Whether you need a vehicle for work or to get your family around, there are any number of reasons why owning a car can be essential. But it can also be expensive – which is why buying a used car has its benefits. Read on to find out more.

Advantages of buying a used car

Cost savings

Used cars are less expensive than brand-new, state-of-the-art models.

By opting for a ‘new for you’ vehicle, you can end up saving yourself thousands of pounds. What’s more, by saving on the initial outlay, you may even be able to afford a better model. You can therefore benefit from improved technology and features without shelling out serious cash.

If you’re a first-time driver, a used car also offers a more wallet-friendly way to get on the road.

Plus, with a used car, you don’t have to worry about depreciation – it will retain its value more effectively during your ownership.

Finance flexibility

There are plenty of used car finance options for ‘new to you’ vehicles.

Used car loans are a great option for those who want low monthly repayments and have an excellent credit score. Plus, you’ll benefit from lower interest rates compared to new car loans.

Alternatively, used PCP and HP are both flexible, affordable used car finance agreements.

Proven reliability

It’s a myth that used cars are less reliable than brand-new vehicles.

In fact, a nearly new or used vehicle is more likely to have a proven track record of reliability and durability.

You can always research the reliability of a make and model online – look for ratings, user reviews and maintenance history. By choosing a car that’s known for its reliability, you’re more likely to experience a dependable drive for the long term.

Lower insurance rates

As a general rule, the older the vehicle, the lower the insurance rates.

There’ll be different factors that impact the insurance rate. That said, you’ll typically save more money on insurance premiums over the lifespan of a used vehicle than a new model.

More variety

The used car marketplace is big, meaning that you have plenty of car brands, makes and models to choose from.

This gives you plenty of opportunity to research and shop around for the exact used car that meets your needs and circumstances. A wider selection improves competitive pricing and increases your likelihood of finding a reliable car with an excellent track record.

Factory warranties

Factory warranties are getting longer and are increasingly easy to transfer from owner to owner.

You may therefore be able to pick up a vehicle that’s only a few years old and still covered under warranty. This can give you peace of mind and take the risk out of choosing a used car over a brand-new vehicle.

Finance your used car with My Car Credit

If you want to unlock the advantages of buying a used car, My Car Credit can help. We help drivers find used car finance by comparing deals from a large network of trusted lenders. Secure an agreement that works for you by trying our online finance calculator.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

My Credit Rating


  • You are a home owner
  • You have been on the electoral role for a long period of time
  • You have current credit arrangements and mortgage with no defaults
  • You have no CCJs, credit arrears or missed payments
  • You rarely apply for credit
  • You are employed or self-employed


  • You are on the electoral role
  • You are a home owner or long standing tenant
  • You have a stable employment history
  • You have current credit arrangements with occasional missed payments
  • You have no CCJs


  • You are or have recently been on the electoral role
  • You may have recently changed address
  • You may have occasional missed payments
  • You may have an old CCJ
  • You may have regularly applied for credit


  • You may have had frequent changes in address
  • You may not be traceable on the voters roll
  • You may have exceeded credit card limits
  • You may have missed payments on current agreements
  • You may have had a CCJ in the past


  • You may not be traceable on the voters roll
  • Your credit cards are over their limits
  • You have recent CCJs
  • You may have been refused credit elsewhere
  • You may be in a debt management plan

X monthly repayments of

Typical rate

Loan amount

Total payable




*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!