Car Finance in Edinburgh
Rates from 9.9% APR.
Representative APR 10.9%
Car Finance in Edinburgh
Rates from 9.9% APR.
Representative APR 10.9%
Part of Evolution Funding, the UK’s largest motor finance and technology provider.
Edinburgh is as well-connected as any city with trains and planes coming and going. But that doesn’t mean the Scottish capital is short of cars! There are over 200,000 vehicles in the City, according to Transport Scotland. Edinburgers get behind the wheel to commute into the centre, visit family in Livingston and Falkirk, or travel to the highlands for a breath of fresh air!
But we all know how expensive cars can be. With rising fuel costs, insurance and ongoing maintenance, running costs alone can stack up – never mind buying a new car when your current motor is feeling worse for wear. So much so, that it might be tempting to stick with a car that’s too small, constantly breaking down or just not up to the mark.
Fortunately, Edinburgh drivers know better. Countless locals use car finance to spread the cost of a new car – freeing themselves from unsuitable vehicles, recurring repairs and car-barrassment. My Car Credit makes that easier than ever with a broker service that compares your options to find a deal quickly and easily.
A quick guide to car finance in Edinburgh
Buying a car doesn’t have to be as daunting as getting served at a bar during the Fringe festival! Car finance makes it easier by spreading the cost over several months and years. So, rather than footing the bill all in one go, you can pay for the car you want over a longer period, which makes it much more realistic.
As well as making payments easier to digest, car finance allows you to stretch your budget. There’s no need to kick the car-replacement can down the road with another old banger. Instead, you can move forward with a car you actually want and need long-term.
Digging a little deeper, there are two main types of car finance – plus some other options you might want to consider.
Hire purchase (HP)
Hire Purchase is the classic type of car finance that “does what it says on the tin”. As above, you’ll spread the cost of your new or used car with fixed monthly payments, then own the car outright at the end of the term. There’s no variance from month to month, and no large payment left at the end of your agreement.
Personal contract purchase (PCP)
On the other hand, you have Personal Contract Purchase. This type of finance offers lower monthly payments for the majority of your term, but with one added condition at the end of the agreement. When your term ends, you’ll have the option to pay a balloon payment to attain full ownership of the vehicle. Alternatively, you can return the car or upgrade to a new vehicle instead.
Other types of finance
The two above are the Hearts and Hibs of car finance options in Edinburgh. But – as with the city’s football sides – there are some other choices.
Leasing a car is a popular option for those who don’t want to own outright. In this case, you pay a fixed monthly fee to use your car, which may include road tax, insurance and even maintenance. It’s basically long-term car rental, which typically comes with strict mileage limits.
Or maybe you’d prefer to get a personal loan? Unlike leasing, HP and PCP, this means you’ll own the car outright from the moment you purchase. That said, personal loans can be trickier to acquire as there’s no collateral. Banks won’t have the car as a secured asset, so your credit history might come into the spotlight a little more.
Need bad credit car finance in Edinburgh?
Not everyone has a flawless credit report – we get it. Maybe you’ve missed a few payments or been late paying in the past. That shouldn’t mean you’re stuck with a car that’s seen better days.
The good news is that bad credit car finance in Edinburgh is available. You just need to know where to look. Specialist lenders will look at more than just scores, so it’s not a case of “computer says no”. Affordability is a key factor – assessing whether you can afford the monthly repayments based on the here and now, not the there and then!
A soft credit check is the first step in this process, as it gives lenders an idea of your credit history without leaving a mark on your file. This will avoid your score getting worse and prevent a vicious cycle of rejections and worsening credit.
The easiest way to access these lenders? Through a car finance broker like My Car Credit. Our supportive, judgement-free approach allows you to compare deals from a wide panel of lenders without all the legwork. You’ll be told if there’s a suitable deal for your circumstances without having to go through a long list of lenders and (potentially) rejections.
Can I get used car finance in Edinburgh?
There are plenty of reasons why Edinburgh drivers opt for used vehicles rather than buying brand new. They’re cheaper – which is a big plus for practically anyone. They also hold their value better, so you’re not losing siller over time. On top of that, you get more choice for the same price point.
However, many people assume that it’s a choice between these benefits and those of car finance. In fact, you can enjoy the best of both worlds with used car finance in Edinburgh.
Among My Car Credit’s panel of lenders, there are many companies happy to finance used cars. To make things even easier, we have access to a nationwide network of approved used vehicles. That includes plenty of top-quality motors in and around Edinburgh, so you don’t have to travel far to find the right wheels. Just another reason why you should use My Car Credit to secure used car finance in Edinburgh.
How to apply for car finance in Edinburgh
Wave goodbye to guesswork. Here’s how you can get Edinburgh car finance in three simple steps.
Step 1: Apply online
Pop your details into our online form to start your application in a matter of minutes. We’ll only use a soft search initially, so there’s no impact on your credit score.
Step 2: Get matched with a lender
Sit back as our smart tech finds a deal that suits you. We’ll help you understand your budget before shopping for a car.
Step 3: Choose a car & drive away
Time to choose your motor. Pick from trusted dealers, then let us handle the admin and coordinate with the lender.
Ready to apply for car finance in Edinburgh?
With My Car Credit, car finance in Edinburgh is as easy as spotting a bagpiper on the Royal Mile. We offer flexible credit support and fast decisions with a soft search to start – so there’s no immediate impact on your credit score.
Apply online today to take the first step towards your next motor.
Will I be eligible for Edinburgh car finance?
Car finance eligibility isn’t as daunting as a stroll through the Vaults after midnight. Despite common misconceptions, you don’t need perfect credit. Anyone over 18 with a UK address and regular income may be considered – and this includes income from self-employment or benefits. Here are some of the drivers who are still eligible for Edinburgh car finance:
First-time buyers
First-time buyers in Edinburgh typically lack an in-depth credit history. That doesn’t have to stop you getting the car you want after passing your test. Lenders can look beyond the numbers to assess your current circumstances and affordability.
People with bad credit
A bad credit history isn’t the only deciding factor when it comes to car finance in Edinburgh. By comparing lenders through a broker, you have a better chance of securing a deal.
Self-employed or freelancers
Self-employed workers or freelancers may struggle with some lenders due to their irregular income. With the right care and support, you can overcome these barriers to get your next car on finance.
Those upgrading an old car
Want to use your old car as part of the deal? That’s not a problem. We’ll match you with the right lenders who can help you upgrade your old car without having to juggle selling it yourself.
Why choose My Car Credit for car finance in Edinburgh?
A broker that works for you
Unlike dealerships, we work with a panel of lenders to find a fair deal for your circumstances.
All credit types welcome
From excellent to poor credit, we match you with appropriate lenders that are ready and waiting to help.
Fast, simple online process
Think no paperwork, no hassle and instant quotes. You can apply in minutes and we only use a soft search initially.
Friendly support when you need it
We have real people based in the UK, on hand throughout the process – with experience helping local applicants like you.
Frequently asked questions
What types of car finance are available in Edinburgh?
Hire Purchase and Personal Contract Purchase are two of the most popular types of car finance in Edinburgh. You might also choose to lease a car, known as Personal Contract Hire.
Can I get finance if I have bad credit?
In most cases, yes. There are lots of lenders that consider bad credit applicants in Edinburgh. We can help you compare those specialist lenders without having to do the legwork yourself.
Do I need a deposit?
Most car finance deals require a deposit of around 10%, though there are no-deposit deals available.
Can I use car finance for a used vehicle?
Absolutely. Nearly-new and used cars are a popular choice to keep costs down and minimise depreciation. We even have a network of trusted dealers to make your search easier.
How long does approval take?
Your car finance can be approved in a matter of minutes.
Is it all done online?
You can complete your application online from start to finish. Need any help? We have a team of car credit experts on hand to help.
Find your dream car finance today
Our friendly team is available to chat via email or over the phone. Reach out on 01246 458 810 or email us on enquiries@mycarcredit.co.uk, and start your journey to secure your dream Edinburgh car finance today.