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Get right finance geared to you

PUBLISHED: 07:01 03 September 2014

Simon Gray, managing director of Credo Asset Finance.

Simon Gray, managing director of Credo Asset Finance.

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Simon Gray, of Credo Asset Finance, says brokers can match the right product to your individual needs.

Whether you are buying a Fiat, a Ford or a Ferrari, most people will need to use finance to buy it. But with so many finance options, what’s the right one for you?

A car is probably the second biggest purchase someone will make after their house, so it is an important step that needs careful consideration.

It is no surprise to hear that potential buyers are often confused on what finance product they should take… “Should I take Hire Purchase, PCP, a lease, contract hire or get a personal loan from my bank?”

To be perfectly honest, all these products have their place but it depends on your individual circumstances as to which one you should choose.

This is when contacting a traditional brokerage is a good idea.

A broker will talk to you about which product is best for you, whether you are a private individual, a sole trader or a limited company so you get the right deal for you and your circumstances and not a deal that a dealer might want to sell you!

For instance, some people think that getting a personal loan from their bank would be better than taking out a Hire Purchase agreement. But what if you needed to borrow some more money in an emergency and the bank has already lent you up to your limit?

If you like the idea of a brand new car every three years, a Personal Contract Plan (PCP) may be better. PCPs tend to have lower monthly payments over a shorter term compared to a bank loan and, in most cases, they are cheaper!

As an independent brokerage, Credo Asset Finance can help talk through the options with you, and when you know what you want, we have access to a panel of many different lenders to give the widest possible choice of rates.

Credo Asset Finance is at 85 Yarmouth Road, Norwich, NR7 0HF. Telephone 01603 703180, email sales@credoassetfinance.com, log on to the website at www.credoassetfinance.com

Twitter: @CredoFinance

Facebook: www.facebook.com/#!/CredoAssetFinance

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