car buying Archives - My Car Credit

Is 100k Miles a Lot for a Used Car?

If you’ve spotted a used car at a good price but with high mileage, you might be wondering ‘is 100k miles a lot for a used car?’ The answer to this will vary depending on several factors. Read on to learn more.

Is 100k miles too much for a used car?

There is no one answer as to what counts as too many miles on a used car. This will vary on the age and make of the vehicle. Firstly, you’ll need to put that 100k miles into the context of the car’s age. Average mileage on a vehicle will usually be in the range of 7,000-12,000 miles per year.

If the vehicle is only a few years old and already has 100k miles on the clock, it has seen a lot of usage and may be experiencing higher levels of wear and tear, which could quickly become costly through repairs. So, if we’re asking ‘is 100k miles a lot for a used car’ in relation to a newer vehicle, the answer could very well be, ‘yes’.

If the vehicle has been used for over 10 years, you are potentially getting a much better deal. 100k broken down over 15 years, for example, means the car has been driven less than 7,000 miles a year. However, a more modern vehicle also comes with its own technological advancements, so a 2018 car with 100k miles would potentially drive far better than a model from 2012.

Is a high mileage car worth buying?

Ultimately, you will need to research the different car models and how well they run after reaching 100k miles. If you have a specific car in your sights, you might want to ask about its service history and any accidents or issues from the previous owner.

The lower price and slower depreciation can make high mileage used cars attractive to drivers. A car that goes from 10,000 miles to 30,000 miles will depreciate more than one going from 100k to 120k, for example.

However, they come with many risks – including the lack of a valid warranty and the higher potential for wear and tear. They’re also less likely to be accepted for car financing. Whilst cars with mileage over 100k may be just right for some motorists, lower mileage vehicles come with a level of security that many drivers can’t ignore.

If you’re interested in financing an up-to-date low-mileage vehicle, why not get a car finance quote to get the ball rolling today?

Rates from 6.9% APR. Representative APR 13.9%

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 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.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

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

Is It Worth Buying a Warranty on a Used Car?

If you want peace of mind in case your vehicle suddenly needs expensive repairs, then a used car warranty may be for you. However, they’ll frequently see you shelling out more than you would for irregular repair jobs, and the terms and conditions of the policy can include significant exclusions. Read on as we explore is it worth buying a warranty on a used car.

What is a car warranty?

A car warranty is a kind of insurance that covers the cost of any parts or labour that may be required to fix particular mechanical or electrical faults with your car. Typically, when you purchase a new car, it’ll have a manufacturer’s warranty that lasts anywhere from three to seven years, depending on the car model.

Exactly what your warranty will cover depends on the provider, and there may be limits such as mileage that could invalidate your cover if unmet. Cars older than ten years old are typically more difficult to claim a warranty on.

Is it worth purchasing an extended car warranty on a used car?

If you’ve already got a used vehicle in mind, it’s worth checking the purchase documents. If it’s a relatively new model, the vehicle may still be within its manufacturer’s warranty – this will generally be around three years but can be anywhere up to seven (which is standard when it comes to all Kia models, making them excellent value for money). Otherwise, your dealership may offer you a used car warranty. These will usually promise financial peace of mind should your vehicle experience any mechanical or electrical failure.

However, research by Which found that many used car warranties will tend to have you spending more for the warranty than you would expect to pay on an average repair bill.

Many used car warranties also have significant exclusions for what you can expect to be covered by the warranty, so you’re essentially paying a significant premium for minimal cover.

You should take the time to carefully go through any terms and conditions of the warranty you agree to, and determine the exclusions written into the agreement. Similarly, if a deal seems too good to be true in terms of low cost, there’s probably a reason, and you may end up shelling out for even the most basic repairs as a result of innumerate policy exclusions.

Used car warranty: is it worth it?

The answer to this question really depends on whether or not you can afford the cost of any repairs as and when they arise.

It may be more strategic to budget a certain amount of money per month towards any repair fees, rather than paying out for a pricey warranty which may come with a high list of exclusions.

At the least, you should be shopping around and comparing as many quotes as possible for your warranty – don’t go jumping into the first deal offered – and ensure that you always read the fine print of any policy.

Financing your used car

If you’re buying a used car, warranties are just one of the considerations you’ll need to make. A much bigger one is how you plan to finance the purchase. My Car Credit can make it easy, providing a car loan quote from our extensive network of trusted lenders. Any questions? Contact us on enquiries@mycarcredit.co.uk.

Rates from 6.9% APR. Representative APR 13.9%

Evolution Funding Ltd T/A My Car Credit

Can You Pay Monthly for a Used Car?

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 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.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

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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Should I Buy a Car in London?

Whether you’re a weekend warrior looking for new ways to escape the city or a nine-to-fiver wanting to streamline your commute, “should I buy a car in London?” is a question asked by all kinds of people. If you live in the capital and are thinking about investing in a car, this article is for you. Read on as we cover all the practical and financial factors to consider when deciding whether you should buy a car in London.

The pros and cons of public transport

One of the biggest reasons people choose not to buy a car in London is the tube. The London Underground is one of the most iconic urban public transport networks in the world – and for good reason. Around two million passengers per day ‘mind the gap’ and often combine their journey with overland trains, buses, trams, riverboat services and sometimes even a set of wheels via London’s public bicycle hire scheme.

While public transport is incredibly efficient at getting people from A to B, it can be stressful with the average Londoner enduring a commute of 74 minutes. This gets many people thinking, should I buy a car in London?

While this can be a pretty straightforward question in other cities, the capital is unique and there are some special considerations you’ll need to factor in when asking if you should buy a car in London.

Parking in the capital

Whether you squeeze into a street space drawing on your best parallel parking skills, resign to the exorbitant prices of ticketed car parks or splurge on renting or buying a private parking space, there’s no denying parking in London is a headache. And an expensive headache at that. The average standard space costs more than £1,730 per square foot, on par with homes in upscale neighbourhoods like Chelsea and Kensington. This puts private parking well out of reach for the average London motorist.

Consider ‘park and ride’ options

Should I buy a car in London is a question asked by many people who live outside of London and commute into the city. It’s a great question, especially if your commute involves taking a bus from your house to the nearest train or Tubs station. Often, this step can add 30 minutes or more to a daily commute.

If you live near an official Transport for London car park, driving to a station and completing the final leg of your journey using public transport can be a great way to save on parking and petrol, not to mention reducing your eco-footprint. Season tickets offer great value for money and with car parks located across Greater London and beyond, chances are you’re within easy driving distance.

ULEZ charges

The capital has been struggling with air pollution since the Great Smog of London in the 1950s. The Ultra Low Emission Zone (ULEZ) has been introduced across the city to keep air pollution in check, with most vehicles hit with a £12.50 daily charge for travelling within the zone. This is definitely something to factor into your budget when researching the pros and cons of buying a car in London.

The EV revolution

When it comes to sidestepping the ULEZ charge in London and minimising your environmental footprint, electric vehicles (EVs) are the answer. Fully electric cars emit no CO2 or NOx from the tailpipe, making them 100% exempt from ULEZ charges. The average small petrol car churns out 120 g/km of CO2, meaning EVs are also a fantastic way to slash your personal emissions.

EV charge points in London

If you’re considering making the switch to an EV, it’s worth considering your driving habits and what charging infrastructure is available to you in London.

Hammersmith & Fulham is spearheading the movement, with Leader of the Council Stephen Cowan recently channelling more than £5 million into the installation of hundreds more lamppost chargers. By March 2023, the borough will offer more than 3000 EV charge points to London motorists.

“We’ve led Britain by installing these charge points as we encourage the shift to electric vehicles, cleaner air and a greener environment”, says Cowan. “If you buy a new car, please make it an electric one.”

Opt for a shorter range vehicle

Range is one of the biggest barriers to EV ownership, with many motorists worried their battery-powered car won’t be able to keep up with their driving habits. Thankfully, this isn’t usually an issue for London motorists using their car primarily for commuting. Low range EVs are more affordable than their high range counterparts, making them a great option for motorists on a budget. Models like the Smart EQ Fortwo and entry-level Fiat 500 Electric offer incredible value for money and more than enough range for you to zip around the city, then recharge when you’re back home.

Of course, if you plan to use your car to escape the city on weekend road trips and countryside adventures, it’s worth upgrading to an EV with higher range. The latest Mercedes EQS boasts an impressive range of 450+ miles, though it comes with a luxury price tag to match. The new Tesla Model S is also up there, with a range of around 400 miles. It can easily take you from London to popular holiday destinations like Cornwall.

Upgrade to a second-hand ZEC vehicle

In London, three types of vehicles meet ULEZ standards. They’re known as Zero Emission Capable (ZEC) vehicles and include the following:

100% electric vehicles with battery-powered motors.
Plug-in hybrid electric vehicles (PHEVs) that feature zero-emission technology backed with a standard petrol or diesel engine to boost range.
Hydrogen fuel cell electric vehicles (FCEVs) that use hydrogen to generate electricity and run the car.

Buying a car in London: The next step

If you’ve weighed up your options, crunched the numbers and decided you’re ready to get behind the wheel in London, we’re here to help. Whether you’re in the market for a second-hand EV or a brand-new ZEC vehicle, our team has the experience and expertise to track down the best tailored car finance solutions in the capital.

Our service is backed by Evolution Funding, the largest motor finance broker in the UK. This means your application will gain exposure to a broad panel of lenders, which ultimately translates to a better car loan quote.

Rates from 6.9% APR. Representative APR 13.9%

Evolution Funding Ltd T/A My Car Credit

Car Finance: A Complete Guide

Am I eligible for car finance?

Can You Modify a Car on HP 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 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.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

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 london

What to Look for When Buying a First Car?

Whether you’ve just turned 17 and are shopping for your first ride or are an older motorist looking to get behind the wheel, buying a first car is an exciting milestone. There’s lots to think about, which is why we’ve put together this comprehensive guide covering what to look for when buying a first car. From mileage and models to shopping around for finance, read on to find out more about what you should prioritise when buying your first set of wheels.

New vs second hand

Whether to purchase new and savour that ‘new car smell’ or unlock the savings that come with a second-hand vehicle is one of the first questions to ask yourself when considering what to look for when buying a first car.

Budget will likely be a big factor, with recent data from GoCompare revealing the average new driver spends around £5,000 on their first car. This suggests most new motorists opt for used models, which can be a great way to save money and stretch your budget further. While several factors have pushed up demand and prices for used cars over the past few years, the good news is analysts expect the market to cool off soon.

Mileage and wear and tear

If you’re thinking about the second-hand route, mileage will be a big factor when considering what to look for when buying a first car. The odometer paints an instant picture of how far the car has driven and what kind of life it’s had.

In the UK, the average motorist racks up around 10,000 miles per year. So, a two-year old car should have around 20,000 miles on the odometer to be considered average mileage. Anything more would push it into the high mileage category and anything less into the low mileage category.

Of course, maintenance and servicing play a big role in the overall condition of the car and the engine. Both are important variables to consider when making your list of what to look for when buying a first car. For example, while a three-year old car with 50,000 miles on the odometer may be considered high mileage, if it’s in immaculate condition and comes with a flawless servicing history it could be a fantastic deal.

Similarly, if you’re looking at a seven-year-old car with 40,000 miles on the odometer but the vehicle appears bruised, battered and has no servicing history to speak of, you may want to think twice about whether it’s a good deal.

New cars are always a tempting option, offering not just an ultra-fresh aroma but also reliability and peace of mind. Many new cars come with free servicing and warranties, which means you won’t have to think about forking out for these expenses for several years. Initially, the higher price tag of new cars may seem to push them out of your budget. But if you consider finance, a new car could be well within your reach as a new motorist. More on this later!

Petrol powered vs electric

If you’re thinking about a petrol or diesel-powered vehicle, emissions are worth considering as they can affect things like how much road tax you pay and even where you’re allowed to drive in some cities.

Electric vehicles (EVs) are the future of personal transport, with more than 400,000 pure-electric models humming along British roads in February of this year. With fuel prices soaring, EVs are more appealing than ever. Not only do EVs unlock huge savings on fuel but they also slash your environmental footprint and carbon emissions. If you’re an eco-warrior looking to tighten your budget, an EV could be a great option for your first car.

With both the national government and local councils continually upgrading EV charge networks across the country, it’s never been easier to drive an electric vehicle. Zap Map is a fantastic resource and makes it easy to find EV charge points at your fingertips. If you’re not fully sold on 100% electric, a plug-in hybrid (PHEV) could be a great compromise.

Opting for old favourites

When it comes to cars, British motorists are pretty clear about what they like. If you’re not sure what to look for when buying a first car, taking cues from other drivers can be a great place to start.

The small and zippy Ford Fiesta is consistently crowned one of the best-selling cars in the UK and it’s easy to see why. It’s compact and easy to drive in cities, effortlessly cruising along motorways and slipping into parallel parking spots. It’s also an excellent little ride in towns and villages where you might encounter winding roads and laneways. Alongside the Ford Fiesta are fellow bestselling models like MINI, Toyota Corolla and Hyundai Tucson. The latter is a great option if you’re looking for something a little roomier for kids, pets, or both!

A good finance deal

Whether to pay cash or take out a car finance loan is one of the biggest questions you’ll face when buying your first car. There are pros and cons to each and it’s important to consider your own unique circumstances when deciding.

The benefits of buying a new car with cash speak for themselves, with zero interest and no repayments to worry about. That said, it’s an unrealistic option for most new car buyers. This is where finance steps up. Purchasing a car on finance gives you the freedom to increase your budget and get the keys to a car you actually want to drive.

When researching what to look for when buying a first car, a good finance deal should be front of mind. Whether you’re buying new or used, shopping around is one of the most important steps you can take when buying your first car. It’s simpler than you might think, with our purpose-built calculator making it easy to get a car finance quote in a matter of minutes.

Want to know more about how auto finance can help you secure your first car? Get in touch with our friendly team today to discuss your options and find out more about the My Car Credit service.

Rates from 6.9% APR. Representative APR 13.9%

Evolution Funding Ltd T/A My Car Credit

Is 100k Miles a Lot for a Used Car?

Are Second Hand Electric Cars Worth Buying?

Is a Diesel Car Worth Buying?

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 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.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

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

buying first car car buying first car learner driver new drivers

Can I Part Exchange a Car on Finance?

Getting a new car is exciting, but if you’ve already got a vehicle that you purchased via car finance, it might seem complicated. In theory, part exchanging your financed car is a way of trading in your current car for a new one. Moreover, you can use the value of the old one to support the new purchase. In this post, we’ll explore whether it’s possible.

What is a part exchange?

If you part exchange your financed car, you’re trading it in for a new one, and putting any proceeds from the exchange towards the new purchase. Part exchange will typically be more convenient than a private sale, as the dealer will manage all the paperwork. It’s also a way of changing car without having to either pay off your car finance early or cancel it outright.

Where you’re eligible for part exchange, it can be a great way of finding a new set of wheels. However, not everyone is eligible for a part exchange – it’s contingent on what kind of car finance you have.

Who is eligible for part exchange?

You should be able to part exchange your car if you purchased a car on finance via either a Hire Purchase (HP) deal, Personal Contract Purchase (PCP) deal, or a personal loan. However, if you have financed your car via a PCH agreement, you won’t be eligible, as you are not the car’s legal owner at any point.

If you financed your car via a PCP deal, you can part exchange your car at the end of the finance agreement and put any value toward the new vehicle (or a deposit for the same).

You can also part exchange your car during your agreement – but whether or not this is a good idea depends on how much your car is worth, and how much you still owe. You’ll have to settle any outstanding balance before the part exchange can take place.

How to part exchange a car on finance

Before you think about part exchange, you need to know your car’s value, as well as anything you still owe to your finance plan. The value of your car will be affected by how much you’ve cared for it, but it’s also dependent on the car’s mileage, service history, and specification.

It’s best to go into a part exchange with a car that’s of greater value than any outstanding finance. That means you’re in positive equity. You can then put the positive equity toward the cost of a new vehicle. Furthermore, remember that if you’re looking to purchase your new car by finance, the higher your deposit payment, the lower your monthly repayments will be.

You’ll need to get a settlement figure from your lender, too. This can sometimes include a final balloon payment and there may also be an early termination fee.

You may find you have a PCP deal that leaves you with a vehicle that’s worth more than your outstanding final payment. This is because you’re borrowing against the depreciation value of the car – not the purchase price. This puts you in a good position for a part exchange, as you’ll be in positive equity, as described above.

Be aware that you’ll also need the car’s logbook – known as its V5C – as well as any relevant paperwork, the vehicle manual, MOT and service documents. You’ll also need to disclose the settlement figure agreed on with your car finance provider.

What about negative equity?

If the amount remaining on your finance is more than the car’s value, then you’re in negative equity. You may still be able to part exchange the car. This would require either you or the company you’re part exchanging the car with to pay a lump sum, rolling any debt into a negative equity finance agreement.

Be aware that with a negative equity finance agreement you will be paying off both your old car and new car, so you will likely notice a serious increase to your monthly repayments. Interest rates will also be higher, and you’re at higher risk of going into further negative equity.

Talk to My Car Credit

If you’ve got questions about whether a part exchange is for you, contact My Car Credit today. We can address any concerns you may have and help you establish your car finance eligibility.

Rates from 6.9% APR. Representative APR 13.9%

Evolution Funding Ltd T/A My Car Credit

Car Finance: A Complete Guide

Is there such a thing as guaranteed car finance?

How Much Car Finance Do I Qualify For?

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 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.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

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 early settlement part exchange settlement figure

How Long Does It Take to Buy a Car?

On the hunt for a new – or nearly new – set of wheels and wondering how much time it might take to buy one? It’s definitely not a task for your lunch break, as there are a number of variables which will impact how long it takes to buy a car. We look at the main factors to consider below.

Buying a car – what to consider

After a house, buying a car is likely to be the second largest purchase you ever make. For that reason, it’s important not to rush it. In fact, 2020 research by Cox Automotive Research & Market Intelligence found that people are in the car buying ‘market’ for an average of 89 days.

That might seem like a long time, but in reality, purchasing a car is a fairly time-consuming activity. Variables such as the below will impact exactly how long it takes to buy a car.

Research

First up, you’ve got to do your research. Is safety your priority, or are speed and style more important? What’s your budget, and what kind of financing do you need? Are you heading to a dealership, or are you okay with a private seller?

This period can take the longest, and be a real time-sap – if you allow it to be. Answering these questions before beginning your research can help to streamline it. Plus, if you know what you want from the off, you’re less likely to spend time negotiating with the salesperson as they try to upsell expensive add-ons and features.

Shopping around

As we say above, you can speed the process up by going into the shopping process with a clear idea of what you want. Don’t forget to include test drive times in your shopping timeline – this will usually be around 30 minutes or so per test drive.

It’s worth setting aside a day or two for the actual shopping part. Heading to different dealerships allows you to gauge which will offer you the best price and/or financing, helping you secure a deal that works for you.

Remember that buying a new car will likely be faster than a used car. It may take longer to find a used model that you’re happy with, and you’ll also need it to be evaluated prior to purchase. A trade-in will also extend the buying period.

Paperwork

You can speed this process along by heading to the dealership or private seller with the following:

Your licence
Registration
Any agreed payment details including financing
Proof of insurance

Going in with your paperwork will speed up purchasing time, as you won’t be haggling with dealers over the specifics and any credit check and ensuing agreement will already have been pre-established.

Car finance doesn’t have to take so long!

Looking to cut down how long it takes to buy a car? You can use My Car Credit’s car finance calculator to get a no-obligation quote for car finance within minutes. Plus, if you have questions about the buying process, our friendly team are always on-hand.

Rates from 6.9% APR. Representative APR 13.9%

Evolution Funding Ltd T/A My Car Credit

Is 100k Miles a Lot for a Used Car?

Are Second Hand Electric Cars Worth Buying?

What to Look for When Buying a First 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 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.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

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 process

When is the Best Time to Part Exchange a Car?

Part exchange – also known as PX – is a hugely popular way for Brits to sell their car. It allows you to avoid the hassle of privately selling. Furthermore, you can use your current car to partially finance a new vehicle.

There are real benefits to part exchanging a car. As such, the best way to take advantage of these is to part exchange your car at the right time. That’s why we’ve outlined exactly when that is below, as well as detailing what to consider if you are thinking of embarking on a part exchange.

What is a part exchange?

Put simply, a part exchange is when you use your current car as partial collateral for a new one. You’re essentially trading your current car in for another – usually more expensive – vehicle and using it to finance that purchase.

How does a part exchange work?

Typically, a dealer will evaluate your current vehicle. Once this value has been confirmed and settled upon by both parties – that is, you, as the seller, and the dealer, as the buyer – then the dealer will take the value of your current car off the price of the new one.

By part exchanging, you’re therefore partially covering the cost of your new vehicle with the total value of your old. The state of your current vehicle will inevitably impact its valuation by the dealer – as will the time of the year when you choose to part exchange.

When is the best time to part exchange a car?

New number plates are released in the UK twice a year. This happens in the months of March and September. One of the best times to part exchange a car can therefore be February and August – the months prior to these new release dates.

That’s because buyers will tend to wait until these new releases, which can result in slow sales for dealers. Dealers may therefore be more willing to offer a good deal – or at least to negotiate – around these months.

How to ensure your current car holds its value

There are a number of factors that could impact the dealer’s evaluation of your car.

Damage

This is an obvious one, but any damage to your vehicle’s wheels, paintwork, or body can impact its value. Dents and scratches can deplete this by hundreds of pounds, so the condition of your vehicle is vital in securing a part exchange that is financially beneficial for you.

If you’re time-strapped and haven’t managed to get your car in for a service, be sure to do your research and know how much the repair of a dent or scratch would cost. You can then ensure that any salesperson doesn’t deduct any higher than this number.

Keep on top of your MOT and service

A full service history adds value to a car, so keeping a record of this is essential. In fact, an incomplete service history can deplete your vehicle’s value by up to 10%.

You also want to ensure that you have more than three months left on your MOT, and make sure you’ve kept hold of any spare keys.

Low mileage

Models with low mileage, exciting add-ons, or unusual colours may add value to your car. It’s worth bearing in mind what kind of car the dealership is after – there’s no point offering your Mini to a dealership that specialises in Range Rovers.

Remember to negotiate

Remember to go in with confidence but be prepared to haggle. Negotiations are always a component of a part exchange. That said, it’s important to feel that you’re being heard and not taken for a drive (pardon the pun).

Walk away from the conversation if it’s not going anywhere and re-evaluate your options. Dealers are there to make money and get the best deal possible, which may end up with you feeling short-changed. Remember that it’s always an option to sell your car privately – although this will require more effort on your part.

Financing your purchase

Part exchange will cover some of the cost of your new car. You can maximise how much it covers by knowing the best time to part exchange a car. But for the rest, you’ll usually need to call on car finance.

That’s where My Car Credit can help. Our friendly team can advise on car finance eligibility, before finding a great deal to help you spread the cost of your purchase. Contact us today on enquiries@mycarcredit.co.uk to find out more.

Rates from 6.9% APR. Representative APR 13.9%

Evolution Funding Ltd T/A My Car Credit

Is 100k Miles a Lot for a Used Car?

Are Second Hand Electric Cars Worth Buying?

What to Look for When Buying a First 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 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.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

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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What to Look for When Buying a Smart Car

We’ve all seen Smart Cars nipping around city streets – especially if you’ve ever visited continental Europe. They make great urban vehicles, as they’re as long as standard cars are wide. Therefore, they can park nose-first in parking spaces.

They’re nippy and – despite their size – do actually offer fairly decent boot space. In addition, they’re comfortable, with enough legroom for the average passenger. Plus, because they’re a German brand – Smart Cars are actually a division of Mercedes Benz – they’re made with care and quality.

Fans of Smart Cars are real advocates, listing the vehicle’s park-ability, nippiness, comfort, and compact size as amongst its benefits. However, as with any used or nearly-new vehicle, there are certain things to look out for when buying a Smart Car.

Buying a Smart Car: what to look for

Brakes

The brakes of a Smart Car are expensive. So, when you’re test driving or inspecting a model, be sure to check on the front springs, as these can break. Furthermore, ensure that you can’t hear any rattling when you go over speed bumps which might indicate wear.

Tyres

Only two companies in the world make tyres suitable for Smart Cars – and they’re not cheap. Typically, the Smart Car has rear wheel drive. The tyre on the rear passenger side will tend to wear the quickest as that’s the driving wheel. Smart Cars are one wheel drive, so check its treads when inspecting the model.

Exhaust

Find the exhaust of the model you’re looking at and gently press on it. It should feel solid, and shouldn’t rattle. In addition, when you’re driving, it shouldn’t be noisy. Replacing the exhaust flexi pipe requires taking apart a significant amount of the car’s main body, which can be an expensive and time-consuming task. As such, ensuring the exhaust is robust and working properly from the off will avoid this faff.

The ECU

The electrical components of a Smart Car are under the passenger foot bed. This means that if the passenger gets in the car with wet boots, some water can trickle down into the ECU, which will damage the car. If you find damp around that area, you can use this as a leverage to negotiate for a better price.

Miscellaneous

The older intercoolers of this car do tend to leak. Therefore, look out for newer ones, as this means the previous owner has been diligent with upkeep.

You also want to ensure that the car has previously had regular oil and filter changes. Of course, it’s also worth checking standard fare. For example, ensure the horn works, the gearbox is responsive, the engine is robust, and body parts are as they should be.

Buying a Smart Car with finance

The final thing to look for when buying a Smart Car is a finance deal that’s fair and affordable. This means you can spread the cost of your new ride. When you get a car finance quote from My Car Credit, we compare deals from a vast panel of lenders so you don’t need to shop around to get a great price.

Rates from 6.9% APR. Representative APR 13.9%

Evolution Funding Ltd T/A My Car Credit

Is 100k Miles a Lot for a Used Car?

Are Second Hand Electric Cars Worth Buying?

What to Look for When Buying a First 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 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.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

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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What is the Best Used Estate Car to Buy?

When it comes to space, it’s hard to beat the generous dimensions of an estate car. There are some fantastic new models on the market this year. However, you can unlock big savings by purchasing a second-hand estate car. Not sure where to start? Read on as we cover what is the best used estate car to buy. In addition, we’ll go through what to look for when browsing the second-hand market.

Getting to know estate cars

If you’re not familiar with estate cars, let us give you the lowdown. While the front of the car resembles a standard hatchback, the rear features an extended boot with a cavernous cargo area. Space is the main selling point. As such, estate cars are hugely popular among families with bucketloads of luggage, sports enthusiasts carting around bulky equipment and pet owners with a couple of four-legged friends in tow.

Fun fact – did you know estate cars, or station wagons as they’re often referred to, are named after their original purpose of ferrying passengers and luggage between railway stations and country estates?

Estate cars vs SUVs

In many ways, estate cars are comparable to SUVs as they offer far more space than the average car. Though instead of off-road styling, they champion a sleek and urban aesthetic. This means they’re just as comfortable loaded up with camping gear as they are commuting to the office on a Monday. They also feature a low-profile like their hatchback and sedan counterparts. As such, they can appeal to drivers who want extra space but don’t feel comfortable driving bulky SUVs. Fuel economy is also a factor, with estate cars generally guzzling less fuel than SUVs.

Our top 5 used estate car models

Before we get started, let’s bust some myths about the term “used”. Buying second-hand doesn’t have to mean settling for a model with more than 150,000 miles on the odometer. Though of course, if you’re on the hunt for a serious bargain this can be a good option. In many cases, buying a “used” estate car can mean getting behind the wheel of a model that’s only a year or so old. Furthermore, if you’re really looking for that new car aroma, you could even opt for a test drive model.

1. Skoda Superb Estate

Spacious and sturdy, the Skoda Superb Estate boasts one of the biggest boots in its class. Models from the last five years offer excellent fuel efficiency and are great for long-distance driving. The generously sized interior coupled with low running costs make the Skoda Superb Estate a firm favourite with families. While the Skoda Superb Estate enjoys glowing reviews from most owners, there have been reports of water leaks in the boot. With this in mind, be sure to give your used model a good once-over during the test drive.

2. BMW 3 Series Touring

Luxury meets practicality in the BMW 3 Series Touring. Packed with high-tech features, this model treats you to all the bells and whistles you expect from BMW. It’s also easy on the eye, with the sleek design challenging perceptions of estate cars. If you’re looking for a family-friendly ride with an executive feel, the BMW 3 Series Touring will tick all your boxes. The 2020 model is available with a variety of different engines, including petrol- and diesel-powered.

3. Ford Focus Estate

What is the best used estate car to buy if you’re looking for value for money? The Ford Focus Estate builds on the success of its wildly popular predecessor. Furthermore, there are some great deals to be had when buying second-hand. Sure, it’s not the biggest or most luxurious model on the market. However, you’ll enjoy excellent handling, impressive fuel economy and some great tech features on the newer models.

4. Dacia Logan MCV

If you thought the Ford Focus Estate offered excellent value for money, wait until you meet the Dacia Logan MCV. A true bargain-basement estate car, this model is marketed as a ‘Maximum Capacity Vehicle’. Indeed, the Dacia Logan MCV offers plenty of space for passengers and luggage alike. The 2019 model boasts an impressive 573-litre boot that can handle all the golf clubs, dog kennels and flat-pack furniture you can throw at it. While the Dacia Logan MCV has now been discontinued, there are loads of used models out there and some serious deals to snap up if you know where to look.

5. Mercedes E-Class Estate

There’s plenty to love about the Mercedes E-Class Estate, including the luxurious interior and elegant styling that redefines the station wagon aesthetic. Sliding into the driver’s seat, you’ll immediately notice the intuitive cockpit features, high-quality materials and luxe leather trim. The Mercedes E-Class Estate doesn’t compromise on space. As a result, the 2016 model offers a mammoth 640-litre boot or 1820 litres with the rear seats folded down.

Choosing what is the best used estate car to buy

All factors considered, what is the best used estate car to buy? Ultimately, the best model for you will depend on your personal preferences and budget. If you’re looking for value for money, the Dacia Logan MCV is hard to beat. The Mercedes E-Class Estate promises unparalleled luxury. However, the Skoda Superb Estate is a top performer when it comes to space. When deciding what is the best used estate car to buy, we always recommend taking the time to establish your priorities, do your research and get stuck into online reviews.

When you’re ready to get behind the wheel of your dream estate car, we’re here to help. With access to one of the biggest lending panels in the UK, we have the experience and expertise to secure you the best used car finance deals. Contact us today to find out more about how to unlock the best used car finance deals in the UK.

Rates from 6.9% APR. Representative APR 13.9%

Evolution Funding Ltd T/A My Car Credit

Is 100k Miles a Lot for a Used Car?

Are Second Hand Electric Cars Worth Buying?

What to Look for When Buying a First 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 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.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

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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What Are the Best Small Automatic Cars?

Sat in a cafe researching the best small automatic cars

From excellent fuel efficiency to breezy parking and low maintenance costs, there’s plenty to love about small automatic cars. They’re the vehicles of choice for millions of Brits, with most manufacturers offering their own versions of this popular vehicle class.

Thinking of getting behind the wheel of a small automatic car? This article is for you. Read on as we investigate what are the best small automatic cars in the UK, focusing on factors like fuel economy, family-friendly features, eco credentials and more.

Vauxhall Corsa – Best for 2021

When it comes to sales, the Vauxhall Corsa has made quite the impression in 2021. The new look supermini was relaunched by the British-owned brand in 2020 and captivated motorists with its stylish aesthetic, up-to-the-minute tech, and zippy engine. Sales have skyrocketed in 2021, with the Corsa stepping up as a serious contender to the Ford Fiesta, which has been consistently crowned the best-selling car in the UK for the past few years. Want to go electric? Vauxhall has also launched a pure-electric version of the Corsa with an impressive range of 208 miles.

Nissan Leaf – Best electric small automatic car

A sporty profile, impressive driving range and affordable price tag make the Nissan Leaf our top pick in the best electric small automatic car category. The latest models are equipped with advanced Intelligent Driving technologies developed by Nissan, including the highly anticipated ProPILOT² semi-automated driving system and smart e-Pedal mode.

With EV charging infrastructure continually expanding across the UK, driving a Nissan Leaf is more practical than ever. The only downside is you’ll need a garage or secure parking spot to own a Nissan Leaf or similar, as EVs can be difficult to charge when you rely on street parking.

Toyota Yaris – Best hybrid

If you want to dip your toes into the EV scene but aren’t ready to make a full commitment, the Toyota Yaris is a great compromise. Fast and compact, this model is one of the smallest hybrids on the market and offers an impressive 68mpg running on battery alone. This makes it great for zipping around the city and keeping your eco footprint to an absolute minimum. When you need the reliability of fuel, simply fill up the tank and switch to petrol mode. A CVT gearbox ensures smooth gear transitions around town, though things can get a little noisy at higher speeds. This makes the Yaris a great option for urban driving as opposed to longer road trips.

Audi A1 Sportback – Best for luxury

Sleek and stylish, the Audi A1 Sportback is one of the most luxurious superminis on the market. It promises all the bells and whistles you’d expect from the high-end manufacturer, including luxe interiors and lots of upgrades to choose from. It may be small, but the Audi A1 Sportback doesn’t compromise on space or comfort, making it ideal for both urban runs and long road trips.

Peugeot 208 – Best for fuel-efficiency

If saving money at the forecourt is your top priority, you’ll love the Peugeot 208. Marketed as a “city car with a sporty design” this model offers impressive fuel economy of around 44.3 – 56.7 mpg for the auto petrol version. With the RAC warning that British petrol prices are creeping towards all time highs, there’s no better time to upgrade to a fuel-efficient vehicle. When researching what are the best small automatic cars in the UK for fuel economy, the Peugeot 208 will definitely win a place at the top of your list.

Volkswagen Golf – Best family-friendly small automatic car

It’s difficult to outperform the Volkswagen Golf when it comes to family-friendly features. Brits have loved this model for around 50 years and for good reason. The hatchback is practical, spacious, and comfortable, meaning it can transition from school runs to weekend camping trips with ease.

The 380-litre boot offers lots of space for all your luggage, with the option of folding the rear seats down to create a huge 1270-litre boot. Great if you’re taking the dog to the vet or purchasing a new bike. As well as being packed with family-friendly features, the Volkswagen Golf offers great value for money. Once again, this wins it big points with budget-conscious families in search of a small automatic car.

Ford Fiesta – Best all-rounder

What are the best small automatic cars? The universally loved Ford Fiesta has been winning over Brits for decades. It’s reigned as one of the best-selling cars in the country for years, with motorists falling hard for the fun design, smooth handling, and plucky engine.

While we love Ford Fiestas from the 2010s, the latest models will blow you away with high-tech features and systems. Slide into small spaces with Active Park Assist, sit back and relax with Adaptive Cruise Control and enjoy a smoother and safer ride with Lane Keeping Aid. Once you experience these clever new features, you’ll never want to go back.

Buy the best small automatic cars with ease

Thinking about purchasing a new car but not sure how your credit rating looks? We have you covered. Our car finance checker is built to help you check your suitability as a loan applicant, without leaving a permanent mark on your credit score. Known as a “soft search”, it gives us an overview of your financial history without exposing this information to lenders. This allows us to tailor your car finance options and connect you with the best lenders for your unique circumstances.

With rates starting from 6.9% APR, we make owning your dream small automatic car faster and more affordable than ever.

Rates from 6.9% APR. Representative APR 13.9%

Evolution Funding Ltd T/A My Car Credit

I want to buy a car on finance, how much can I borrow?

Advantages and Disadvantages of PCP Car Finance

5 Different Ways to Pay for 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 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.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

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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If you’ve spotted a used car at a good price but with high mileage, you might be wondering ‘is 100k miles a lot for a used car?’ The answer to this will vary depending on several factors. Read on to learn more.

Is 100k miles too much for a used car?

Is a high mileage car worth buying?

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On the hunt for a new – or nearly new – set of wheels and wondering how much time it might take to buy one? It’s definitely not a task for your lunch break, as there are a number of variables which will impact how long it takes to buy a car. We look at the main factors to consider below.

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Part exchange – also known as PX – is a hugely popular way for Brits to sell their car. It allows you to avoid the hassle of privately selling. Furthermore, you can use your current car to partially finance a new vehicle.

What is a part exchange?

How does a part exchange work?

When is the best time to part exchange a car?

How to ensure your current car holds its value

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