Car Insurance Cost Plummets to Four Year Low

Man driving his car with new lower car insurance cost

Amidst all the stress and uncertainty of COVID-19, there’s a sliver of good news for motorists across the UK. Car insurance costs have reached their lowest levels in four years. The new average annual premium, calculated by Compare the Market, is now £697 annually. Read on to find out more….

Benefitting from reduced accident frequency

According to their research, car insurance prices decreased by an average of £56 since February and £33 since March when restrictions were first introduced. For younger motorists, aged between 18 and 24 years, premiums fell even further – £69 in April and £154 since February. 

These savings are thanks to dramatic changes in driver behaviour. According to the Department for Transport, traffic levels fell by as much as 73% during lockdown, and the Association of British Insurers (ABI) reported fewer collisions. As a result, insurers are expected to have saved £1 billion in avoided claims. 

Laurenz Gerger, General Insurance Policy Adviser at the ABI, said: “Our latest motor premium tracker clearly shows that motorists have been benefiting from reduced road accident frequency during lockdown.” Alongside others, he urged insurers to pass on these savings to motorists, and several did. Admiral gave £25 refunds to all 4.4 million holders of insurance policies while LV granted up to £50 to customers who could prove the pandemic had financially impacted them.

Dan Hutson, Head of Motor Insurance at Compare the Market, said “The decreased cost of car insurance premiums will be welcome news for drivers, following years of rising costs… and could help families struggling financially as a result of the pandemic. Insurers should continue to support their customers wherever possible.”

How can I make additional savings?

Alongside car insurance premiums, and thanks to the financial strain of COVID-19, people are on the lookout for ways to make additional savings. 

Cycling became incredibly popular during lockdown and, according to Global Data, 1.3 million Brits bought brand-new bikes in a bid to avoid public transport. The government was keen to encourage this shift as part of an ongoing programme to improve the nation’s health and offered people a £50 voucher to repair their two-wheeled drives and get back on the road.

Additionally, official figures show 33,000 hybrid or electric cars were registered between April and June, compared with 29,900 diesels, suggesting people are keen to buy more eco-friendly vehicles post-pandemic.

Alongside their green benefits, hybrid and electric cars are less powerful than their gas-guzzling counterparts, immediately reducing the cost of insurance. Some providers offer up to 5% off premiums and even make donations to environmental charities on your behalf.

Are you looking for fair and affordable finance deals?

At My Car Credit, we help you through every step of the car finance process to make the process as hassle-free as possible. We’re open seven days a week and our website has plenty of helpful tips, guidelines and answers to any questions you have.

 

Rates from 6.9% APR. Representative APR 13.9%

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
  • You may have been refused credit elsewhere
  • You may be in a debt management plan
£

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 13.9%, annual interest rate (fixed) 13.85%, 47 monthly payments of £201.38 followed by 1 payment of £211.38 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £2,176.24, total amount payable is £9,676.24.

My Car Credit is a credit broker and not a lender.

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!

Car Depreciation: Comparing the Fastest & Slowest Fall

red mini is slowest depreciation car

It’s no secret that as soon as you drive out the showroom your brand-new car loses a big chunk of its value. While this doesn’t stop more than 2 million Brits a year from upgrading to new vehicles, it is worth looking at what types of cars hold their value. After all, you never know when you may want to sell, upgrade or downsize.

To help you make a savvy auto investment, here’s a look at some of the top performing brands and models that hold their value in a second-hand market.

Cars with the slowest falling value

Mini

Iconic for good reason, the Mini is a British favourite that’s been charming motorists since 1969. According to the latest data from Autocar, Minis are one of the best brands in the UK when it comes to resale value, losing just under 50% of their value after clocking up around 35,000 miles.

Born and bred in UK production plants, Minis offer motorists the peace of mind they’re driving a premium-quality, British-made vehicle. Another factor worth noting is that Mini drivers tend to be proud, aesthetically conscious people. Sure, this is a bit of a generalisation but most of the time second-hand Minis are in fantastic condition thanks to their fastidious owners who love to keep them clean, polished and showroom ready.

Audi

Synonymous with luxury, Audis seem to hold timeless appeal for British motorists. Similar to the Mini, they lose less than 50% of their value after covering 35,000 miles and are highly sought after in the second-hand market. The Audi A4 is the third most popular car in the UK and also offers excellent resale value. Other sought-after models include the Audi TT, Audi A5 and Audi A6.

Volkswagen

Despite the high-profile emissions scandal, Volkswagens remain one of the best brands in terms of slow depreciation rates. The precision German engineering, high-quality parts and genuine street appeal are some of the factors that contribute to the excellent resale value of Volkswagens. Camper vans are especially timeless, with the VW California offering incredible versatility and enduring aesthetic appeal.

Ferrari

With waitlists topping five years for bespoke Ferraris, it’s no surprise the luxury brand has good resale appeal, especially when it comes to the more affordable models. The 488 GTB V8 model falls into the mainstream class and while it does lose around 55% of its value after three years, the depreciation curve is nowhere near as sharp as other luxury cars. Plus, there’s also the possibility that if you hold onto your Ferrari for long enough it will start to appreciate.

Porsche

Porsche is another manufacturer where demand tends to outstrip supply and help owners secure good prices for second-hand vehicles. In particular, the Porsche Panamera sidesteps serious depreciation thanks to its sharp handling, excellent performance and low running costs. One of the most affordable models in the Porsche range, the Cayman is another reliable purchase that holds just over 58% of its value after three years. Not bad at all for a luxury car.

 

Cars with the fastest falling value

Wondering what not to buy? Here’s a look at some of the manufacturers and models that lost their value much faster than the average car.

Fiat

While Fiats are great cars, resale data suggests they’re also top performers when it comes to depreciation. For example, the popular Fiat Doblo XL Combi held just 26% of its value after clocking 30,000 kilometres, or the equivalent of three years on the road. The Fiat Tipo Station Wagon is another money pit, losing more than 75% of its value over a period of three years.

Vauxhall

While it’s a hugely popular car, the Vauxhall Astra in particular isn’t a fantastic financial decision according to resale data. After three years on the road Astras tend to lose around 72% of their value, leaving sellers with very little cash to upgrade. Getting talked into extras like leather seats and dual-zone climate control only adds to the initial expense and makes the resale blow even harder to swallow.

Citroen

Not even French prestige can save Citroen from finding itself on the list of fastest depreciating cars. While there’s plenty to love about the Citroen range, models like the Citroen C1 don’t always appeal to city drivers in search of a second-hand bargain. As a result, it can be hard to recoup your cash on these compact models. The C3 is also a questionable investment, retaining just over 27% of its value after three years of use.

Peugeot

Like the Citroen C1, models such as the Peugeot 108 suffer from a high showroom price tag and low resale value. When it comes to the second-hand market they just don’t seem to hold their value like other smaller models. As a result, owners encounter a steep depreciation curve when trying to sell Peugeot 108s. The Peugeot 308 is another tough car to sell, retaining less than 22% of its value after three years. This is largely due to its cramped interior and slack handling, which can be a major turn off for buyers.

How to maintain value

While data is important, there are some things you can do to retain value and increase the resale value of your car, even if you own a high depreciation model such as a Fiat or a Citroen. Attention to detail is key, with things like regular servicing and twice annual oil changes helping to keep your car in great condition.

Looks are also important, with regular deep cleans and detailing working magic on the overall appeal of your vehicle. Needless to say, smoking is an absolute taboo and can make or break a sale. Even after a deep clean, the smell of smoke in your car will usually be apparent.

Financing your car purchase

Looking to buy a new car? My Car Credit is designed to make the finance process simple, fuss free and crystal clear for motorists across Britain. Whether you’re looking to invest in value-holding Mini or you think you can look after your Fiat just fine, we’ll streamline the car finance application process and connect you with trusted dealers.

Rates from 6.9% APR. Representative APR 13.9%

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
  • You may have been refused credit elsewhere
  • You may be in a debt management plan
£

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 13.9%, annual interest rate (fixed) 13.85%, 47 monthly payments of £201.38 followed by 1 payment of £211.38 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £2,176.24, total amount payable is £9,676.24.

My Car Credit is a credit broker and not a lender.

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!

COVID Breakdown Advice: 5 Tips for Roadside Social Distancing

woman calling for breakdown advice at roadside

While restrictions may be relaxing, the coronavirus pandemic is still a very real risk in the UK. It’s never been more important to maintain social distancing and practice good hygiene in all scenarios, including breakdowns.

That’s especially true when many of us are driving cars that are a bit out of practice with weeks of staying home. Not to mention the Government’s extension of MOTs due since lockdown began.

Of course, keeping your distance isn’t always as easy as it sounds. Especially in an emergency or a stressful situation such as a breakdown. So, what should you do if you find yourself high and dry

We’ve put together some handy tips on how to get the help you need, without compromising your personal safety or breaching social distancing rules.

1. Always travel with a mask

While it’s not mandatory to wear a mask in public, stashing one in your glovebox is one of the easiest ways to ramp up protection if you find yourself in a breakdown scenario. If you need to be towed it’s possible you’ll have to catch a ride with the driver or take a taxi home.

If this happens a mask can help to prevent the risk of contracting or spreading COVID-19 in a small enclosed space. If you are offered a ride, try to sit in the back seat if possible and roll down the windows. It may seem strange, but these are unprecedented times and safety should always be a top priority.

2. Use hand sanitiser

Need to sign documents from the RAC or call a tow truck from the petrol station? A quick squirt of hand sanitiser before and after you touch anything another person has come into contact with can make a huge difference when it comes keeping COVID-19 at bay.

3. Deep clean when you get home

Whether it’s a flat tyre that can be fixed in a matter of minutes or a blown gasket that calls for several days at the garage, giving your car a deep clean when it arrives back in your driveway is a must.

If possible, avoid driving or cleaning the car immediately as research suggests COVID-19 can live on surfaces such as stainless steel for up to seven days. When it is time to clean, be sure to use PPE such as a face mask, gloves and an apron to avoid picking up any surviving remnants.

4. Keep your distance

It’s likely you’ll need to chat to the mechanic or tow truck driver, but this doesn’t mean you have to get too close for comfort. As always, try to keep at least 2 metres apart and avoid shaking hands, using the same pen or standing too close while the expert is taking a look at your ride. Interactions should be as quick as possible. If you have non-urgent questions, consider firing them through later in an email or text.

5. Upgrade your car

Okay, maybe not a social distancing tip per-se. But upgrading your car is a great way to avoid the stress – and close proximity – of a breakdown. Best of all, it doesn’t have to cost the world up front. My Car Credit helps everyday drivers secure finance for new cars that are safe and reliable.

Calculate car finance and start your application today without any hassle or delays.

Rates from 6.9% APR. Representative APR 13.9%

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
  • You may have been refused credit elsewhere
  • You may be in a debt management plan
£

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 13.9%, annual interest rate (fixed) 13.85%, 47 monthly payments of £201.38 followed by 1 payment of £211.38 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £2,176.24, total amount payable is £9,676.24.

My Car Credit is a credit broker and not a lender.

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!

Driving After Lockdown: Staying Safe After COVID-19

steering wheel of someone driving after lockdown

There’s no denying that COVID-19 disrupted almost every aspect of modern life, from how we work to how we shop. Lockdown had millions of Britons working from home, while many others were furloughed. The restriction on work and social lives meant that there was a significant reduction of vehicles on the road.

Since June, the government has pared back lockdown and is gradually reducing restrictions. Many of us are heading back to work and we can begin to visit family and friends again, while maintaining social distancing, of course.

With the surge of motorists back on the road, it’s incredibly important to be more diligent while driving. If you are getting behind the wheel for the first time in several weeks, take a look at our top tips on how to drive safely.

1. Prepare your vehicle

Your car may have been sitting for weeks on end. Before you head out on the roads, ensure that it is roadworthy. After a long period of inactivity, it’s possible your car’s battery will be flat. Inspect the tyres, ensuring the correct air pressure and that there are no cracks in the sidewalls.

Check the engine oil, lights and top up the fluids before setting off. When you need to top your car up with fuel, ensure that you are wearing gloves when handling the pump and paying.

2. Clean and disinfect

Whether you’re heading back to work, popping out to the shops or dropping off goods to vulnerable family members, your car needs to be kept clean and disinfected. Since the coronavirus can live on surfaces for up to 72 hours, it’s wise to ensure your vehicle is not a carrier of these harmful germs.

Wear appropriate personal protective equipment (PPE) to minimise the chance of coming into contact with the coronavirus. Wear gloves, a mask and an apron that are either washable or disposable.

Start by cleaning your vehicle by removing dirt, dust and debris from the interior. Next, use a disinfectant to spray over the dashboard, steering wheel, gearbox, handles, buttons, seat belts and visors. Wipe down with a clean microfibre cloth that is immediately put into the washing machine. Don’t forget to clean the interior and exterior door handles as well as the boot handle.

3. Plan ahead

Before setting off, plan a route to get to your destination. Be aware that certain road conditions may have changed in the last few weeks and there could be temporary closures and delays.

4. Slow down

There may be fewer cars than normal on the roads, which make it tempting to speed to shorten your journey. However, speeding is never the answer. Stick to the speed limits or below, especially as you get used to being behind the wheel if you haven’t driven in a while.

5. Carry hand sanitiser

Washing our hands is just as important as it was before to slow the spread of the coronavirus. However, not everyone has access to soap and water when they are out and about. Instead, many resort to the next best option – hand sanitiser.

Keep a bottle of hand sanitiser in your vehicle that is at least 60 percent alcohol to use before leaving the vehicle and upon returning. Keep the bottle out of direct sunlight as the heat could reduce its effectiveness and turn it into a potential fire hazard.

A new vehicle for your new needs

If you find yourself using your car more often or less frequently after lockdown, or if it’s just looking worse for wear, it may be time to upgrade your vehicle.

At My Car Credit, we can help you secure the right car finance that suits your needs and budget. We are operating business as usual and are ready to help you today. Calculate car finance and then apply to get started.

Rates from 6.9% APR. Representative APR 13.9%

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
  • You may have been refused credit elsewhere
  • You may be in a debt management plan
£

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 13.9%, annual interest rate (fixed) 13.85%, 47 monthly payments of £201.38 followed by 1 payment of £211.38 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £2,176.24, total amount payable is £9,676.24.

My Car Credit is a credit broker and not a lender.

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!

COVID Clean – How to Keep Your Car Coronavirus-Free

cleaning car steering wheel to keep it coronavirus free

In order to limit the spread of coronavirus as much as possible, it’s important that we all follow government guidelines and take reasonable precautions to keep ourselves and others safe. This includes ensuring that the car we use is kept coronavirus-free.

Of course, it’s easy to assume that any journeys made within the confines of your own vehicle will be relatively risk-free, since you’re unlikely to come within two metres of other people. However, it should be remembered that cars accumulate dust, dirt and grime over time, all of which act as perfect carriers for the virus.

With that in mind, it’s advisable to perform a thorough clean on your car to ensure that it’s bacteria-free and safe to drive for any essential trips you may need to take. This handy guide will walk you through the steps you should follow to ensure that coronavirus doesn’t infect your vehicle.

Before you begin

If possible, leave the car locked and untouched for three days before beginning the clean-up operation. While the scientific community is still unsure exactly how long the virus can remain active on surfaces, previous studies conducted on the longevity of other viruses from the same genus show they are likely to die out within 72 hours.

It’s also a good idea to acquire the appropriate personal protective equipment (PPE) to minimise the risk of contracting the disease should you come into contact with any surviving remnants of COVID-19. This means wearing a face mask, apron and gloves, all of which should be disposable if possible.

You must also make sure you are equipped with the necessary cleaning supplies to tackle the job. Fortunately, you can perform a deep clean on your clean without the need for any specialist equipment. All that’s required is any household disinfectant (that doesn’t contain bleach) and a clean, preferably new, cloth.

Finally, it’s imperative that you remove everything from your car to give you a clean slate upon which to work. It’s easiest if you divide the items into three piles – items which will return to the car after the clean-up is complete, those which can be stored elsewhere and those which can be thrown away. Minimising the number of things in your car will reduce the available surface area for the virus to land on.

A car cleaning checklist

Before tackling the interior of the car, make sure you give all handles (including the one found on the boot) a good wipe down to get rid of any bacteria. The same goes for the keys to the car themselves. As some of the most commonly touched items associated with your vehicle, they’re high risk as disease carriers. Then you can move inside, where you should concentrate on the following areas:

1. Driver’s seat

The steering wheel is undoubtedly the part of your car which receives the most human contact, so take care to reach the out-of-sight spots where your fingers rest. Do the same for any buttons on or protruding from the wheel itself, such as the horn, control stalks and infotainment controls. Don’t forget the gear stick and handbrake and be sure to wipe down the bonnet release lever, too.

2. Dashboard

The control panel located on your dashboard is an area which is touched frequently, so it should be another top priority for your deep clean. Remember to thoroughly spray and wipe each individual button on the radio or infotainment display, as well as the temperature controls and air vent grips. Finally, give the entire surface of the dashboard reaching to your windscreen a careful wipe down.

3. Seats

Next, move on to each seat in the car, working on them individually and paying particular attention to the seat belts, head rests, adjustment controls and seat pockets. When cleaning the seat belts, be sure to extend its entire length and clean the whole surface, as well as taking extra special care with the clips, buckles and buttons.

4. Doors

The doors themselves are another heavily touched surface inside a car. The handles are the most logical place to begin, but don’t neglect the window adjustment controls, hand rests, grab handles and pockets. Finally, wipe down the windows (including the sunroof, if your car has one) and the rear-view mirror above the dashboard.

5. Other areas of concern

Given that the boot isn’t used for every trip and doesn’t come into your direct eyeline much of the time, it’s easy to forget about it. However, you should take care to remove and disinfect any items which may be resting in there, as well as wiping down the parcel shelf and floor tabs thoroughly. Do the same for your glove box, cleaning it inside and out, as well as the central storage compartment and all cupholders.

After the clean-up is complete

Once you have followed all of the steps outlined above and you’re satisfied that your car is completely free from coronavirus, it’s important to ensure that you are, as well.

That means removing all PPE and, if disposable, double bagging it within two bin liners to minimise the chance it could infect someone else. If possible, leave it in a secure place for 72 hours before depositing it with the rest of your refuse. If they are not disposable, wash the items according to the manufacturer’s directions at the highest temperature setting possible.

Next, move to the bathroom and take care to wash your hands thoroughly for a minimum of 20 seconds. An easy way to ensure you’ve spent long enough doing so is by singing the chorus of your favourite song – a personal preference of ours is “Car Wash” by Rose Royce!

Finally, make a note of the date you performed your car’s deep clean for future reference. It’s a good idea to repeat the exercise on a regular basis, perhaps one a week or once a fortnight. Doing so will give you the best possible chance of keeping both your car and your home completely free of coronavirus.

Still looking worse for wear?

As well as slowing the spread of the virus, cleaning your car is a great way to keep it looking its best. But sometimes, it’s simply impossible to get it looking like it used to. That’s where My Car Credit can help. We offer quick, hassle-free car finance for drivers across the UK. So, whatever your circumstances, you can upgrade your car and spread the cost.

Apply now to see how we can help you.

Rates from 6.9% APR. Representative APR 13.9%

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
  • You may have been refused credit elsewhere
  • You may be in a debt management plan
£

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 13.9%, annual interest rate (fixed) 13.85%, 47 monthly payments of £201.38 followed by 1 payment of £211.38 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £2,176.24, total amount payable is £9,676.24.

My Car Credit is a credit broker and not a lender.

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!

Keeping Your Car Roadworthy in Lockdown

roadworthy car outside house during coronavirus lockdown

Since the introduction of lockdown measures at the end of March, car owners across the UK have had significantly less opportunity to get behind the wheel. Aware of the difficulties in vehicle maintenance that the situation has created, the government has afforded Britons generous leeway with regards to MOT expiration dates. Any vehicle which was due for its MOT on or after March 30th, 2020 has now been granted an additional six-month extension.

However, the extension does come with one key caveat – all vehicles must still be kept in a roadworthy condition. That means that basic car maintenance during lockdown is not only just good practice for ensuring everything stays in top working condition, but actually becomes a legal requirement. With that in mind, here are the key issues which require your attention during these unprecedented and challenging times.

1. Charging the batteries

Even while not in use, there are certain components of a vehicle (such as its alarm system and onboard computer interfaces) which continue to drain the battery very slowly. Over a prolonged period of time, they can eventually run it completely dry, so it’s a good idea to turn on any engine which is powered by petrol or diesel for around 20 minutes once a week or so. Alternatively, you may wish to invest in a trickle charger, which connects to the household mains or can be powered by solar panels.

Owners of hybrid vehicles should take similar precautions to ensure their batteries do not become depleted. In this instance, the same result can be achieved by putting the car into “Ready” mode for about an hour once every fortnight. On the other hand, electric vehicles (EVs) should be left unplugged, but with a significant amount of charge (approximately 75% or more) remaining in the battery at all times. If possible, park the car near to your charging point to allow for easy topping up.

2. Keeping your tyres in check

Tyre pressure has a direct bearing on the handling of the car and if neglected, can cause severe damage to the vehicle. Fortunately, most modern cars come equipped with a built-in tyre pressure gauge, so you can check they meet the appropriate specifications while performing your weekly or bi-weekly maintenance on the battery. Alternatively, you could purchase a portable tyre pressure monitor, or incorporate a trip to your local garage the next time you need to leave the house for essential reasons.

As well as keeping an eye on the pressure of your car’s tyres, it’s also a good idea to make sure that the tread depth is sufficient to meet legal standards. By law, all cars are required to have a minimum tread depth of at least 1.6mm, but it’s advisable that you should have at least 3mm tread depth to ensure the longevity of your car. To check, simply insert a 20p piece into the tread. If the outer ring of the coin is obscured by the tyre, the depth is sufficient. If not, it might be an idea to get it checked out by a professional mechanic.

3. Testing the brakes

Brakes are, quite understandably, one of the most essential aspects of a car’s working parts, so keeping them in good shape is of paramount importance. If the car is left stationary for an extended period of time, there is a small chance that the brakes may seize up, rendering them ineffective when it comes to using the car once more. To avoid this happening, simply roll the car backwards and forwards a few metres every so often. This method also prevents the development of flat spots on the brake pads themselves.

Meanwhile, leaving the handbrake in position for a long time can also occasionally cause corrosion to the brake discs, which might impair the handbrake’s operation and result in stickiness when using it. This can be best avoided by parking the car on a level piece of ground in a private area and leaving it in gear and the handbrake off altogether. However, this should be only attempted if you are certain that the ground is level and if you can park off public roads, where other cars or pedestrians may come into contact with your vehicle.

4. Lights and liquids

Another key aspect of your car’s roadworthiness are its lights. If any single bulb is functioning at less than 50% capacity, it will fail its MOT – so you must make sure that all are in good working condition at all times. You can check the lights’ performance by enlisting the help of a friend or family member to inspect them all while using the brakes, indicators and other signals. Alternatively, park the car next to a reflective surface and use your mirrors to ascertain how well they are working.

Finally, keeping your car hydrated in all the right areas is another crucial part of its performance. Use the dipsticks and gauges underneath its hood to test oil, brake fluid, engine coolant and screen wash levels and ensure that they are all above the minimum threshold at all times. This will eliminate any problems when the quarantine measures are relaxed and you can take to the roads once more.

Considering an upgrade?

While lockdown has certainly caused considerable inconvenience to our daily lives, it has also provided us with an insight into how a low-carbon economy might impact the environment. EVs and hybrid vehicles are a great way to support sustainability while still maintaining your independence. However, they can often present a price point that’s too high for many drivers to consider paying outright.

That’s where My Car Credit comes in. We’re experts in securing the most preferable market rates for car financing across the whole of the UK. What’s more, we consider applications from all comers, including self-employed individuals and those with an unfavourable credit history.

To learn more about our services, give us a call on 01246 458 810 or drop us an email at enquiries@mycarcredit.co.uk. One of our knowledgeable and approachable team will get back to at our earliest convenience. We look forward to hearing from you.

Rates from 6.9% APR. Representative APR 13.9%

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
  • You may have been refused credit elsewhere
  • You may be in a debt management plan
£

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 13.9%, annual interest rate (fixed) 13.85%, 47 monthly payments of £201.38 followed by 1 payment of £211.38 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £2,176.24, total amount payable is £9,676.24.

My Car Credit is a credit broker and not a lender.

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!

Choosing the Best Breakdown Cover: A Complete Guide

man with flat battery wonders about best breakdown cover

Breaking down can be a very negative experience in more ways than one. To avoid being stranded on the road with the burden of a broken car, you need to opt for a breakdown cover policy.

Breakdown cover

Breakdown cover will vary depending on your insurance policy and can provide anything from basic roadside assistance to vehicle recovery and onward travel. If you drive on a regular basis, it’s vital that you know your options and how they can work for you.

Types of breakdown cover

Personal

Personal breakdown cover will protect you as an individual in any vehicle that meets the agreed specification of your policy. This kind of cover enables you to claim as the driver or passenger of a broken-down car and (depending on the policy) may also cover people that live at the same address.

Vehicle

Vehicle breakdown cover will allow you to claim for the specific vehicle outlined in your policy, regardless of who’s driving it.

Levels of breakdown cover

Once you’ve decided on the type of breakdown cover you want, you have to choose the level of cover.

Roadside assistance

This usually comes as standard when you take out breakdown cover and means that a breakdown team will come to your location and aim to get you back on the road again. If they can’t fix your car on the roadside, they will tow it to the nearest garage.

Vehicle recovery

In the event that your car can’t be fixed, vehicle recovery enables you and your vehicle to be taken by the breakdown team to a destination of your choosing. This is especially advantageous if you are a long way from home and have no other way to get back.

Home breakdown

If your car won’t start at home, this enables you to get a breakdown team sent to your home to fix it. This is more common than you might think, with flat batteries causing a lot of cases.

Onward travel

This kind of cover enables you to complete the journey that you were on when you broke down if your car can’t be fixed. Onward travel cover has a number of options attached to it, including a courtesy car, overnight hotel accommodation or public transport.

Optional extras

Once you’ve selected the main options to your breakdown cover, there are also optional extras you can add on.

  • Multi-car can cover multiple cars and/or drivers that live at the same address
  • European breakdown cover will cover you when you’re abroad
  • Key replacement in the event that they are lost, damaged or broken
  • Battery replacement with no service fee
  • Tyre replacement
  • Wrong fuel cover, in the event that you have mistakenly re-filled with the wrong fuel

If you drive regularly, it’s important to get breakdown cover. Being stranded on the roadside is inconvenient and potentially dangerous. We hope our complete guide will help you to understand your options and choose the best option for you.

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
  • You may have been refused credit elsewhere
  • You may be in a debt management plan
£

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 13.9%, annual interest rate (fixed) 13.85%, 47 monthly payments of £201.38 followed by 1 payment of £211.38 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £2,176.24, total amount payable is £9,676.24.

My Car Credit is a credit broker and not a lender.

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!

Car and Tyre Maintenance 101

Pile of well-maintained tyres

It’s almost too obvious to state the importance of your tyres – they are the only connection between your vehicle and the road, and have a huge influence over your driving experience and general safety. However, they are not often given the attention they deserve. According to a Michelin study, 36% of UK drivers are driving around on tyres that are dangerously under-inflated. Tyre pressure is just one aspect of looking after your tyres – there’s plenty more to know about tyre maintenance.

How long do tyres last?

There is no way of knowing how long your tyre will last – the tyre brand, the amount you drive, the conditions of the road and the care you take of your tyres will all have a major impact.

However, there are some general rules to follow:

  • After five years of use, you should make regular inspections of your tyres, and at least one annual inspection with a professional.
  • After ten years, you should replace your tyres – even if they look to be in good condition

What damages tyres?

Your tyres will receive general wear and tear with age and the amount you drive the vehicle. However, there are additional factors which can increase the damage caused to your tyres.

  • Various road condition issues can have a major effect – speed bumps, kerbs and potholes, to name a few.
  • Driving habits are the biggest influence that people don’t consider. If you speed and make quick starts or emergency brakes, you will greatly increase your chances of damaging your tyres.
  • Improper tyres can have a major affect on their longevity. If you have the wrong type of tyres (i.e. they are not the right size or compatibility for your vehicle) they won’t last for anywhere near as long. Also, this can prove very dangerous!

How do I make sure my tyres are in good condition?

It’s important to regularly make sure that your tyres are in good condition – once a month is a good marker. Here’s a good checklist to follow:

  • Check your tyre pressure – you can usually find this in the owner’s manual.
  • Check the tread wear – you can use a tread depth gauge (which you can get online) or by looking for signs of tread wear (e.g. any patterns in between the intended grooves of the tyres).
  • Check for any signs of damage – you can check your tyres visually for any bumps or punctures and run your hand around the edges for any physical signs of damage.
  • Be aware – you should always be sensitive to any changes in your car’s handling and steering, as well as any noises that are out of the ordinary.

When do I need to change my tyres?

You should change your tyres (regardless how they might appear) every ten years. After the five-year mark, you should have your tyres regularly inspected with a professional. However, these are only general guidelines and there are other ways of knowing if your tyres need to be changed:

  • The tread (i.e. the depth of the groove in the tyres) is below 1.6mm
  • There is a hole in the tread which is more than 6mm in diameter
  • There is any damage to the edge of the tyre that sits on the wheel
  • There are any changes to steering or handling

Your tyres are one of the most under-appreciated part of your car. Whilst people can often spot a scratch or dent in the bodywork from a mile off, they rarely notice any issues with their tyres. However, it’s absolutely vital that you take good care of your tyres – so make sure you check them!

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
  • You may have been refused credit elsewhere
  • You may be in a debt management plan
£

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 13.9%, annual interest rate (fixed) 13.85%, 47 monthly payments of £201.38 followed by 1 payment of £211.38 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £2,176.24, total amount payable is £9,676.24.

My Car Credit is a credit broker and not a lender.

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!

How to transfer a private registration number to a different car

Volvo 4X4 with My Car Credit private registration plate

If you’re anything like us, picking your car will be a very personal choice. The brand, model, colour and specification are all big questions that the discerning buyer must consider. The pinnacle of car personalisation though has to be the personalised registration plate. For statement-making drivers, getting a customised plate for their beloved set of wheels is simply a must. But what happens when you get a new vehicle? Find out more about transferring the plate to your new set of wheels here.

With prices from the DVLA starting at £250 (plus VAT and an £80 transfer fee), it’s no wonder that hundreds of thousands of British drivers have bought into the affordable, yet luxurious choice of making their number plate personal. Some independent number plate traders can offer even cheaper deals!

However, once you’ve got a personalised registration plate it can be difficult to imagine driving without it. Luckily, the answer for anyone out there looking to transfer their customised plate is a yes – it’s very much do-able! However, there’s a few steps involved – so read on.

First steps

The first thing you need to do when you are transferring a personalised registration plate to another car is place the registration number on retention. This allows you to either keep the number for a vehicle in the future or transfer it over to another car.

In addition, you must also be the owner/registered driver of the car that you are going to transfer the plate over to. The car must also be:

  • Registered with the DVLA
  • Have been taxed for the last five years or declared off the road with a SORN certification (Statutory Off-Road Notification)

Making it happen

When you’re sure you have taken the first steps in the process, you can visit the DVLA’s online portal. You will be asked to enter the registration number you want to place on retention and the 11-digit document reference from the current car’s log book (also known as a V5C). It usually costs around £80 to make this happen, which must be paid in one transaction with a debit or credit card.

Depending on whether you have chosen to retain the personalised number for a later date or transfer it immediately, you will be issued with either:

  • A reference number to immediately transfer the number to another vehicle.
  • A V778 retention document which gives you the right to use the personalised registration number for the next 10 years.

So, if you’re looking to transfer your personalised registration plate – what are you waiting for? It’s a very efficient process, as long as you follow every step. Here’s a few key details to keep in mind:

  • If there is an interim period between your current number plate and the transfer of your personalised number plate, you will be given a replacement number to use.
  • You must have your personalised number plates (or your replacement plates) on your vehicle before you drive it.
  • You must inform your insurance company of your new personalised registration number.
  • You cannot transfer a personalised number that starts with ‘Q’ or ‘NIQ’.
  • Your plates must be made from a reflective material, which is white with black characters on the front of the car and yellow with black characters on the rear. No patterned backgrounds are allowed, and the character size and font must be within regulation.

Personalised number plates are a fantastic way to make your car extra special. Whether you go for the classic name plate or some hilarious wordplay, they’ll show everyone else on the road a bit of your personality. It’s for these reasons that many people like to keep their personalised number plate and transfer it on to another vehicle, and we hope that this article has made the process as smooth as possible.

For more information why not visit the GOV website here.

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
  • You may have been refused credit elsewhere
  • You may be in a debt management plan
£

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 13.9%, annual interest rate (fixed) 13.85%, 47 monthly payments of £201.38 followed by 1 payment of £211.38 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £2,176.24, total amount payable is £9,676.24.

My Car Credit is a credit broker and not a lender.

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!

ULEVs (Ultra Low Emission Vehicles) in the UK

Man recharges Ultra Low Emission Vehicle in UK

In his first speech as Prime Minister in July 2019, Boris Johnson introduced us to his plan for – amongst other things – the United Kingdom to become ‘the home of electric vehicles’.

… or more specifically: ULEVs. Ultra-low emission vehicles (ULEVs) is a broad term that encompasses a variety of low carbon and zero-emission vehicles. From Nissan Leafs to Teslas, more and more green cars are hitting our TV screens, billboards and motorways. It’s pretty clear the ULEVs are on the rise, but just how feasible is Mr Johnson’s goal for an ultra-low emission future led by the UK?
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
  • You may have been refused credit elsewhere
  • You may be in a debt management plan
£

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 13.9%, annual interest rate (fixed) 13.85%, 47 monthly payments of £201.38 followed by 1 payment of £211.38 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £2,176.24, total amount payable is £9,676.24.

My Car Credit is a credit broker and not a lender.

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!