car buying Archives - My Car Credit

How Quickly Can You Buy a Car?

Silver car driving through a city at night

You’ve got your eye on a new set of wheels and the excitement is real. But just how quickly can you buy a car and turn that dream into reality? Sooner than you might think! Read on for the scoop on how to secure the keys to a new vehicle in record time.

The need for speed: buy a car in a flash

We get it – buying a new car is exciting and waiting weeks to secure finance isn’t ideal. After all, instant gratification is the name of the game these days. This is where a car finance broker can help. As experts in the field, they step in to turbocharge the car-buying process and get your application approved in a flash.

The thrill of same-day car finance

So, exactly how quickly can you buy a car? With the help of an experienced broker, you can secure the keys the same day. Even better, the process is surprisingly simple. Let’s take a closer look at what to expect:

Complete a quick and easy online application to receive an accurate finance rate without affecting your credit score. Forms take just minutes to fill out and rates are based on the unique information you provide. Make sure you choose a broker that starts the process with a soft search, which has no impact on your credit file. Keep in mind that if you proceed further than this step, some lenders may run a hard search to verify your information, which will leave a mark on your file.
After your initial application is complete, it’s time to chat about the specifics of your loan. You’ll need to decide what type of agreement you want to take out. For example, Hire Purchase (HP), Personal Contract Purchase (PCP) or Personal Contract Hire (PCH). It’s worth seeking help from an expert at this stage as navigating the world of car finance can be confusing for some motorists.
Next, choose your dream car from a reputable dealer. This is the fun part! Whether you’re eyeing up a brand-new Nissan Qashqai or looking to snag savings on a used Volkswagen Polo, your options are wide open with car finance.
When you’ve chosen a vehicle the broker steps in and take care of the paperwork. After you’ve signed the necessary documents, funds are usually transferred the next working day and you’re ready to hit the road in your new ride!

Preparation is key: how to speed up the process

While same-day car finance is certainly achievable, preparation is key. To expedite the process and ensure the fastest possible outcome, it’s crucial to have all your paperwork and documents in order. From proof of identity to income verification, having everything ready to go can make all the difference when it comes to speeding up the car-buying journey.

Hit the accelerator with My Car Credit

At My Car Credit, we appreciate how keen our customers are to get behind the wheel. That’s why our team of experts is here to provide guidance and support every step of the way. Whether you have questions about the application process or need assistance with paperwork, we’re here to make your car-buying experience smooth, stress-free and above all, speedy.

Success stories from happy customers

Don’t just take our word for it – hear all about how quickly can you buy a car from satisfied My Car Credit customers themselves:

“So happy I found the perfect finance deal to go with a perfect car. Initial enquiries made at 11am, finance sorted and car collected by 3pm. Very impressed and would definitely recommend.” – Lee Buxton.

“Cannot recommend highly enough. Contacted them on the Sunday afternoon, deal complete inside 48 hours with an APR of 5% less than quoted. Picking up the car on Friday. Can’t say better than that!” – Dave Sargent.

With personalised support and flexible finance options, you can turn your automotive dreams into reality in record time. How quickly can you buy a car? Potentially even the same day! So, why wait? Use our car finance calculator to begin your car buying journey today!

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*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!

or call 01246 458 810

PCP Finance Explained – Personal Contract Purchase Guide

At My Car Credit, we understand that when it comes to purchasing your dream set of wheels, budget can be a barrier. This is where Personal Contract Purchase (PCP) finance comes in. Flexible and affordable, the auto finance option is one of the most popular ways to purchase a car in the UK.

Want to know more? Read on for a complete guide to PCP finance explained, including how it works and why it could be a great solution for your next car purchase.

What is PCP finance?

PCP is a type of car finance that allows you to secure the keys to a reliable car, without the hefty upfront costs or ownership commitment of a traditional purchase.

Here’s how it works:

Get the ball rolling: The early stages of a PCP agreement usually see your financial provider perform a credit check. Ideally, they’ll use a ‘soft search’ that won’t leave a mark on your credit score. The fun part is researching cars and deciding on a vehicle. When this is done, you’ll discuss the terms of your PCP agreement with the lender. This usually includes the value of your initial deposit and how long you’d like the agreement to be.

Deposit: You put down an initial deposit to show the dealer you’re serious and lock in your preferred car.

Drive away: Once the paperwork is sorted, it’s time to drive away in your new car and enjoy the open road.

Monthly payments: After your initial deposit, you pay manageable monthly instalments. These payments typically cover the depreciation of the car over the agreed term. With PCP finance, your monthly payments are typically lower than with other options as they don’t cover the full cost of the car. This can make getting behind the wheel of a new model surprisingly affordable.

Balloon payment: At the end of the PCP agreement, you have a few choices. You can either return the car (in good condition, of course), part-exchange it for a new one, or pay a final ‘balloon payment’ to buy the car outright. If you need more clarification on how balloon payments work, simply ask your lender for more Personal Contract Purchase information.

The benefits of PCP finance explained

Wondering if PCP finance is the right route for you? Let’s break it down with a closer look at some of the key advantages:

Lower monthly payments

PCP payments are usually lower compared to a traditional car loan or Hire Purchase (HP) agreement.

Flexible choices

PCP gives you options at the end of the agreement, allowing you to decide if you want to keep the car or swap it for a new one. If you need your options at the end of your Personal Contract Purchase, don’t hesitate to ask your lender for clarification.

Newer cars

Love that new car smell? PCP agreements allow you to get behind the wheel of a car that’s fresh from the showroom.

Lower upfront costs

Smaller deposits make PCP a real drawcard for motorists without much capital to invest.

Fixed interest rates

With PCP you’ll enjoy the comfort of fixed interest rates, making it easier to budget.

Warranty cover

Many PCP deals come with manufacturer warranties, giving you peace of mind when it comes to maintenance.

PCP vs. other auto finance options

Still not sure if PCP is your ideal route? Now we’ve got PCP finance explained, let’s compare it to other options to get a better understanding of the pros and cons:

Hire Purchase (HP)

HP agreements let you spread the cost of the car over a set term, but instead of options at the end of the agreement you own the car outright. It’s like paying off a mortgage and owning your home when the final instalment is made.

Personal Contract Hire (PCH)

PCH agreements involve leasing a vehicle throughout your duration of a contract. Unlike PCP and HP loans, PCH doesn’t involve borrowing money for car ownership. Instead, you initiate the leasing agreement with a non-refundable deposit and then make monthly ‘hire’ payments that give you use of the car. At the end of the contract, you’ll return the vehicle without the option to purchase it and become the outright owner. It’s important to note that PCH agreements often come with restrictions, including mileage limits and caps on acceptable wear and tear.

Personal loan

With a personal loan, you borrow a lump sum to purchase the car and own it from day one. Interest rates are usually significantly higher for personal loans.

Hit the road with PCP Finance

Ready to start your PCP finance journey? Remember, it’s important to fully understand the terms and conditions of your PCP agreement before you sign on the dotted line. It’s like checking the weather forecast before a long drive – being prepared is the key to a seamless trip.

Why choose My Car Credit for PCP finance?

At My Car Credit, we’re your trusted co-pilot when it comes to securing the best PCP finance deals. Why choose us for PCP finance?

Expertise: Our team has the knowledge and experience to guide you through the entire PCP process, from start to finish. If you need PCP finance explained, we have your back.

Variety: We work with a wide range of lenders to offer you the best PCP deals. Worried about having car finance declined? As well as high street banks, we partner with smaller lenders who can help you get finance, even if your credit score is less-than-perfect.

Choice: As well as partnering with a wide range of lenders, we offer a huge amount of choice when it comes to cars. No need to limit yourself to particular makes and models. We pride ourselves on helping every client secure the keys to their dream car, whatever that might be. It’s like having access to a huge showroom of cars, all in one place.

Flexibility: We tailor our PCP agreements to suit your specific needs, offering you a good amount of flexibility when it comes to things like deposit size, contract length and vehicle options.

Support: Need your Personal Contract Purchase explained? We’re here to answer your questions, provide guidance and make your PCP journey as smooth as possible.

Ready to get behind the wheel? Give us a call on 01246 458 810 to find out more about PCP finance options or email us at enquiries@mycarcredit.co.uk for a speedy response.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

Is there such a thing as guaranteed car finance?

Who is the Legal Owner of a Car on Finance?

Car Finance for First Time Buyers: A Beginner’s Guide

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*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!

or call 01246 458 810

car buying car finance car loan credit score hire purchase PCP

How Long Does It Take To Get Car Finance Approved in the UK?

So, you’ve found your dream car, a suitable car finance deal, and you want to hit the road instantly. But how long does it take to get car finance approved in the UK?

How long does it take to get car finance approved?

The initial submission for car finance can take mere minutes. However, you’ll then need to wait for any initial quote to be approved.

The turnaround time for this will vary between car finance lenders. As a general guide, assume that you will wait at least 24 hours to hear if you’ve been accepted. That could even extend to 48 hours and longer, depending on the factors we detail below.

What factors impact how long it takes to get car finance?

Credit scores

Car finance providers will perform a hard credit check to assess your car finance affordability. These take a little longer to perform than any initial soft credit check, and will impact your overall credit score too.

It’s absolutely possible to secure car finance with a poor credit rating, but your application may be swifter with a higher score. Plus, you’ll be eligible for better terms.

Use free online tools like Experian to get a free credit score check and establish whether your report has any issues before applying for car finance. This will help to speed the application process along.

ID checks

Any car finance provider will need to perform an identity check. You’ll typically be asked to submit copies of your driver’s licence, which therefore needs to be valid – you’ll be instantly rejected if it isn’t.

As well as your driving licence, you’ll most likely need to provide a complete address history. Lenders will ask for the past three years of your address, and may ask for current proof of address too. You’ll also need proof of income, or evidence of profit for self-employed businesses, for many providers.

Having all the relevant documentation to hand can significantly speed up the car finance approval process. Ensure that you have the relevant ID, and that it’s all up-to-date before applying for car finance.

Time of day

If you’re after same-day approval for car finance, apply as early in the day as possible! Some lenders will only turn around same-day approval if you apply by a certain time, so it’s worth checking this.

Secure timely car finance with My Car Credit

Email us on enquiries@mycarcredit.co.uk to get the ball rolling with your car finance journey.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

What is a Guarantor Loan?

Leasing vs Finance: What’s the Difference and Which is Better?

How Does Auto Finance Work?

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*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!

or call 01246 458 810

approval car buying car finance credit score Jan24 time

How Should New Drivers Start Saving for a Car?

If you’re a new driver, you may find yourself asking ‘but can I afford to buy a car?’ After a house, a car is one of the most expensive purchases you’ll make in your lifetime. As such, it’s sensible to start saving for a car as soon as possible.

In this post, we’ll cut out the jargon and explain how to start saving for a car.

Why should you start saving for a car?

With all the car finance that’s available, you may find yourself wondering why it’s even worth saving for a car.

With car finance, you borrow a pre-determined amount of money against the purchase of a vehicle. You then pay this money back via a series of monthly instalments – plus interest.

As such, if you can start saving for a car deposit (sometimes called a down payment), you’ll be reducing the sum of your monthly car finance repayments. You’ll also be saving on the total car finance that you owe, because you won’t have as much interest to pay.

For example, if you borrow £7,000 for your car finance, you may face monthly repayments of £265. The overall amount that you might pay for your car finance could therefore reach £9,500. However, by putting down an initial deposit of £2,000, your monthly repayments would drop to £190. You’d be paying back £8,800, saving you £700 overall.

The higher your interest rate, the higher the amount you’ll save if you put down a deposit. Aiming to save between 10 and 20% of the overall amount is a good figure to go for.

How to start saving for a car

Your unique circumstances will determine what car finance is right for you. The size of deposit you can aim for will also be unique to you, and will vary according to the kind of car you’re saving up for.

Although it’s beneficial to have a higher deposit saved up, you should also be realistic. Break down your monthly budget, factoring in all expenditure, and establish a realistic figure for the amount that you can expect to save each month.

Also, remember that once you’ve secured car finance and a new vehicle, there will be other vehicle expenditures, such as maintenance and insurance fees.

Once you’ve established a realistic figure to save towards a car, you can decide where to store that money.

If you already have a savings account, you could set up a regular direct debit or standing order. This will automatically transfer a set amount each month, so that you don’t have to think about it. If you don’t have a savings account, take the time to compare different options.

If you already have a car, remember that you can trade it in or sell it. That can help to offset the cost of your next vehicle. Just remember to compare offers from different dealers or private buyers before settling on your final choice.

Find car finance today

Now that you’ve learned why and how to start saving for a car, you can start to think about your car finance. Contact My Car Credit on enquiries@mycarcredit.co.uk to learn more.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

Car Finance vs Personal Loan, what’s best for me?

Is there such a thing as guaranteed car finance?

How Does Auto Finance Work?

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*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!

or call 01246 458 810

car buying car finance credit score savings young driver

Can You Get Zero Deposit Used Car Finance?

Securing used car finance with no deposit may sound like a pipe dream. In fact, there are lenders around who can help you to find finance for a used car whilst paying no deposit. That said, there are potential barriers to doing so.

Can you find used car finance deals with no deposit?

The short answer is – yes. Many lenders will work with you to find a no-deposit car finance deal on a used vehicle. There are many benefits to this option. You don’t have to pay a hefty lump sum upfront – typically just a modest reservation fee – and can crack on with full use of the vehicle.

However, typically only candidates with high credit scores will secure zero deposit used car finance. Individuals searching for car finance with a poor credit rating are unlikely to be offered a no deposit car finance deal, whether for a used vehicle or not.

Remember, too, that there are benefits to paying an initial deposit. Car finance deals like Hire Purchase (HP) or Personal Contract Purchase (PCP) require a deposit, which in turn reduces the size of your overall monthly repayments, as well as any interest rate attached.

By not paying an initial deposit, you have more money to pay back overall, which might also translate to a longer repayment period too.

As such, although no deposit used car finance might sound appealing, candidates with less than excellent credit ratings, or those who want more affordable repayment schemes, might want to reconsider whether it’s the most suitable option.

Find the right car finance for you

Find out if zero deposit used car finance is right for you with help from the My Car Credit team. Email us on enquiries@mycarcredit.co.uk and get behind the wheel of your ideal car finance today.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

How Do Car Finance Calculators Work?

Why Does Car Financing Take So Long?

Car Finance vs Personal Loan, what’s best for me?

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*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!

or call 01246 458 810

car buying car finance credit score Jan24 zero deposit

What Is the Best Car Finance for Me?

Man confused at different car finance option

Finding the best car finance for you comes down to a range of factors.

Distinguishing between different car finance agreements can feel mystifying, which is why we’ve provided this handy guide to help you secure the best car finance for your needs and circumstances.

What are the different car finance options available?

Not everyone has the available cash to pay for a car upfront, which is where car finance comes in.

Car finance is essentially a flexible, accessible way of financing a car. It allows you to borrow a pre-agreed amount of money to purchase a vehicle. This money is paid back in a series of affordable monthly instalments, during which time you have full use of the vehicle.

If you have car finance eligibility, you can apply for one of two agreements – either hire purchase (HP) or personal contract purchase (PCP). These are the two main types of car finance.

There are also leasing agreements and car loans, but strictly speaking, these aren’t car finance, so we won’t be discussing them here.

Hire Purchase (HP)

With HP car finance, you’ll pay an initial deposit followed by a series of equal monthly repayments. The size of these will depend on your unique car finance deal, as well as the size of your deposit.

At the end of an HP finance deal, you will own the car outright – no final payment is required. As such, your repayments on HP are likely to be slightly higher than with PCP finance.

HP car finance is available for both new and used vehicles.

Personal contract purchase (PCP)

PCP finance is much like HP car finance. You pay a series of monthly instalments to the lender, the size of which is determined by your initial deposit and contract length.

However, unlike HP finance, you don’t automatically own the vehicle when a PCP deal terminates. This means that your repayments with PCP will be lower than an equivalent HP deal, because you’re technically only paying for the car’s depreciation value.

If you choose to own the vehicle at the end of the car finance deal, you’ll pay one final lump sum (a balloon payment). This can be equivalent to a third or half of the car’s initial price, so you can refinance the vehicle to pay for this.

Alternatively, if you have positive equity – meaning the car is worth more at your car finance contract’s end than the optional final payment – you can hand the car back, choose another, and put the extra value towards this vehicle’s deposit.

What is the best car finance for me?

The best car finance for you will depend on a number of factors…

For low monthly payments

Monthly payments are higher with HP because you automatically own the car outright at the end of the finance agreement.

If keeping your monthly repayments low is a priority, PCP is the best car finance for you. However, you may end up paying more overall than with HP finance, depending on the interest rate and length of your finance agreement.

For minimal restrictions

PCP finance often comes with restrictions. These can include everything from mileage restrictions through to paying extra fees if you return the car with excessive wear and tear. Equally, if you want to take your car abroad, you may face limitations with certain PCP agreements.

HP finance does not have these kinds of restrictions or limits, so it’s a better option if you think you’ll rack up a high mileage over your finance agreement – or if you often want to drive internationally. You’ll also own the car outright once you’ve reached the end of your finance agreement.

For flexibility

PCP finance agreements might have vehicle usage restrictions. However, PCP deals tend to be more flexible than HP finance.

Both kinds of finance have flexible repayment terms (typically somewhere from 12 to 60 months). However, with PCP, you have more opportunity to determine the length of your agreement. You can also change the size of your deposit.

Remember, the higher the deposit, and longer the contract, the lower these monthly repayments will be. That said, you may end up with higher interest rates compared to HP finance.

Find the best car finance for you with My Car Credit

If you have questions about securing the best car finance for you, contact our friendly team today on enquiries@mycarcredit.co.uk.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

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Will I Get Accepted for Car Finance?

Is there such a thing as guaranteed car finance?

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*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!

or call 01246 458 810

car buying car finance credit score Jan24

How much do you have to earn to get car finance?

Car finance can help to make the purchase of a vehicle more affordable. That said, you may still find yourself wondering, “but how much do you have to earn to get car finance?”

“How much does car finance cost? Am I earning enough to cover the expenses?” If these questions are on your mind, My Car Credit is here to help! In this article, we’ll clarify the factors that may impact the car finance terms you’ll face. Read on to learn more…

So, how much do you have to earn to get car finance?

There’s no one straight answer when it comes to how much income you need to secure car finance. It depends on a number of factors. However, it’s essential to ensure you have a sense of what you can afford to borrow before signing any car finance deal.

The factors that can impact the car finance you may be eligible for include your credit score, borrowing history, the loan type, the amount required, as well as the vehicle itself.

Any car finance provider will ask for proof of income when you apply – but you don’t necessarily have to be in full-time employment to be eligible. It really depends on a mix of the above factors. My Car Credit can also work with individuals with poor credit ratings, too. Again, it’s all about a combination of factors and personal circumstances.

Don’t forget that you need to factor other costs into the overall expense of a vehicle. Cars need regular servicing and maintenance, and you also have to pay everything from car tax to fuel and insurance.

Find out more about car finance

If you have questions about car finance, give our friendly team a call on 01246 458 810 or email us today at enquiries@mycarcredit.co.uk. We’ll guide your car finance journey, putting you in the driving seat.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

Can I Give My Car Back to the Finance Company?

Financing a Second-Hand Car: 4 Options

How Do Car Finance Calculators Work?

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*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!

or call 01246 458 810

car buying car finance credit score Jan24

Why New Car Registrations Are Growing in the UK

Man looking at buying a new car in a dealership

Recent data from the Society of Motor Manufacturers and Traders (SMMT) has reported the fourth consecutive month of increased new car registrations in the UK, with a rise of 23.5%. This marks the strongest growth rate for the month of November since 2019.

What’s driving this rise in new car registrations, and what might it mean for both the UK new car sales market and car buyers more broadly?

What are the figures for UK new car registrations?

Despite the global motor industry’s struggle with supply chain issues, the UK’s auto market shows growth in new car registrations. This demonstrates its general resilience as well as a tentative increase in consumer demand.

Electric vehicles (EVs) continue to drive the rise in UK new car registrations, with registrations of battery EVs rising by 35.2%. This number accounts for more than one in five new cars in the month of November. It’s also the largest monthly share of the new car market held to date by EVs, at 20.5%.

Registration of plug-in hybrids (PHEVs) accounts for more than one in four new registrations, but nonetheless fell over the same period by 5.7%. Meanwhile, hybrids rose by 66.9% to comprise 11.2% total of the market. This reflects a move by fleet operators looking for emissions reductions and greater fleet flexibility.

Petrol registrations also expanded by 15% to make up 40% of the market, a notable fact given the UK’s commitment to net zero. Registrations by large fleets also grew by 45.4% year on year, with business registrations virtually doubling (though still constituting a small market share). Demand from private buyers also demonstrated a small expansion of 2.7%.

What might this mean for the UK new car sales market?

This growth in new car registrations indicates a tentative recovery for the UK market, but car sales still remain around 9% below equivalent pre-pandemic levels, even with this growth.

The growth in market share by EVs does indicate a rising preference for non-fossil fuel vehicles. However, the market share of new car registrations held by petrol cars remains almost double that of EVs. As such, Mike Hawes – CEO of SMMT – has urged the government to further invest in EV incentive schemes and build more electric charging infrastructure ahead of consumer need. This aims to incite more consumers to adopt greener vehicles and ensure that the country will meet its net zero targets.

Further recovery of the UK’s auto industry is anticipated in 2023, with current projections suggesting a 15.4% rise in market growth. However, with the cost-of-living crisis and concurrent rise in energy prices, there are still reasons to be wary of premature conclusions regarding the market’s stability. As consumers face higher costs for charging electric vehicles, there is a risk that this may cause the market to stagnate with a drop in demand for EVs. Given that EVs are driving the current rise in new car registrations, this drop would impact the market’s overall growth.

How might this affect car buyers?

It’s difficult to make any clear conclusions as to how this growth in new car registrations might impact car buyers. Certainly, the demand for EVs and hybrid cars is only likely to increase, backed by government commitments towards net zero.

The UK government has promised an investment of £12 billion towards a net zero target by 2030, and reaffirmed their commitment towards transitioning to 100% zero emission cars and vans in the wake of COP26. The roadmap for achieving this transition includes steps such as ending the sale of new petrol and diesel engine cars, with a complete ban in 2030, and ensuring that all new cars and vans are zero emission by 2035. There’s also greater investment (specifically a commitment of £5 billion) to infrastructure, manufacturing and R&D for EVs.

However, EVs remain more expensive at initial purchase, which – in combination with the aforementioned rise to cost-of-living – may make consumers more resistant to purchasing brand new electric motors.

How to finance a new electric vehicle

For drivers looking for a way to reduce their carbon footprint and upgrade their car at the same time, opting for an EV or hybrid is an ideal choice. However, it can be a costly move, which is where car finance comes in.

If you’re looking for an affordable, accessible way to purchase an EV, you can use our car loan calculator to see the kinds of finance agreement you may be eligible for. Alternatively, email one of our team at enquiries@mycarcredit.co.uk.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

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How Do Balloon Payments Work?

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*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!

or call 01246 458 810

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Can I Finance an Automatic Car?

There are a number of benefits to automatic cars. From fuel efficiency and ease of use through to being more comfortable to drive during stop-start journeys in urban centres, there’s a reason why people opt for automatic vehicles. But can you secure car finance on an automatic car?

Can you finance an automatic car?

Yes, you absolutely can finance an automatic car. Your car finance broker will be able to work with you to find a car finance deal that suits your circumstances, as well as covering the kind of car that you’re looking for, whether that’s a manual or automatic model. In fact, My Car Credit can even help you find car finance with poor credit, working with all kinds of drivers from different backgrounds and with differing requirements.

However, it’s worth noting that automatic cars may be more expensive to finance than manual options.

Why can automatic cars be more expensive to finance?

You’ll likely find that purchasing a manual car, as well as insuring it, will tend to be cheaper than purchasing or insuring an automatic vehicle.

This is because automatic gear boxes are more complex than manual ones. It requires more sophisticated technology, as the gearbox essentially chooses what gear you’re driving in. You’re just choosing between drive, park and reverse.

As such, automatic gear boxes tend to require more kit – meaning that they’re more expensive to produce, and more expensive to fix too. It also means that automatic vehicles have higher insurance premiums and are more expensive to purchase in the first instance.

You’ll likely find that your car finance is therefore more expensive too, in order to reflect these costs.

Finance for automatic cars

With that being said, it’s well worth investigating your car finance options if you’re set on an automatic car. After all, automatics are more fuel efficient overall and are better for high-traffic journeys, so they offer many long-term money saving benefits.

There are three main types of car finance, other than paying upfront with cash or via a personal loan. These are personal contract purchase (PCP), hire purchase (HP), and personal contract hire (PCH). All of these different kinds of car financing have advantages, depending on your needs as a driver.

However, you may find that your car finance provider will only finance an automatic car via one kind of finance deal. Whether or not that deal works for you will depend on your unique circumstances. That’s why it’s worth using a car finance broker like My Car Credit, as you’ll be able to get the most competitive deal from our panel of lenders, rather than being restricted to just one.

Secure automatic car finance with My Car Credit

If you’re looking for car finance on an automatic vehicle, find out how My Car Credit can help. Whether you want to discuss your financing options or your eligibility for car finance, we’re on hand to support you through every step.

Our friendly team is available on 01246 458 810 or enquiries@mycarcredit.co.uk, and will help you get your car finance journey on the road.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

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What’s the Best Month to Buy a Car?

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*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!

or call 01246 458 810

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Which Electric Car Should I Buy?

man using his phone to research which electric car to buy

With high inflation outstripping wage and benefit increases, the UK is going through a serious cost of living crisis. As a result, people are looking to cut costs in every area of their lives – and driving is no exception.

Economical cars can help you do that, saving you on fuel or even road tax over time. While it might seem like a small amount, every penny and pound will count as we all feel the squeeze over the coming months and years.

Keep reading as we look at 8 of the most economical cars that can make driving more affordable.

Most economical electric cars

First and foremost, electric vehicles account for many of the most economical cars on the market. That’s because they’re exempt from road tax thanks to zero emissions, cheaper to run because of fewer moving parts, and cheaper to power with electricity costing less than diesel or petrol.

On the flipside, they’re obviously more expensive to buy. That’s where a car loan finance calculator can help, showing you how the cost can be spread. To make things even more economical, here are some of the cheapest models available…

Fiat 500 Action

Priced at around £21,000 brand new, the Fiat 500 Action is one of the cheapest electric cars available. That’s partly down to its smaller 24kWh battery (compared to 42 kWh on previous models). As a result, the range is a modest 118 miles, making it ideal for urban commutes, short trips and general day-to-day use as long as you have a home charger.

Vauxhall Corsa-e

If you’re looking for something that can go a little further, the Vauxhall Corsa-e is a good option. The supermini’s official range is 222 miles, with prices starting around £25,000 brand new. It’s nice and lightweight so the charge won’t be used up unnecessarily. Naturally, with both of these cars, there’s a lot of money to be saved going for a used, older model.

Most economical hybrid cars

If you’re not ready to be plugging in just yet, or maybe you live in a remote area where chargers aren’t readily available, hybrids offer a good alternative. They use regenerative braking to generate electricity while driving, meaning you can supplement fuel from the pump without any extra work.

Toyota Yaris (and Yaris Cross)

Toyota is leading the way when it comes to hybrid efficiency. Both its Yaris 1.5 Hybrid and Yaris Cross 1.5 Hybrid offer around 60mpg on average.

The standard Yaris is smaller and cheaper to buy, making it the most economical hybrid car that’s ideal for individuals, couples or small families. As a small SUV, the Yaris Cross provides all that, plus a little extra space and the sought-after SUV styling – albeit at a little extra cost.

Elsewhere, the Toyota Prius is another top contender. While it doesn’t quite match the Yaris for fuel-efficiency, it’s been around for much longer, meaning there are a greater choice of older, used vehicles at a cheaper price.

Most economical diesel cars

While cars that are powered solely by fuel burning can’t quite match the efficiency of electric and hybrid models, they’re still some of the most economical cars, thanks to their lower price tags. Of the two fuels, diesel is known for its better fuel economy – making the next two cars a pretty good option overall…

Peugeot 208

With a 1.5-litre BlueHDi diesel engine, the Peugeot 208 achieves around 70mpg. Despite being a relatively small car, its five-door design makes it easy enough for rear passengers to get in and out. Its 311 litres of boot space makes it similar to other small cars, with the option to fold down rear seats for a 1,100 litre total.

Vauxhall Corsa

A second mention for the much-loved Vauxhall Corsa – this time for its 1.5 Turbo D model rather than its electric counterpart. It’s almost a carbon copy of the Peugeot 208 with the tiniest difference in mpg and boot space. That said, it does have a more responsive drive, meaning you can go economical without feeling it on every corner.

Most economical petrol cars

Out of all the fuel options, petrol is typically the least efficient – but that doesn’t necessarily mean it’s not economical. There are plenty of petrol cars to choose from with small engines, which makes them cheaper to buy and run. By choosing a smaller petrol car, you can still get from A to B at a relatively low cost.

Peugeot 108

First on sale in 2014, the Peugeot 108 is the quintessential economical car. It has an official mpg of just under 59mpg, thanks to a modest 1-litre engine and small, lightweight design. That does pose some issues for practicality, with the car and its 180-litre boot more suited to people travelling alone or as a pair. However, if you’re looking to cut costs, it’s hard to go better than this reliable city car.

Citroen C1

Like our top diesel contenders, we have another case of two similar cars matching each other stride for stride. The Citroen C1 is another economical car powered by petrol, with the same mpg as Peugeot’s city car – though it does come with a slightly bigger boot.

Keep your car economical

With the cost of fuel at an all-time high, not to mention everything else rising in price, it’s never been more important to have a car that’s economical to run. Invariably, that means you’re better off with newer models that are more fuel-efficient.

With My Car Credit, you can make your purchase as economical as your up-to-date car. We compare finance from our established network of lenders, saving you time while ensuring you get an affordable deal that spreads the cost of your next car.

If you have any questions about our process, don’t hesitate to contact our team on enquiries@mycarcredit.co.uk and we’ll get back to you as soon as we can.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

How Quickly Can You Buy a Car?

5 Best Car Picks for Elderly Drivers

What’s the Best Month to Buy a Car?

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*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!

or call 01246 458 810

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You’ve got your eye on a new set of wheels and the excitement is real. But just how quickly can you buy a car and turn that dream into reality? Sooner than you might think! Read on for the scoop on how to secure the keys to a new vehicle in record time.

The need for speed: buy a car in a flash

The thrill of same-day car finance

Preparation is key: how to speed up the process

Hit the accelerator with My Car Credit

Success stories from happy customers

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At My Car Credit, we understand that when it comes to purchasing your dream set of wheels, budget can be a barrier. This is where Personal Contract Purchase (PCP) finance comes in. Flexible and affordable, the auto finance option is one of the most popular ways to purchase a car in the UK.

What is PCP finance?

Here’s how it works:

The benefits of PCP finance explained

Lower monthly payments

Flexible choices

Newer cars

Lower upfront costs

Fixed interest rates

Warranty cover

PCP vs. other auto finance options

Hire Purchase (HP)

Personal Contract Hire (PCH)

Personal loan

Hit the road with PCP Finance

Why choose My Car Credit for PCP finance?

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How long does it take to get car finance approved?

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