Car Finance
- No Deposit
- We help find you the perfect car
- PCP and HP from 8.9% APR
- Free car history and dealer quality check
There are a lot of decisions to be made when buying a car. What make or model do you want? What will you be using the car for? Do you want to pay a deposit? How often do you think you’ll change your car?
The answers to these questions will influence what sort of car finance is right for you. At CarMoney, we can guide you through the market, as well as finding you the best cars on finance.
Representative Example: Borrow £6,000 with £1,000 deposit over 48 months with a representative APR of 18.8%, monthly payment would be £174.22, with a total cost of credit of £2,362.56 and a total amount payable of £9,362.56. CarMoney Limited can introduce you to a limited number of finance providers based on your credit rating and we will receive a commission for such introductions this can either be a % of the amount borrowed or a flat fee. This does not influence the interest rate you’re offered in any way. CarMoney is a broker not a lender.
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About Car Finance
Hire Purchase Finance
HP finance is a simple and popular way of financing a car. It involves you hiring a vehicle from a finance company for an agreed time period. During the finance agreement, you will make repayments in monthly instalments.
The lender can repossess the car if you miss payments. But after you’ve made the final payment, the vehicle is yours. You own it outright. Almost all finance providers offer Hire Purchase.
In short: Higher payments. You can own the car after a final payment.
Personal Contract Purchase
With PCP finance, you pay only the depreciation of the value of the vehicle. Not its full value. This means the monthly payments will be lower. You’ll need to pay a lump sum or balloon payment at the end of the PCP car finance agreement if you want to own the car.
The lender can repossess the car if you miss payments.
In short: Lower payments. You can change cars more often without the hassle. A lump sum is needed to secure ownership.
How much can you borrow?
If you aren’t sure how much you can afford to borrow, the CarMoney car finance calculator can help.
Getting a copy of your credit report helps, along with our estimate, will show you how much you can expect to pay each month.
This will let you quickly see the effect of paying a deposit on your monthly payments.
When looking to finance a car with CarMoney, you can get a decision within an hour. We are proud to have one of the largest panels of finance providers of any credit broker!
Other Car Finance Options
Personal Contract Hire is another type of car finance deal in which you lease a newer vehicle, typically for 2-4 years. This option does not involve ownership.
You could also choose a Personal Loan, which is just a standard loan used specifically for purchasing a car. It is important to note, you may get better rates with a personal loan, but it is harder to gain acceptance.
There are other types of car finance you could choose, such as car leasing or 0% credit card, that you could also use.
| Finance Type | Typical Agreement Length | Do you own the car? | Mileage Restrictions? | Do you need a deposit? |
| Hire Purchase | 1-5 years | Not until the final payment is made | No | Yes (in most cases) |
| Personal Contract Purchase | 1-5 years | Not unless the balloon payment is made at the end | Yes | Yes (in most cases) |
Why we suggest lenders
At CarMoney, we will collect some very basic personal details so that we can conduct a soft credit search. Using all the stealth you would expect from a ninja, this leaves no mark on your credit record.
This check allows us to rank lenders that are most likely to accept your application. This helps give you the most transparent way of making a decision.
At CarMoney, we provide some of the best car financing deals around, regardless of your credit score.
What are my chances of approval?
Your credit rating is an estimate of your ability to make repayments. This is calculated based on your credit history.
It is good to keep an eye on your Credit Rating, particularly if you are looking to take out car finance.
The better your credit rating, the better rates you are likely to be offered. To get a rough idea of your likelihood of approval, try our finance calculator.
Car Finance Costs
There are a number of costs you should bear in mind when dealing with car finance. Many car finance deals come with mileage limitations or late payment fees. It is important to consider these before proceeding. PCP agreements almost always have mileage limitations and will charge for any extra miles travelled.
Selecting the right car
We appraise all of the car dealerships that we work with to ensure that you, the customer, have the best experience possible.
The dealerships we work with are expected to offer a high level of customer service when both purchasing your new car and after the sale.
This means that there may be some car dealerships that we recommend against using. In these cases, we will try to find an alternative car of the same spec to the one you have found.
Contact CarMoney to learn more about car finance options or apply for car finance today. Why not search for your new car on our extensive site?
Car Finance Guides
Car Finance – Everything you need to know | Finance a new or used car with Personal Contract Purchase | What is Car Hire Purchase? | What is Personal Contract Hire? | Exploring Guarantor and No-Guarantor Car Finance
Credit Score Guides
What is a Credit Score? | Building your Credit Score: The Key to Unlocking Affordable Car Finance
Other Guides
10 Best Used Cars Under £20,000 2024 | Maintenance and Servicing Costs | Can you Sell a Car on Finance? | Road Tax and Insurance: Understanding Annual Fees | Britain’s Best Buys on a Budget – Cheapest New Cars 2024
Frequently Asked Questions
How does car finance work?
The mechanism of car finance involves making monthly payments over a predetermined duration. The choice of finance option will impact the payment amount. It is essential to possess a favourable credit score for approval and carefully review the loan agreement before signing it.
Can I refinance my car?
Refinancing can be a money-saving option if you possess a good credit score and have equity in your car. It is advisable to explore different options and obtain quotes from various lenders. Additionally, considering a secured loan can be beneficial, and getting pre-approval before beginning your car shopping process is recommended.
Can I sell a car on finance?
Selling a car under finance is possible, but it is crucial to understand the legal obligations involved. Obtain a settlement figure from your lender, incorporate it into the sale price, and inform your lender about the sale. It is important to be transparent with the buyer regarding the remaining balance and be prepared to negotiate.
What paperwork will I need for car finance?
The documentation required for car financing can differ but generally consists of verification of your identity, address, income, employment, vehicle information, and deposit. Collecting the necessary documents, ensuring their relevance to the current period, and reviewing your credit score is advisable. Additionally, be ready to respond to inquiries regarding your financial situation.
How long does it take to get approved for car finance?
On average, in the UK, it takes between 1-2 days to get full approval for finance. If you apply through CarMoney, you can get initial approval on the same day!
What happens if I fall behind on my repayments?
If you find yourself in financial difficulty and you are struggling to make repayments, speak to your lender as they may be able to restructure your plan to make it more affordable.
If you continuously miss repayments, then the lender could take the car back.
What is APR?
APR stands for Annual Percentage Rate. It tells the cost of borrowing money for a year. Lenders all advertise a representative APR. This is the rate that they can offer to at least 51% of their customers. The APR offered depends on many factors, including your credit score.
Can I part-exchange?
Absolutely! CarMoney accepts part-exchanges. Your current vehicle can be used as a deposit towards a new car, potentially lowering your loan and monthly payments.
Apply online in 2 mins
Quickly and easily apply online. It only takes 2 minutes to provide all the information we need to get you a car finance decision
We’ll find your best deal
We’ll find you the best finance rate and ensure your new car is HPI checked from a good dealership!
You drive away happy
We’ll sort all the details and you just decide when to collect your new car… or we can deliver it to you!
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“Alan, who I spoke with on the phone, was amazing! He sorted everything out for me, it was so easy and was able to get my car the very next day. Fantastic!”
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“Sophie who sorted my finance out for car was amazingly nothing was too much trouble for her always kept me up to date. Five stars Sophie. Thanks for everything”
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