July 27th 2005.
Close Motor Finance has produced a finance guide for customers who are thinking about leasing or purchasing a vehicle.
The handbook explores financing options, weighing up the pros and cons of personal contract plans, hire purchases, point-of-sale motor loans and personal leases. Close also offers advice on establishing a budget, understanding APRs, reading the small print and checking vehicle records.
James Broadhead, Sales and Operations Director at Close, said: "After reading this booklet, consumers will be better prepared. Because a car or motorcycle is often the second most expensive purchase customers will make in their life, it is imperative that they explore and understand the variety of vehicle financing options available."
Recent research suggests that more than half of UK customers now use cash to buy their new or used cars. Hire purchase is the second most popular method, at 27 per cent, while 12 per cent prefer to take out a personal loan from a high-street bank. Two per cent of buyers choose to make vehicle purchases using a credit card.