Can I Get Car Finance on a Range Rover?
Are you dreaming of driving a Range Rover but unsure about how to get started with car finance? Whether you’ve been declined for finance before, have bad credit, or are debating a used Range Rover, we’re here to help!
Can I get car finance on a Range Rover?
Yes, you can get car finance for a Range Rover. Car finance is a great option if you want to split the cost of your Range Rover over time in monthly instalments.
Financing options include hire purchase (HP), personal contract purchase (PCP), and personal loans. Your eligibility and the best car finance option for you depends on your finances, credit score, and the specific model of Range Rover you want.
But whether you’re thinking about a new model or a pre-owned Range Rover, we’ll help you find a great deal tailored to you.
How does Range Rover finance work?
Like any car, if you want to finance a Range Rover, you have a few options:
Hire Purchase (HP): You pay an initial deposit followed by fixed monthly payments. After the final payment, you own the car. HP agreements are straightforward and suitable for those who want to own their vehicle at the end of the term.
Personal Contract Purchase (PCP): You pay lower monthly payments compared to HP, but pay a final balloon payment if you want to keep the car at the end of the term. PCP is ideal for those who like to change their car every few years.
Personal Loan: You borrow the money to buy the car outright and then repay the loan in instalments. A personal loan offers flexibility as you own the car immediately, but the interest rates might be higher compared to secured finance options.
Each option has its pros and cons, so it’s crucial to choose the one that best fits your financial situation.
For instance, HP and personal loans can lead to car ownership. But, PCP offers flexibility with a lower monthly cost. Just remember there will be a larger final payment if you decide to keep the car.
Have you been declined for Range Rover finance?
Being declined for Range Rover finance can be disheartening, but it doesn’t need to mean the end of the road. Lenders may reject applications due to low credit scores, insufficient income, or an unstable financial history. However, you can take steps to improve your chances:
Check your credit report: Ensure there are no errors and work on improving your score. Mistakes on your credit report can negatively affect your score, so regularly checking for errors is crucial.
Increase your deposit: A larger down payment can make you less risky to lenders. It shows your commitment and reduces the amount you need to borrow, which can make your application more attractive.
Consider different lenders: Some lenders we work with specialise in financing for those with poor credit, or those who have been refused car finance elsewhere. These lenders might have more lenient criteria and tailor their products to individuals in your situation.
Seek professional advice: Financial advisors can provide tailored advice to improve your application. They can help you understand your finances better and recommend strategies to improve your credit rating.
Can I get Range Rover finance with bad credit?
Yes, getting finance for a Range Rover with bad credit is possible, though it might be more challenging.
If you have a low credit score, don’t worry. You could still get the dream Range Rover you’ve always wanted. We work with lenders who specialise in bad credit car finance and may be able to find you a great deal that works for your situation. Just bear in mind that you may find you need to pay a higher interest rate or require a larger deposit.
To improve your chances of approval, work to improve your credit score as much as you can. This includes things like ensuring your credit report is accurate and paying off existing debts.
Can I get used Range Rover car finance?
Yes! Financing a used Range Rover is a great option and often more affordable than financing a new model.
Most finance options available for new cars also apply to used vehicles. The key difference is that interest rates might be slightly higher for used cars, and the terms might be shorter due to the vehicle’s depreciation.
What credit score do you need for Range Rover car finance?
There is no specific credit score required for Range Rover finance, as requirements vary by lender. However, a higher credit score boosts your chances of approval. It also helps you get favourable terms. Usually, a score above 650 is good. But, even if your score is lower, our specialised lenders can still provide options.
Lenders look at more than just your credit score. They also consider your income, employment history, and overall financial health. Having a stable job, a steady income, and a low debt-to-income ratio can enhance your chances of approval.
Additionally, providing proof of residence and a history of paying bills on time can strengthen your application.
Can I pay off my Range Rover finance early?
Yes, most lenders allow you to pay off your Range Rover finance early. However, it's essential to check your finance agreement for any early repayment charges. Paying off your finance early can save you money on interest, but ensure you understand any potential fees involved.
Early repayment fees vary depending on the lender and the type of finance agreement. Some agreements might have a fixed fee, while others charge a percentage of the remaining balance.
Before making extra payments or paying off the loan, calculate if the interest savings are worth any early repayment penalties.
Can I get Range Rover Evoque finance?
Yes, you can get finance for a Range Rover Evoque, and other Range Rover models. The Evoque is a popular model, and many lenders offer competitive finance deals for both new and used Evoques.
The financing process for the Range Rover Evoque is similar to other Range Rover models, with options like HP, PCP, and personal loans available.
Before committing, compare different financing offers and choose the one that best suits you finances and your needs for the car.
Get a quote now to begin your journey, or give us a call if you have any other questions!