· How does a payment box work?
After being fitted by a specialist technician either under your dashboard or in your glove box, the box will connect to your internal computer and feedback information to your lender via GRPS signals.
Three days before your payment is due, the box will begin flashing red three days before payment is due, and after you have paid you will receive a unique code to key into the box and the box will begin flashing green again until your next payment is due.
Once your agreement ends and all payments have been made, the box will be removed, and you will be officially granted ownership of the car.
· What happens if I don’t make a car finance payment on time?
Most lenders allow up to 30 days for you to find the funds to make your payment, however if you are unable to pay after this period the black box will deactivate your car making it impossible to drive.
· Why are black boxes used?
Payment boxes give lenders more confidence in supplying those who have been previously been considered to be too risky with a car finance solution. Payment boxes also give customers the opportunity to build their credit rating by making payments on time, which could eventually lead to lower finance rates in the future.
Can you drive before a black box is fitted?
Yes, you can drive before your black box is fitted. Your insurance begins before your black box arrives, therefore you are covered from the moment that your policy begins, not from when your black box is installed.
· Can you remove your black box?
Simply put, no. As the car is the property of the lender until all repayments have been made, you can only remove the payment box once the pay-as-you-go agreement has concluded.
Myth: Will My Car Shut Off While I'm Driving?
A common misconception is that if you don’t keep up with paying off your loan or if you make a mistake on the road your box will shut your car down wherever you are. The black box would only shut off if you missed a payment, and nobody wants to put you at risk of danger, so the box wouldn’t lock until you were safe, parked and your engine was off. The unit will also issue a warning noise and the light attached will flash red as it is about to turn off.
Is There a Black Box Finance Company That Helps Drivers?
A black box doesn’t affect your driving as you can still choose how many miles you’re driving a year with your insurer and it won’t limit you in any way as long as each month’s rate is paid off. Choosing a pay-as-you-go box allows Get Car Finance Here to help drivers with poor credit get the car they want and reduces the risks associated with it. We are an ethical black box finance company that places your budget and circumstances at the forefront - rather than push you into an unnaffordable package.
Are you a student or young professional? Get Car Finance Here offer specialised car finance for young drivers.
Possibilities When You Choose Pay As You Drive Car
Pay As You Go auto finance is a one of the many options available when you go through GetCarFinanceHere for your dream motor. Did you know we offer a wide range of car loan and leasing deals that offer an incredible range of flexibility. This means we can always broker the perfect deal to suit your budget and taste. Discover the perfect auto finance package by choosing from the UK's best deals on new and used cars in 2018.
Pay Weekly Cars No Credit Check
If you have bad credit and are hoping to purchase a car on finance, GetCarFinanceHere are the company for you. With an impressively high acceptance rate and customer satisfaction to be proud of, we can assure you that our service is of the highest quality. Pay as you go cars offer the weekly flexibility to take a hold of your budget, however it is not possible to offer the best possible packages without first checking your credit. We have a renowned customer service record and provide the best car finance rates in the UK, priding ourselves on providing guaranteed auto finance even for those with poor credit. Consider your options and discover how our support team can provide you guaranteed car finance with no credit check.
Review Your Black Box Car Finance Options
From the moment you contact us you will feel like you are in secure and professional hands. The team at Get Car Finance Here put the customer first and offers the best rates possible, even to those without the good credit history that most companies look for. Every customer has unique needs when it comes to buying a car on finance, be it a nil deposit or a car delivery from Glasgow to London, we try to get you the very best black box car finance deal that suits you as an individual.
Apply For Pay As You Drive Car Finance Online
Start your Pay As You Go Finance today by applying online with GetCarFinanceHere.
Your application lets us know your credit score and we can start the search for your dream motor package. For more information or for any questions, you can also contact us direct by calling 0800 042 0204
We also have an alternative number for you to ring, contact us on 01282 544532
Find your perfect car with Get Car Finance Here.
What can you afford?
Use the calculator below to see how little car finance could cost you! You could be driving your new car away today!
Estimated monthly payment with £500 deposit.
Representative example of credit
Getcarfinancehere.com is a broker not a lender
over 5 Years
with a representative APR of 13.2%
and a deposit of £500, the amount payable
would be £102.85 per month, with a total cost of credit of £1671.01 and a total amount payable of £6171.01.
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