Finance Options in Tyne and Wear

Buying a car outright is not possible or sensible for everyone. Finance spreads the cost, but it also adds a commitment that lasts well beyond the day you collect the keys.

At Banks of the Tyne in Hebburn we offer finance options on our used cars where available. This page is a plain guide to the questions worth asking, not financial advice.

What finance options can mean

There are different ways to pay for a car over time, and they do not work in the same way. Some lead to ownership at the end, some do not, and some have a large final payment.

Which options apply depends on the car and on your circumstances, and not everyone is accepted. Ask us what is on offer for the car you are considering.

Questions to ask before agreeing

Do not rely on a monthly payment alone. Ask for the full picture so you can compare it fairly with other ways of paying.

Take your time. Read the paperwork, and ask us to explain anything that is unclear before you sign.

• The total amount you will repay
• The length of the agreement
• Whether you own the car at the end
• Any final payment or fees
• What happens if you want to end it early
• Any limits on mileage or condition

What affects what you are offered

Decisions generally take account of your circumstances and credit history, the price of the car, any deposit you put down and how long you want to pay over. These factors affect what you are offered, so we cannot say in advance what will be available to you.

A part exchange can reduce the amount you need to finance. Ask how that fits with the rest of the arrangement.

Making sure it is right for you

Think honestly about whether the commitment fits your budget, including insurance, tax, fuel and servicing. A payment you can only just manage leaves no room for repairs.

Finance is optional. If paying another way suits you better, or you would rather save for longer, that is a fair decision. For independent advice about borrowing, speak to a suitable adviser and check the current rules.