All about car finance

If you are planning to get a car, you are most likely thinking of car finance. It is rare to find someone who will pay full cash for a car. Most people settle for the first car finance they come across, and if you are one of them, you will need someone who understands car finance perfectly enough to help you make the best decision. At Geoff Grover Car Brokerage, we are specialists in car finance. From connecting you to the right lenders to processing the loans, we are at your service.

Car finance is quite popular when we are talking about all the types of finance that people make use of. But don’t let this popularity deceive you; getting car finance can be very tricky too, and you really need to know what you are doing before diving into it or you may end up with bad debt. Even though car finance is used for getting a car, it is nonetheless a debt, and you have to make sure that you don’t take up more than you can carry. At Geoff Grover Car Brokerage, we make sure that whichever car finance you get through us is ideal for you. We are not just looking to close the deal, we are concerned about what is good for our clients, and this is what we prioritise at all times. We have access to multiple lenders, which we connect you to when the time comes to get car finance. Our relationships with these lenders do not take priority over our duty to our client, and no matter what, we make sure we find you the right car finance deal.

There are several options available in terms of car finance, and this includes;

Car Loans

This is no doubt the most popular form of car finance. In fact, it is what most people think of when they hear of car finance. In this type of car finance, the lender simply gives the borrowers the money they need to buy the car, and it is the borrower that buys the car themselves. Most times, car loans could be the whole amount of money needed to buy the car, or it could just be a substantial part.

Several lenders offer this form of car finance, and a borrower doesn’t have to look too far to find a lender that will give them the perfect car loan. Car loans also come in a variety. It is either a secured car loan or an unsecured car loan. A secured car loan is one that comes with security as an important condition for getting the loan. This means you have to present collateral, a property of yours that is equivalent in value to the loan you are seeking. In the case of a default, the lender will take possession of the property you have used as collateral. On the other hand, an unsecured loan is one where all you have to do is present all the necessary documents for the loan, and the lender does not ask you for collateral before giving you the loan.

Hire Purchase

This form of car finance is something you will usually get from the dealership, but there are lenders who also specialise in doing it. It is generally used to finance a business vehicle purchase, and with this form of finance, the lender owns the vehicle and gives it to you on lease. You are then expected to pay a stipulated amount monthly which is spread to cover the lease and the cost of buying the car. The borrower must buy the car under this agreement, and once you complete the terms of the agreement, the car becomes yours. You will only be in possession without ownership before then, but once you complete the payment, the car’s ownership transfers to you.


This is simply hiring a car for your use. It is perfect if you don’t need the car for permanent use like when you are in a new city and just need a car for your time there. Also, if you are someone who prefers to use the latest models of cars, a lease will work for you. With this, you are essentially paying for the period during which you are using the car, and in most cases, it rarely exceeds a few years. It is not the same thing as a hire purchase because you are not obligated to buy. But some leases give you the option to buy if you wish to.

When you work with us, we ensure that the terms of the car finance you are getting are favourable to you. Some of the important terms that we consider include;

Interest Rate

The interest rate on the car finance you are getting is worth considering. In fact, it should be the first thing you look at because it determines the cost of the loan. Low interest is always preferable, but you should make sure that there are no hidden charges attached, which could increase the interest rate. It is always better to have a fixed interest rate, as this makes it convenient for you to calculate how much you are paying.


It is also necessary that you pay serious attention to this because it works with the interest rate to determine how much you will pay. For example, if the interest rate is low, but the repayment duration is long, you might end up paying way more than someone with a higher interest rate with a shorter repayment schedule. Thus, the secret is to make sure that your car finance duration doesn’t exceed the time it will take you to comfortably repay the loan.

When you work with us, we ensure that the car finance is processed as quickly as possible, and you will not have to wait months or even years before you get that vehicle that car you want.