With millions of used cars on the roads, it’s easy to see why more motorists are going down the second-hand route. They are cheaper, reliable and easy to fix when things do go wrong.

But there’s a perception that you can’t get a warranty on a used vehicle, and this often prevents buyers from considering an option that will save them a fortune. In this post, we’ll provide some clarity when it comes to used car warranties.

The basics of used car warranties

The simple answer is – yes, you can get a warranty on a used car. To begin with, the Consumer Rights Act 2015 has covered second-hand vehicles for the past six years, which means that you get a rudimentary level of cover if the issue falls under the CRA.

But what if you want something more substantial? In that case, there are third-party deals that will pick up the tab should something go wrong that isn’t your fault. Not everything is covered – wear and tear, for instance, is notoriously left out of insurance policies – but it’s safer than signing on the dotted line and hoping for the best.

Finally, there are manufacturer guarantees that you can often get included within a deal. The trick is to negotiate for the things you want by removing the features you don’t need. With an extended manufacturer warranty, you’ll be less likely to pay expenses upfront and more likely to be covered in the worst-case scenario.

Do you need a car warranty?

With protection from the Consumer Rights Act, some people are happy to take their chances. Your decision will depend on which features you believe are the most important. After all, it’s pointless paying extra for a used car guarantee if you can’t afford a vehicle in the first place.

The good news is, you can calculate your car loan in advance to ensure that your budget is in order. Then, you can worry about whether a warranty is suitable. For more on car finance deals, My Car Credit has all the information you need. Contact a member of our staff today to learn how we can help you.

Rates from 6.9% APR. Representative APR 14.9%

Evolution Funding Ltd T/A My Car Credit

My Credit Rating

Excellent

  • 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

Good

  • 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

Fair

  • 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

Poor

  • 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

Bad

  • You may not be traceable on the voters roll
  • Your credit cards are over their limits
  • You have recent CCJs
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£

X monthly repayments of
£X

Typical rate

Loan amount

Total payable

X% APR*

£X

£X

*for illustration purposes only

No impact on your credit score

Representative Example

Borrowing £7,500 at a representative APR of 14.9%, annual interest rate (fixed) 14.85%, 47 monthly payments of £204.69 followed by 1 payment of £214.69 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £2,335.12, total amount payable is £9,835.12.

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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!