Quote/Quotation

Roman Danaev

25 May 2023

Meaning and Definition

A quote, also known as a quotation, is a written estimate provided by a car finance lender or dealer that outlines the terms, conditions, and costs associated with a car finance agreement. It presents the financial details of the loan, including the loan amount, interest rate, monthly payments, and any additional fees or charges. A quote allows borrowers to assess the affordability of the car finance and make informed decisions before committing to the loan.

Why it is important to know

Understanding quotes or quotations is important for borrowers as they provide a comprehensive breakdown of the financial aspects of a car finance agreement. Quotes allow borrowers to compare offers from different lenders or dealers, evaluate the total cost of the loan, and assess whether the terms align with their budget and financial goals. It is important for borrowers to carefully review the quote, including the interest rate, loan duration, any additional fees, and the total repayment amount, to make an informed decision about their car finance options.

Example in car finance

Suppose an individual is shopping for car finance and contacts multiple lenders and dealerships to request quotes. They provide the necessary information, such as loan amount, desired loan term, and personal details. Each lender or dealer then provides a quote outlining the terms and conditions of the car finance agreement. The quotes include details such as the loan amount, interest rate, monthly payment, and any upfront or ongoing fees. The individual reviews and compares the quotes to assess the affordability of each option and chooses the car finance agreement that best suits their financial needs.

Car finance calculator

Must be between £3,000 to £50,000
Must be between £100 to £10,000 and difference between borrow and deposit must be £5,000
24month
36month
48month
60month
We are a credit broker not a lender

These estimates are subject to credit checks and may change when you apply for finance. this is for example purposes only

Hire Purchase (HP)
APR 14.9%

60 monthly payments of

£0


Interest rate
14.9% APR
Amount of interest
£0
Total payment
£0
Personal Contract Purchase (PCP)
APR 14.9%

60 monthly payments of

£0


Optional final payment
£0
Interest rate
14.9% APR
Amount of interest
£0
Total payment
£0