Dispelling the 0% finance myths

By Pye Motors

The big ‘0% finance’. What does it mean? Is it a scam? What’s the catch?

We hear these questions on a regular basis and of course there’s a wealth of information online that can be confusing in the whirlwind of fake news! So we’re here to dispel the myths about 0% finance.

“It’s too good to be true”

It is a good deal. True. But it is not too good to be true. 0% finance deals are not out to ‘get you’ and they are not a scam.

All terms, conditions and monthly payments are laid out on day one. NO surprises and no catches.

“It’ll cost me an arm and a leg”

Signing up to a 0% finance deal does not mean you’re suddenly going to be spending thousands of pounds further down the line. You’ll only pay what you can afford and what you’ve signed up to.

This is something our friendly team of staff can help explain. All 0% finance offers can differ, and if the rate is fixed then that means it won’t change, otherwise it might be an introductory rate where the payments could go up at a later date. If they do, it is important to find out (in cash terms) the total amount of interest you will pay when the 0% rate ends.

“I’ll never be accepted”

Like with any finance deal, you do need to be accepted. But it is not true that ‘no one can get accepted’. Our friendly team are here to help you through the process and look at all your options. Easy peasy.

Of course we’ve all heard horror stories about people having bad experiences when it comes to finance schemes. A responsible car dealer will be transparent about the agreement, and whether there are penalty fees in place if you miss a payment. It’s important to establish the exact terms of the agreement, and that you’re fully aware of when the first and last payments are made. So if you’re interested in 0% finance contact a member of our team, we’re currently offering 0% finance on selected used cars.

Want to talk?

  • Pye Motors Morecambe 01524 598598
  • Pye Motors Kendal 01539 816800
  • Pye Motors Barrow 01229 842323
  • Pye Hire 01524 598641
  • Accident? Repair Centre 01524 847962

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Pye Motors Ltd subscribes to the Motor Industry Code of Practise for New cars, Service and Repairs. Motor Codes can provide certified an Alternative Dispute Resolution (ADR) service should a consumer remains dissatisfied with an outcome of a dispute in relation to the New Car Code or Service and Repair Code by visiting http://adr.motorcodes.co.uk or calling their advice line on 0800 6920 825.

© Pye Motors 2015 - 2018. All rights reserved.
Pye Motors work with a number of carefully selected credit providers who may be able to offer you finance for your purchase. We are only able to offer finance products from these providers: Ford Credit PLC, Ford Lease, Barclays Partner Finance, Close Motors Finance, Evolution Funding Ltd and Mann Island Finance.
Pye Motors is a limited company registered in England. Registered office: Ovangle Road, Morecambe LA3 3PF. Registered number: 204727. VAT number: 153686543