Part of Evolution Funding, the UK’s largest motor finance and technology provider.
Part of Evolution Funding, the UK’s largest motor finance and technology provider.
Want to apply for car finance and wondering how car finance works? My Car Credit takes you through the simple process of applying for car finance online.
Our car finance application process is one of the simplest around. What’s more, our customers tell us we make the car buying journey easy and stress-free.
Crucially, rather than reeling you in with an attractive but inaccurate rate, we give you a real decision based on your personal circumstances and credit profile.
We also don’t mind if you secure your finance first or find a car and then apply. However, if you are still looking, we have a network of trusted dealers to choose from.
With your initial application being soft search only, you’ve got nothing to lose – apply today and get a fast, online decision on car finance.*
* Should you progress, some lenders may perform a hard search on your credit file.
Rates from 9.9% APR. Representative APR 11.9%.
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1.
Complete an application, get a real rate, without impacting your credit score.
Get a real rate, without impacting your credit score. Our simple online form takes just minutes to complete, and we’ll give you an instant, online decision in principle.
2.
Catch up with your personal Car Credit Specialist.
You’ll be assigned a Car Credit Specialist, who will get in contact to answer any questions, and will be on hand every step of the way.
3.
Choose a car from any reputable dealer.
Now you know how much you can borrow, you’re ready to go car shopping. Find the perfect car from one of our trusted dealers or give us details of the car you’ve found and we’ll check that your dealer is top notch.
4.
Say hello to your new car!
We do all the legwork with the lender and the dealer. Once you’ve signed your documents from the comfort of your home, the funds are typically transferred the next working day and you’re good to collect your car!
Require more help?
Can’t find the information you’re looking for? Need some support or guidance? Get in contact – our friendly and experienced Car credit Specialists are here to help!
Require more help?
Get in contact – our Car Credit Specialists are here to help!
How We Get You the Best Car Finance Deal
My Car Credit isn’t just a car finance lender. We’re a specialist broker, partnering with the largest panel of car finance lenders. That means we can compare a wider range of deals to find the one that’s best for you.
It also saves you lots of time! Rather than having to contact all of these lenders separately, you can submit your details through us and let our team do the legwork.
Whether you want hire purchase (HP), personal contract purchase (PCP), or you don’t have a preference, we’ll make sure you get a deal that suits your budget and any other requirements.
Understanding Car Finance Interest Rates and APC
Whether it’s HP or PCP, a crucial part of how car finance works is the interest rate you’re offered. This can vary depending on how much you’re borrowing, your credit score, and the lender you choose. For example, lenders may charge more interest for lower credit scores because they represent a higher risk.
You should look out for the APR being offered when searching for car finance, as this provides a more comprehensive overview of the costs. APR includes interest along with any other fees and charges, giving you more transparency when borrowing. 10.9% is considered a good benchmark for APR when applying with an excellent credit score. Of course, this will be determined by your individual circumstances.
Start Your Car Financing Journey Today
Navigating how car finance works doesn’t have to be complicated. My Car Credit takes the hassle away for drivers across the UK. Apply today and let our team do all the hard work to find you a great deal.
Need any more information? You can also contact our Car Credit Specialists by emailing enquiries@mycarcredit.co.uk.
How Car Finance Works – FAQs
You can check finance without affecting your credit score by ensuring companies only perform a soft search. This means the search won’t show up on your file, so it has no impact on your credit score whether you’re rejected or approved to continue with your application. Bear in mind that should you progress with an application, some lenders may then perform a hard search on your credit file.
Car finance paperwork typically includes your driving licence, proof of employment and earnings and bank account details. You may also need to provide a selfie, proof of residence for the past few years or a guarantor’s details.
Some ways to improve your credit score include cancelling out-of-date credit cards, ensuring all information on applications is truthful, avoiding too many applications, and by using a credit card sensibly to rebuild your credit history.
Yes, you can get car finance with poor credit history. Specialist lenders often take on applicants with less-than-perfect scores, so it’s simply a case of shopping around or using a broker like My Car Credit.
Car finance approval can take anywhere between a few hours and a few days, depending on factors like affordability, your credit rating and whether you have your documents ready.
You can. However, lenders may have their own used car finance age and mileage requirements. Many lenders need a car to be less than 12 years old at the end of the proposed terms, with less than 100,000 miles.