If you’re thinking of buying a car on finance, you’ll have lots of questions around how financing a car works.

Our FAQs cover all the typical questions we get asked, and more!

Take a read through our financing a car FAQs and if you’ve still got some questions, don’t hesitate to contact our experienced Car Credit Specialists by emailing enquiries@mycarcredit.co.uk or calling 01246 458 810.

How will I know if I am eligible for car credit?

As long as you live in the UK, you are over 18 years old and are in employment you can apply for car credit with us. Complete the online application form for an instant decision.

How will I know what finance rate I will be offered?

We will send you an immediate response which will give you an expected APR based on your credit profile. Our APR’s start at 6.9% for a strong credit profile and rise in line with your credit status.

Can I buy any car?

Yes, as long as it is from a reputable UK motor dealer. We can help you find a car from one of our approved dealers. These are dealers that have been vetted by our company by use of financial checks and relevant trading licences.

What if I have a poor credit history?

No problem, we have helped thousands of applicants with previous credit issues. Complete the online application form and an advisor will contact you to discuss your options.

What is your best rate?

Our finance rates start at 6.9% APR. If you have a strong credit profile, you are a home owner and are over 25 years old you will qualify for this rate. Our offer will be based on the strength of your credit profile and will always be very competitive.

How do you make your decisions?

We will assess your credit profile against the criteria of over 22 top UK banks and loan providers. We will send your application to the most suitable lender to gain you the best possible rate.

What if I don’t know what car I want to buy?

No problem, it is very common for car buyers to source their loan terms before committing to buying a car. Once you have chosen your car you can amend your loan amount to fit. You can also amend the length of your loan as long as it does not exceed 5 years.

What if I change my mind?

Your loan will not become active until the dealer has been paid for the car. If your loan has been accepted and you have not collected your car, you can change the loan amount or cancel at any time.

Does the car have to be for me?

Yes, we will accept join applications but would always expect the loan to be in the name of the registered keeper of the car.

Can I pay off the loan early?

Yes, you can pay off your loan at any time. You will receive a rebate of interest if you pay off the loan early. You can also make overpayments with most of our lenders to help shorten the length of your loan.

What happens with my data?

We will not send your data to any third parties other than the lender that has been selected to approve your loan. Our lenders are not permitted to use your data for any other purpose than to process your application for credit.

How long does it take to get an answer?

Most of our applications are given an instant decision. This usually arrives by email within 3 minutes. Sometimes it takes longer for us to get you the best possible rate but we will always contact you within a few hours of your application.

How long before I can have my car?

Once your loan has been accepted you can collect your car the following day.

Do you take part exchanges?

We have a partnership with a car buying service which we highly recommend www.mikebrewerbuysyourcar.com

What proof of ID is required?

Each lender has their policies on what will be required to prove your identity. As a minimum you will be expected to produce your driving licence.

Is there a maximum age of car that you can buy?

We can provide credit for all ages of car as long as the loan is higher than £1,500.