Before buying a used car, it’s essential to calculate what you can afford. Consider not just the cost of the car but also additional expenses like:
Explore: How to create a budget
If you need help financing a car, here are some common options:
If you don’t need your car straight away, saving up can reduce how much you need to borrow.
If you need help financing your car purchase, here are some common options:
Please note – HSBC doesn’t offer HP, PCP, or leasing agreements.
When considering financing, make sure you understand the costs involved and can afford the repayments.
Financing a used car allows you to spread the cost over time. Many used cars are in excellent condition, as owners often upgrade their vehicles every 2 to 3 years.
Calculate your monthly loan repayments (based on the amount you want to borrow and how long you’d like to borrow for). Loans are subject to status and eligibility criteria apply.
Used cars are often cheaper to insure because they tend to have a lower market value. However, insurance costs depend on several factors, including:
Tip: Compare quotes from different providers to find the best deal.
Please note – HSBC doesn’t offer car insurance.
You can buy a used car from:
If buying from a dealership, check if the car comes with a warranty and read the fine print to understand what’s covered.
Consider using car check services to verify:
Before you hand over any money, make sure you:
The GOV.UK website explains everything you need to do when buying a used car, including checks to make sure the vehicle isn’t stolen or unsafe and what documents are required.
For more information, visit: GOV.UK: Buy a vehicle.
