Are you dreaming of a new set of wheels but dreading the process of securing car finance? Fear not. Instant car loans take the stress out of auto finance and make it easy to lock in a lender. Of course, you are entering an official financial agreement which means there is some red tape to navigate. Read on to find out more about the process and decide if an instant car loan is right for you.

Instant car loan – myth or reality?

Picture this – you’ve found the car of your dreams and can practically feel the keys in your pocket. But before you can turn the ignition and put your foot down on the accelerator, there’s financing to consider. Enter the instant car loan – a fast and easy way to secure auto finance.

So, what exactly is an instant car loan? Put simply, it’s a finance option designed to give you quick access to funds. This means you can drive away in your chosen vehicle without delay. Loans are extended for all types of makes and models, from SUVs and estates to saloons and sports cars.

How does it work? Let’s pop the bonnet and take a closer look:

How instant car finance works

The appeal of an instant car loan lies in the streamlined process. Here’s a step-by-step breakdown of how it all works:

Easy online application

Forget queuing at the bank or filling out mountains of paperwork. With instant car finance, the journey begins with a simple online application. With just a few clicks you can be on your way to securing the funds you need.

Instant decision

Using advanced algorithms and instant search technology, lenders assess your application in record time. This allows them to make a preliminary decision in minutes, rather than days or weeks.

Digital documents

While the instant decision may leave you daydreaming of the open road, there are still a few hoops to jump through before funds hit your account. You’ll need to provide supporting documentation, such as proof of identity, income and credit history, to verify the information provided in your application. Think of it as dotting the i’s and crossing the t’s to ensure everything is in order.

Final approval and funding

After documents have been received by the lender the final approval process swings into action. The lender conducts a thorough review to ensure everything checks out. Once the final stamp of approval is given, funds are transferred to your account. In some cases, the lender may purchase the car outright on your behalf. In both scenarios, you’ll repay the loan in monthly instalments, along with interest and any additional fees.

Reality check: understanding the fine print

Before you hit the motorway, let’s address the elephant in the room – the reality check. While the appeal of instant car finance is undeniable, it’s important to recognise that approval is preliminary. The “instant” decision you receive is a promising sign that you meet the initial criteria set by the lender. However, to seal the deal and secure funds, additional steps are required, including that should you progress, some lenders may perform a hard search on your credit file.

Your instant car loan: the final steps

So, how do you get the green light for your instant car loan? Once you’ve received your instant decision, the next steps involve submitting supporting documentation and passing a final review process. This can include a hard credit check which sees the lender take a deep dive into your financial history using credit reference agencies (CRAs) like Equifax, Experian and TransUnion. All three CRAs have access to information about British adults and their credit histories. This information is used to generate a credit score which is used to assess your risk as a potential borrower.

In the final stage you’ll also lock in the terms and conditions of your loan. This includes the total amount you’ll borrow, length of your agreement, monthly repayments and APR.

The role of brokers

Most banks and high street lenders are too cautious to issue instant auto finance approval. This is where a broker can really boost your chances of success. Instead of partnering exclusively with a single lender, brokers work with multiple lenders. This exposes your application to far more potential creditors, including those specialising in auto finance for borrowers with less-than-perfect credit scores.

Instant car finance – a road worth exploring

While the concept of an instant car loan isn’t necessarily as simple as it sounds, it’s a road worth exploring if you’re seeking swift approval and streamlined financing solutions. It’s a fast way to get the ball rolling and get an idea of your different options, including what type of terms, monthly repayments and APR rates to expect.

Of course, it’s important to approach instant car loans with a pinch of salt and recognise that approval is preliminary. By understanding the process and being prepared to navigate the additional steps required, you can enjoy the benefits of instant car finance and hit the road without delay.

Hit the road with My Car Credit

Ready to get behind the wheel? Whether you’re in the market for a PHEV Kia Sportage to slash your tailpipe emissions or an athletic Audi A3 with a luxe trim level, apply for your instant car loan today and take the first step towards automotive ownership.

As part of Evolution Funding, the UK’s largest motor finance and technology provider, My Car Credit leverages award-winning technology to improve your chances of acceptance. Our unique matching algorithm ensures you find the best product and lender for your circumstances, at a competitive rate. We’re passionate about seeing every quick car finance application right through to the end, right through to the final cash deposit in your bank account.   

A great place to start is by using our online car finance calculator. Here you can get an idea of acceptance probability and cost, all without affecting your credit score. Please note that should you progress, some lenders may perform a hard search on your credit file.

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!