Can I get car finance on an Audi?

Are you considering getting an Audi on finance but aren’t sure of your options? We’ve answered all your questions, from the ease of obtaining Audi finance to specific options for popular models like the Audi A1, Audi A3, Audi Q3, and Audi Q7.

Can I get car finance on an Audi?

Yes, you could get car finance on an Audi. Whether you're looking for a newer model Audi or a certified pre-owned vehicle, or another used Audi, we may have different financing options available. 

To get car finance on an Audi, start by getting an obligation-free quote, and your dedicated account manager will help you with the rest. If you’re approved for a loan, you’ll then make regular monthly payments over an agreed period. These payments cover both the principal amount borrowed and the interest. 

The terms of the loan, such as the interest rate and duration, will depend on things like your credit score and the amount you want to borrow.

How does Audi finance work?

Audi finance works by allowing you to spread the cost of your used Audi over a fixed term through monthly payments. The main types of finance options include:

1. Personal Contract Purchase (PCP): This is a flexible financing option where you may need to pay a deposit followed by monthly payments over a term, typically 24 to 48 months. At the end of the term, you can choose to pay a final balloon payment to own the car, return the car, or trade it in for a new one.

2. Hire Purchase (HP): With HP, you may need to pay an initial deposit and then make fixed monthly payments. Once all payments are made, you own the car outright. This option could be straightforward but tends to have higher monthly payments than PCP.

3. Personal Loan: You can take a personal loan from a bank or other lender to purchase the car. You own the car outright from the beginning and make repayments to the lender.

Is it hard to get finance for an Audi?

Getting finance for an Audi could be easier if you have a stable financial background and a good credit score. However, if you have a lower credit score, you may face higher interest rates or require a larger deposit.

The difficulty of getting finance can vary based on several factors:

• Credit score: A higher credit score may mean better interest rates and more favourable terms.

• Income: Stable and sufficient income might assure lenders of your ability to make monthly payments.

• Debt-to-income ratio: A lower ratio could suggest that you have a manageable level of debt compared to your income.

• Deposit: A larger deposit could reduce the loan amount and potentially secure better terms.

While applicants with strong credit histories and stable incomes often find it easier to secure financing, those with less favourable financial circumstances may face more difficulty. However, because some of our lenders specialise in car finance for bad credit, we may still be able to help. Credit is subject to status.

Have you been declined for Audi finance?

If you have been declined for Audi finance, it is crucial to understand why. Common reasons for finance rejection include a low credit score, high existing debt, insufficient income, or lack of employment history. Here are steps could could take to try and improve your chances of approval:

1. Check your credit report: Review your credit report for any errors and get them corrected. Pay off any outstanding debts where possible.

2. Reduce your debt-to-income ratio: Pay down existing debts to improve your financial profile.

3. Increase your income: Providing evidence of increased or additional sources of income can strengthen your application.

4. Save for a larger deposit: This may reduce the amount you need to borrow and could improve your chances of approval.

5. Consider a guarantor: A guarantor or a co-signer with a good credit score could help you secure a loan if your credit score is low. 

Can I pay off my Audi finance early?

Yes, you could pay off your Audi finance early, but it depends on the terms of your finance agreement. 

Paying off your finance early might save you money on interest, but you should check if there are any early repayment charges first. 

Some finance agreements include early termination fees or penalties, so it’s important to review your contract or speak with your lender to understand the implications.

Can I get Audi finance with bad credit?

Securing Audi finance with bad credit may be more challenging, but could be possible. Lenders may be hesitant to approve loans for individuals with bad credit due to the perceived risk, but several strategies could improve your chances:

1. Larger deposit: Offering a deposit may reduce the amount you need to borrow and demonstrates your commitment.

2. Shorter loan term: Opting for a shorter loan term can sometimes make lenders more willing to approve the finance.

3. Guarantor: A guarantor or co-signer with a good credit history could bolster your application.

4. Specialist lenders: Some lenders we work with specialise in bad credit car finance, although the interest rates may be higher.

Credit is subject to status.

Can I get Audi A1 on finance?

Yes, you could get an Audi A1 on finance. The Audi A1 is a popular model, and many lenders offer tailored financing packages to make it more accessible when looking for Audi A1 finance options.

Similarly, you could find finance options for other popular Audi models such as the Audi A3, Audi Q3, and Audi Q7. Each model will have its own set of finance deals, reflecting the different price points and customer preferences.

Is it better to lease or finance an Audi?

Whether it is better to lease or finance an Audi depends on your personal preferences and financial situation. Here’s a comparison to help you decide:

Leasing an Audi:

• Lower monthly payments: Lease payments can be lower than other finance options.

• New car more often: Leasing allows you to drive a new car every few years.

• Maintenance and warranty: New cars typically have fewer maintenance issues and are covered under warranty.

Financing an Audi through HP:

• Ownership: At the end of the finance term, you own the car outright.

• No mileage restrictions: Leasing often comes with mileage limits, but owning a car does not.

• Customisation: You can modify the car as you wish when you own it.

Consider your driving habits, financial goals, and personal preferences when deciding between leasing and financing. 

If you like driving a new car every few years and prefer lower monthly payments, leasing might be the better option. If you prefer to own your car and avoid mileage restrictions, HP finance could be a better choice.

Ready to apply for your Audi? Get a no-obligation quote to get started. Or, if you’ve got any further questions, give us a call and we’ll be happy to help!