With the potential to save thousands of pounds, purchasing a used car is one of the best financial decisions you can make. A stellar interest rate on your loan makes the savings even better. Hence, it’s worth shopping around for the best used car finance deals.

Loans can often last for several years. As such, even small variations in interest rates can make a big difference to the total cost of your overall loan. To help you unlock the biggest savings, we’ve put together a guide covering everything you need to know. Including, where to find the best used car finance deals and what to look for when shopping for a lender.

Type of finance on offer

A good lender should offer a variety of finance options. Ideally, this should include personal loans that allow you to own the car outright and sell it if needed. Personal loans are generally the most affordable option in the long term. As such, this makes them one of the most popular choices. Bear in mind, they do require separate agreements to be coordinated before making your purchase.

Hire purchase (HP) loans are another option, requiring an initial deposit and then fixed monthly payments over a predetermined time period. Personal contract purchase (PCP) loans adopt a similar concept, with the loan determined by calculating the difference between the price of the brand-new car and its estimated value when the hire agreement ends. 

Flexible terms

Typically, car finance deals range from between two to seven years. The average loan lasts around six years, though ultimately your deal should be matched to your own unique needs and financial situation. As a rule of thumb, longer payment terms translate to a higher rate over the course of the loan. That said, your monthly payments will be lower as the loan is stretched out. The best used car finance deals should offer flexible terms that work for you, not the other way around.

Freedom to buy from different dealers

Not all lenders are created equal. Therefore, the best used car finance deals will offer you the freedom to buy from a variety of dealers, not just a select few cherry-picked by the lender. Looking for lenders that give you the freedom to shop around for the best used car deals is a guaranteed way to unlock additional savings.

Ease and transparency

Buying a used car should be exciting, not stressful. When shopping for car finance deals it’s worth prioritising lenders that make the process as easy and stress free as possible. Looking for a provider that offers an easy-to-use car finance calculator is a great place to start.

This small but telling feature shows you that they’re dedicated to making your experience as smooth and straightforward as possible. With the number crunching taken care of, you’re free to focus on the task at hand – choosing your dream used car.

Transparency is also a big one, with some providers really excelling in this area. Look for lenders that make it crystal clear how much the total cost of your loan will be, including extras like interest and fees. Lenders that attempt to hide these costs should automatically raise red flags. 

Enlist the help of a broker

Enlisting the help of an experienced broker is one of the easiest and most effective ways to track down the best used car finance deals. With the help of an expert car finance broker, you’ll unlock access to the best available finance deals. What’s more, you’ll get personalised advice every step of the way.

My Car Credit ticks all the boxes listed above, including ease and transparency. Our approach is underpinned by a goal to make car finance online as simple and accessible as possible. As a result, we can help you buy the car you want with the best possible finance rates for your circumstances.

The company is part of Evolution Funding, one of the largest and most respected motor finance brokers in the UK. This means you’ll have access to a large panel of car finance lenders. In addition, we use specialised technology designed to match you with the best products. Exclusive to Evolution Funding, this purpose-built technology increases your chances of acceptance. Even better, it helps match you with the best products and lenders for your unique circumstances.

Ready to get behind the wheel of your dream car? Get in touch with the My Car Credit team to find out more about how you can secure the best used car finance deals in the UK. Email us on enquiries@mycarcredit.co.uk or call 01246 458 810.

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!