Owning a vehicle can be a major financial commitment, from purchase to maintenance. At Derbyshire Community Bank, we’re here to help you manage the costs with savings accounts and loan products designed to support your financial wellbeing.
Consider annual costs like insurance, road tax, servicing, MOT, and unexpected expenses like new tyres, wipers, and parts.
Compare quotes at renewal time using comparison websites and negotiate with your insurer for a better deal. If you’re under 30 or over 70, adding an experienced second driver could help lower your premium.
Unusual sounds can indicate engine, exhaust, or other mechanical issues. Get multiple quotes for repairs to avoid costly breakdowns.
Prices vary widely, so compare options. Some companies, like Formula 1, may price-match for a better deal.
Check tyre tread, oil levels, coolant, and screen wash regularly to prevent avoidable damage.
Use public transport, car share, walk, or cycle when possible to lower wear and tear on your vehicle.
Smooth acceleration and braking, anticipating road conditions, and maintaining a steady speed can help reduce fuel consumption and prolong vehicle lifespan.
Sometimes, replacing an old, unreliable car is more cost-effective than continuous repairs.
A personal loan from Derbyshire Community Bank can help spread the cost of your car’s insurance, servicing, repairs, and MOT bills. Loans are subject to affordability and credit checks.
Buying a vehicle is a big financial decision. Here’s how to make an informed and affordable choice…
Financial expert Sam Dogen suggests spending no more than 1/10 of your annual income on a car. Consider all costs: insurance, tax, servicing, and fuel.
Do you need a family car, a fuel-efficient model, or a city run-around? Prioritize essential features over luxury extras.
Car sharing schemes, public transport, and services like Co-wheels or Enterprise Car Club might be a cost-effective alternative.
Used cars are often better value, but may require more maintenance. New vehicles sometimes offer incentives like 0% finance or servicing deals.
From HP to PCP, check out the Money Advice Service for a free and impartial guide to finance choices.
Ask dealers for discounts, lower interest rates, free servicing, or accessories like mats and upgraded specifications.
Visit multiple dealerships and let them compete to offer you the best price.
A personal loan from Derbyshire Community Bank can help spread the cost of your car purchase. Borrow up to £7,500.
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