Milcars Mazda

New Finance FAQs

Here at Milcars Mazda Watford, we want to make your car buying experience as straightforward as possible. That's why we have compiled a list of frequently asked questions around the subject of financing Mazda cars. Find out what the advantages of buying cars this way are, why you should buy a Mazda, and what Milcars Mazda can offer you as a dealership.

For more information, submit an enquiry online or get in touch with our team at our Mazda dealership in Watford, Hertfordshire today. We'll be happy to help you along your car buying journey!


What do you need to get finance on a car?

Car finance is arguably the most popular way to buy a new or used car and is easy to apply for. All you need to apply is proof of identity, evidence of income, and your address history for the past three years.

Am I eligible for car finance?

The sales advisors at Milcars Mazda will be able to check your eligibility for car finance. Please liaise with them direct for more details.

What is financing a car?

Financing a car is the process of borrowing to pay for the purchase of a vehicle. This may take the form of a traditional loan or a leasing agreement over an agreed period of time. A range of financing products are available to suit all requirements.

What is PCP finance?

Personal Contract Purchase - or PCP - is an affordable financing scheme that enables you to purchase a vehicle for low monthly repayments. Instead of paying off the whole value of the vehicle, however, a PCP agreement enables you to pay off the depreciation of the model over an agreed period of time, with the option at the end of the term to either buy outright or to return the vehicle to the dealership.

What are the different types of car finance?

A range of car finance options are available, with personal loans and leasing agreements among those available. At Milcars Mazda, we also provide Hire Purchase and Personal Contract Purchase schemes - two of the most popular and affordable options for investing in a new or used car.

How does a car finance application take?

A car finance application can be completed in a matter of minutes. Whether you’re applying online or with a member of the team at our dealership, you’ll be able to learn whether or not you will be approved for a scheme in no time at all.

How do I apply for car finance?

The sales advisors at Milcars Mazda are experienced in helping all motorists secure great value for money on vehicle finance. As such, we can manage the application process on your behalf when you are ready to purchase. Simply get in touch today to learn more.

Should I get a car on finance?

With vehicles costing many thousands of pounds to purchase outright, it makes perfect sense to instead buy through an affordable financing scheme. Doing so will enable you to spread the cost into manageable monthly repayments and also offer the flexibility of choosing whether to take full ownership or return at the end of the agreement.

How do you check your credit score?

A number of credit checking companies - such as Experian and Equifax - enable you to view your current credit rating for free, helping you determine your suitability for securing the best rates of finance.

What is hire purchase?

Hire Purchase is a straightforward scheme that lets your spread the cost of a vehicle over a set period of time. You’ll usually pay a deposit followed by fixed monthly repayments. At the end of the agreement, you will be the outright owner of the vehicle.

What is personal contract hire?

Personal Contract Hire is essentially a leasing agreement that offers the utmost in flexibility, enabling you to drive the latest vehicles over an agreed period of time. Fixed monthly rentals are paid until the end of the lease period, at which time you return the car.

What does APR mean?

APR stands for Annual Percentage Rate and refers to the rate of interest you will pay on any borrowing over the course of a year. The rate of APR will clearly be detailed at the time of purchasing.

Can car finance be paid off early?

Absolutely. This is called the settlement figure and can be requested at any time.

Where to get car finance?

We at Milcars Mazda will be delighted to help you secure vehicle financing on the model of your choice. Get in touch with us today to find out more.

Which car finance is the best?

The type of car finance that best suits you depends on a number of factors, namely budget and whether or not you wish to own the model outright at the end of the agreement. A member of the team at Milcars Mazda will be able to help you determine the suitability of the options available.