Can I Buy a Car with a UK Provisional Licence?

Young man happy he can get a car on a provisional licence

Whether you’ve always been a keen motorhead or you just want to get familiar with a particular car prior to taking your test, there are various reasons why learner drivers might want to buy a car before they’ve passed.

Read on as we answer the frequently asked question, “can I buy a car with a UK provisional licence?”

Can you buy a car with a UK provisional licence?

The great news is that yes, you can buy a car with a UK provisional licence. However, the DVLA (Driver and Vehicle Licensing Agency) does have legal obligations for car ownership that must be fulfilled – no matter what kind of licence you have.

As well as ensuring that you have your provisional licence, you must also have your MOT certificate, up-to-date vehicle tax, and your vehicle log book (known as the V5C). You must also ensure that your vehicle is roadworthy and is registered with the DVLA itself.

Remember, that with a provisional licence, you cannot drive the car. You’re only able to do so provided that you are accompanied by someone with a full driving licence, and there must be ‘L’ plates displayed. The insurance must cover both people in the car, too.

Bear in mind that most car finance companies won’t approve a finance deal with a driver who only has their provisional licence. It’s seen as too great a risk.

What car should you buy?

It’s important to go for a car that can get scratched up. Smaller cars with good fuel efficiency and small engines are best – and these also tend to be cheaper to insure.

Do your research on the best kind of vehicles for beginners, and stick to those – don’t dream too big. You may find family or friends selling old models at a discounted rate. As you know them, they’re less likely to deceive you about the car’s quality or safety, and they may offer price reductions if you’re lucky.

Alternatively, you could even look out for the exact model that you learn to drive in. That way, you won’t be thrown by any changes between different makes of car.

Why buy a car when you can’t yet drive?

It might seem strange to buy a car when you only have your provisional licence, but there are logical reasons for why you might want to do so.

Insurance

Finding insurance as a new driver can be tricky, and it can be more complex depending on factors like your age and gender too. By purchasing a car whilst you’re still learning, you’re giving yourself time to research the right insurance policy for when you’re hitting the roads without a fully-licensed companion.

Familiarity

As we touched on above, purchasing a car that’s the same as your instructor’s means you won’t be thrown by difference between models and makes. Similarly, if you practice driving in a car with a provisional licence (with a licensed driver also in the vehicle), you’ll be more confident to hit the road on your own once you’ve passed your test.

Your first car after passing

When you pass your test, and your provision licence is swapped for a full one, you may well want to swap your learner car for something a bit nicer too. That’s where My Car Credit can help.

Check for car finance without affecting your credit rating, then get a quote that’s tailored to your credit score and affordability. You’ll be able to upgrade your learner car in no time, without breaking the bank!

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.

Evolution Funding Limited, trading as 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!

Should I Get My First Car on Finance?

Woman thinking about getting her first car on finance

“Should I get my first car on finance” is a question many new motorists find themselves asking. If you’re tossing up between whether to purchase your first car outright or take advantage of finance options, this article is for you.

Read on for five reasons why you should finance your first car, as well as some cons to consider.

1. Unlock access to more desirable models

If you’re wondering if you should get your first car on finance, you probably don’t have the cash to pay for a vehicle outright. Buying a car is a big financial commitment. Furthermore, most people can’t afford to lay down thousands of pounds at once. This is where car finance comes in.

Financing your car is a desirable option for new drivers as it allows you to get behind the wheel of a vehicle that would otherwise exceed your budget. Instead of a lump payment, the cost of ownership is spread over a pre-determined timeframe. As a result, you pay small monthly repayments. Bear in mind that car finance isn’t a greenlight to purchase a luxury SUV on a graduate salary. However, it does allow you to expand your horizons and buy a better car without the need for a huge deposit.

2. Enjoy more reliability

As discussed above, car finance allows you to purchase a car that would otherwise be out of your price range. With this comes the luxury of more reliability on the road. If all you can afford outright is a battered Volkswagen Golf with 200,000+ miles on the odometer, chances are you’re going to run into some problems on the road. With the same budget, car finance allows you to upgrade to a newer and more reliable model.

3. Build a good credit score

If you’re just starting to flex your financial muscles, car finance can be a great way to build up your credit score. Bear in mind that you’ll need to be responsible about your monthly payments and commit to a payment plan you can afford. Consequently, signing a car finance contract (and paying it off) is a gold star on your credit score. In the future, this will help you when applying for credit cards, mortgages and other financial commitments.

4. Stretch your insurance budget

New drivers pay some of the highest insurance rates in the UK.  As a result, the average motorist aged 17-24 forks out more than £1,200 a year. As such, new motorists wondering where they’re going to find that extra £100 a month to cover the cost of insurance may well opt for finance on their first car. With car finance, you can spread out the cost of car ownership and avoid draining your bank account to purchase a car outright. This means you’ll still have plenty of cash to cover essentials like car insurance, road tax, fuel, and general maintenance.

5. Hold onto your savings

Should I get my first car on finance? If you want to hold onto your savings and ensure you have funds for a rainy day, the answer is yes. While you may still need to make an initial down payment (but not always), car finance spreads out the total cost of ownership. As a result, you don’t need to spend all your cash, all at once. This leaves you free to pay off your credit card or simply stash your savings in a high-interest account and watch them grow.

The cons to car finance

While car finance is a wonderful thing and comes with a laundry list of benefits, it’s not always for everyone. To balance out the scales, here’s a few reasons why you may not want to purchase your first car on finance.

• Interest payments can add up

Car finance stretches your budget further, but it does mean you’ll pay more for the vehicle due to interest costs. The good news is, with a good car finance team on your side you can keep these costs as low as possible. In many cases, using car finance to purchase a newer vehicle translates to better fuel economy and less trips to the garage. The money you save can be used to cover interest payments, making car finance a great solution for your first set of wheels.

• Risk of repossession

Your car is secured by your finance loan which means if you default on payments, it could be repossessed. While this is an issue for some, most car finance applicants are responsible and have no trouble making payments on time. The key is to pick a car that falls within your long-term budget and only commit to monthly payments you can afford.

Get behind the wheel with car finance today

Ready to get behind the wheel of your first car? Whether you’re a teenager who’s just passed their driving test or an adult in the market for their first vehicle, we’re here to help. With rates starting from just 6.9% APR, we offer some of the most competitive car finance deals in the UK.

Car finance options

Worried about your credit rating? Don’t be. We have access to one of the largest lending panels in the UK. This means we can create tailored finance solutions for motorists with gold-standard credit ratings, as well as those with not-so-perfect scores. If you’re a young driver and your credit rating is still in the works, guarantor finance can be a savvy solution for the responsible borrower. Backed by a family member, this payment plan reduces the risk for the lender and increases the likelihood of an acceptance. It’s just one of many ways we can help you enjoy all the benefits of purchasing your first car on finance.

Give us a call today to find out more about our competitive car finance rates and chat to an advisor about how 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.

Evolution Funding Limited, trading as 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!

A Guide to Buying Your First Car on Finance

Man holding keys after buying first car on finance

Alongside graduating from school, college or university, starting work and moving out (bye-bye parents, hello freedom), buying a car is a pivotal moment for any young person. However, without the bank of mum and dad, many struggle to afford the lump sum payment, which is why car finance is an attractive and realistic option.

In this short guide, we’ll explain everything you need to know about buying your first car on finance, from improving your credit score and setting budgets to securing the best possible deals. While we’ve tailored this guide mostly to young first-time buyers, the advice given applies to anyone searching for a more affordable way to get on the road. 

What is car finance? 

Car finance is an accessible means of owning the car of your dreams. Instead of covering the full cost upfront, you can spread payments over several months or years in reasonable, bite-sized chunks. 

A personal contract purchase (PCP) is a popular way of financing a car. Agreements often last between three to five years, and at the end you can either make a final payment to keep the vehicle, return it or use the resale value towards buying something brand-new. 

You can also opt for Hire Purchase (HP) if you prefer the idea of owning the car at the end of the agreement without needing to pay a final lump sum payment.  

To secure a finance agreement, you’ll have to pass a credit check and lender criteria and it helps to make a small deposit upfront (usually 10% of the car’s total cost). 

How to improve your credit score 

Before lenders consider your application, they’ll undertake a thorough credit check to assess your potential risk. The overall score determines who qualifies for a loan, the amount you can borrow, interest rates and credit limits.  

To ensure you’re in the best position possible, you’ll need some active credit history to show you can manage money responsibly (this is especially important for students without full-time employment). Below are three simple ways you can improve your score and bolster your chances of securing finance. 

Check you’re on the electoral roll 

Lenders check whether you’re on the electoral roll to protect themselves against fraud. If you’re a student, you can register at your home address or student address. 

Apply for a credit card and use it sensibly 

Using a credit card is the easiest way to show lenders you can keep track of your outgoings. However, if you’re worried about debt or have a low credit rating, a prepaid card is an alternative option, working similarly to a pay-as-you-go mobile capping your spending. Students may also be eligible for a student credit card with a low credit limit.  

Mobile phone contract  

If you’ve never had credit, a mobile phone contract is a simple way of improving your score. They work much the same as repaying car finance, albeit on a much smaller scale, demonstrating your ability to meet monthly repayments. 

Four things to do before buying your first car on finance 

Set your budget and plan for additional costs 

The most crucial part of buying any car is setting a budget and sticking to it, no matter how tempting a set of shiny new wheels might be. So, before entering a finance agreement, prepare to meet monthly repayments by choosing a realistic model. If possible, negotiate an arrangement that suits your income stream. 

However, it’s not just the initial value of the car you must consider  plan for running and maintenance costs too. These include: 

  • Car insurance (often more expensive for new and young drivers) 
  • Fuel costs, especially if you plan to travel frequently 
  • MOT tests, scheduled maintenance and repair costs 
  • Road tax (there are a few exemptions) 

If you’re not sure how much you can borrow, read this handy guide. 

Decide whether you want a used or new car 

When it comes to buying your first car, a key consideration is whether you should buy new or used. While the decision is ultimately personal, depending on your budget and immediate needs, consider the benefits of both routes before making a final decision. 

The advantages of a used car include affordability (the initial price is often between 30-50% less, meaning lower monthly repayments), cheaper insurance (a massive incentive for new drivers who are already facing premiums) and discounted tax. 

However, there’s more choice when buying a new car and improved safety features, such as automatic emergency brakes, adaptive cruise control and intelligent sensor systems that reduce collisions. Surprisingly, new models are also quite affordable thanks to the range of generous finance deals on offer. 

Find a guarantor 

If you’re a student, you’re still eligible to buy a new car on finance. Although, without a full-time income, lenders may need additional reassurance that you can meet monthly repayments. In these cases, a guarantor will help bolster your application. 

A guarantor is usually a close friend or relative, with a good credit history, who agrees to continue repayments if you’re unable to make them. While they can’t take on the loan (it will always be in your name), they act as a safety net to mitigate risk. 

Entering into a Guarantor Loan is a big responsibility for both parties. It is therefore important that you both understand your obligations, as well as the potential risks. 

Double check the agreement before signing 

You know how the saying goes  it’s better to be safe than sorry. With that in mind, double-check the terms and conditions of your finance agreement to avoid hidden charges and dubious stipulations. 

Things to watch out for include: 

  • Mileage caps which restrict the amount you can travel each year (exceeding the limit incurs charges anywhere between 3p to 70p per mile) 
  • Late payment policies which penalise you for missing repayments 
  • Damage charges and service requirements
  • “Free” insurance policies that sound too good to be true 

Do you need help finding a finance agreement? 

Buying your first car is nerve-wracking at the best of times without worrying about hefty upfront costs, which is why we aim to make the process as straightforward and affordable as possible with the best finance deals anywhere in the UK. 

To learn more, call us on 01246 458 810 or drop us an email at enquiries@mycarcredit.co.uk  one of our friendly specialists will be in touch shortly. For additional information, you can also visit our website where we have hundreds of helpful blogs and articles to browse through. 

 

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.

Evolution Funding Limited, trading as 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!

Everything You Should Know Before Buying Your First Car

man smiling whilst thinking about buying your first car

Have you just passed your driving test and are ready to hit the roads? Perhaps you’ve been saving up money for a while now and are finally ready to purchase your first vehicle. Buying your first car is an exciting – albeit daunting – process. Not only are you making your biggest purchase yet, but you’re gaining a sense of independence and freedom.

Being a motorist can be expensive, and there are many costs to consider. Purchasing the right vehicle that fits your budget is the first and most important step to make. Below, we have a list of the essential things you should keep in mind as you start shopping for your first car. These should help you manage your finances throughout the process.

1. Assess your needs

Do you regularly haul goods? Need extra seats to transport the kids and family dog? Or are you looking for a nifty hatchback to squeeze into on-road parking spots? Assess your needs to narrow down the search.

For example, if you commute long distances to and from work every day, you will want a fuel-efficient vehicle that can handle lots of mileage. For that reason, you might consider a newer car with very few miles on the clock. If you need plenty of room in the back for transporting goods, you might consider a minivan or SUV over a hatchback. The right vehicle should complement your lifestyle and daily needs.

2. Determine your budget

Buying your first car goes beyond having the money to pay for it. You have to factor in the additional costs, such as vehicle tax, car insurance, MOTs, servicing and fuel. Work out how much you can comfortably afford to spend monthly and how much your deposit could be if you decided to finance your first vehicle.

Financing gives you more freedom to break up the cost of a whole car into easy and affordable monthly payments, which can help you buy the right vehicle for your needs. Consider working with car credit specialists to land the right finance plan for your budget.

3. Review your credit report

Lenders will check out your credit history when you’re applying for car finance. Even if you don’t think you have a history, if you have a phone plan, credit card or rent a flat, these items will be marked on your report.

Review your credit report to ensure there are no errors or anomalies, correcting any mistakes before you purchase your first vehicle. This can save you a lot of interest over the long-term.

4. Consider second-hand

The new car smell, pristine seats and the sparkle of a fresh paint job may have you eyeing up a brand-new vehicle. But this isn’t the only option you should consider. A new car’s value plummets the minute you drive it off the dealership’s lot, and you may be able to find a suitable used vehicle for a much better price.

Consider looking at used cars, and you may be surprised to find a nearly-new make and model of your dreams.

5. Do your due diligence

Check any car over before buying to make sure it’s roadworthy. If you don’t know what you should be looking for, take a knowledgeable friend or car mechanic with you to be sure.

Check the tyres, oil, engine, mileage, brakes, MOT history, and ensure all functions and features are in full working order. It’s also worth finding out if the vehicle has been in previous accidents or if there have been modifications or repair work that could affect it further down the line.

6. Take the car for a test drive

Most dealerships will allow you to drive the car before you buy it, allowing you a bit of time to get familiar with the handling. When going on a test drive, listen out for any noises that don’t sound right (any banging, hissing or screeching) and test out the speed (when the speed limit allows) that could bring underlying issues to the surface.

7. Negotiate the price

Whether you’re buying a new or used vehicle, the price is almost always negotiable. You may be able to save thousands of pounds if you haggle. Don’t be afraid to question the price. Most dealerships actually expect you to negotiate.

Even if there isn’t much wiggle room on the price, there’s no harm in asking. In fact, the dealer may be prepared to throw in some extras to sweeten the deal, such as free car mats or roadside assistance coverage.

8. Read through the paperwork carefully

Most car agreements are binding, which means that once you sign, there is little you can do to change the terms and conditions. That’s why it’s worth spending a few minutes reading through the contract carefully. If you aren’t sure what something means, don’t be afraid to ask the dealer for clarity.

You should also ensure that the logbook (V5C), service record and car manual comes with the vehicle as well as any spare tyres and keys.

10. Enjoy the process

Owning your first car is a big milestone to reach. Even though the process of buying a car can be overwhelming, the more planning you do beforehand, the easier it will be. With competitive financing rates and hundreds of great cars to choose from, your options have never been better. Car ownership is rewarding, and once you’ve secured reliable financing, hitting the open roads in your new ride will be that much sweeter.

Financing for your first car

Ready to take the plunge on buying your first car? At My Car Credit, we make the car financing process easy, seamless and hassle-free for first-time car buyers across the UK. Our team of financing experts will walk you through every step of the process to ensure you feel informed and confident with your transaction.

Whatever car you’re looking for, we can help you break up the cost into bitesize pieces. Calculate car finance and apply online or call us on 01246 458 810 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.

Evolution Funding Limited, trading as 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!

L Plate: Tips for First Time Car Buyers

First time car buyer driving car bought on finance

Buying your first car is a major milestone, and something you’ll probably remember for the rest of your life. It’s easy to get caught up with all the exciting details such as the model, the colour and specifications – imagining yourself cruising around in your own set of wheels. However, you need to take a few important (and perhaps less fun) things into account first, to make sure that your final decision is a happy one.

Do your research

This is something we can’t stress enough. It has never been easier to find out everything you need to know about the car you want and the ways to finance it. The more research you do, the better prepared you will be to get your ideal car. It will be especially useful when it comes to discussing with your vehicle trader – if you can demonstrate your knowledge to a car dealership salesman, they will be far more likely to get the best deal possible.

Set your budget

Financing your first car is probably the biggest budgeting responsibility you’ve had. It’s vital to understand what you can afford to avoid any future financial problems. It’s best to start with any living costs you might have, such as your food, social events and rent/mortgage payments. Once that’s been calculated you’ll know how much is leftover to pay for car insurance, petrol, car maintenance and your finance plan. It’s best to be conservative with your numbers to make sure that you’re financially secure.

Car finance options

You may be purchasing your first car through a car finance agreement. There are plenty of options available to you and you should take your time to understand each one to make your final decision. Many lenders will accept first-time car buyers, especially if you have built up a good credit profile. Alternatively, you may be able to secure a Guarantor Loan, explained in more detail here.

Negotiate the price

Regardless of the fact that you’re a first-time car buyer, you should still be able to negotiate on the price of a vehicle. A lot of this comes down to your research on the vehicle – you can conduct an online investigation into the car’s true value to give you some idea. It’s also good to understand what factors contribute to the value of a car and express your knowledge to the car dealer.

Take a test drive

This is one of the final and most important parts of buying your first car – always ask to drive the car you’re looking to buy. Be wary of any dealer who offers you a test drive in a similar car when there’s no feasible reason for it, this could mean that the car you’re looking to buy has some undisclosed issues. It’s also important to test drive a car as it will most likely be very different from the car you’ve been learning on. It’s vital that you feel comfortable in your first car to avoid the chances of you driving the car improperly.

We understand that buying your first car is a very exciting experience, but it’s also important that you go through all the necessary processes before you sign on the dotted line. We hope that our tips will help to make this easier for you and (more importantly) we hope that you get the perfect first car for 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.

Evolution Funding Limited, trading as 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!