When is the Best Time to Buy a Car?

Car outside dealership after considering when is the best time to buy a car

Securing a good deal on a new or used car is one of the most important things for any driver. Sadly, it’s not as simple as picking a vehicle that’s within your budget and driving it off the forecourt. Unbeknownst to many drivers, different issues impact the suitability of a car.

The time of year is a prime example. If you keep your eyes on the calendar, the reality is that you will have a bigger chance of bagging a bargain. With that in mind, below you’ll find some useful tips that finally answer the question – when is the best time to buy a car?

Remember the seasons

It’s hard to see why the seasons should affect the price of a car on the surface. But, when you delve deeper, you’ll spot a couple of blindingly obvious issues. For instance, convertibles are much more pleasurable to drive in the summer. As a result, the demand for convertibles is high in the warmer months, which can add onto the asking price. Conversely, summer is a good time to shop for a 4×4 since demand is low compared to the wintertime.

Factor in the launch of number plates

Number plates have the same effect on car sales as the weather. When the latest registrations are released, people flock to get hold of cars that represent the fact they own a new plate vehicle. As a result, the demand at the time is incredibly high, meaning that there isn’t much room for haggling.

The trick is to stay away from dealerships on these busy dates, which are usually March 1st and December 1st. Instead, you should go much later in the month, or the year if you have the room to manoeuvre, to avoid paying higher rates.

Understand your budget

Your budget will change monthly. This is because you will have regular incomings and outgoings that affect your ability to pay for a vehicle outright. Yes, you can save up, but it takes the average person years to accumulate enough to walk into a dealership and drive away with a brand spanking new motor.

You may now have answered when is the best time to buy a car but how will you pay for it? You may have the option to purchase a car through a financing service that breaks your expenses down into bite-size chunks. By paying monthly, you should have plenty in your account to cover the transactions. And, it doesn’t matter if your credit is low as car finance poor credit deals are available. Once you understand your budget correctly, you can find ways to get what you want without having to wait a lifetime.

At My Car Credit, we are specialists in finding top-of-the-range financing solutions that are tailored to your specific requirements. With us, you don’t have to bother about the time of year as we scour the industry to locate the best quotes. Call us today to learn how we can guide you through the process!

Rates from 6.9% APR. Representative APR 13.9%

Evolution Funding Ltd T/A My Car Credit

My Credit Rating

Excellent

  • You are a home owner
  • You have been on the electoral role for a long period of time
  • You have current credit arrangements and mortgage with no defaults
  • You have no CCJs, credit arrears or missed payments
  • You rarely apply for credit
  • You are employed or self-employed

Good

  • You are on the electoral role
  • You are a home owner or long standing tenant
  • You have a stable employment history
  • You have current credit arrangements with occasional missed payments
  • You have no CCJs

Fair

  • You are or have recently been on the electoral role
  • You may have recently changed address
  • You may have occasional missed payments
  • You may have an old CCJ
  • You may have regularly applied for credit

Poor

  • You may have had frequent changes in address
  • You may not be traceable on the voters roll
  • You may have exceeded credit card limits
  • You may have missed payments on current agreements
  • You may have had a CCJ in the past

Bad

  • You may not be traceable on the voters roll
  • Your credit cards are over their limits
  • You have recent CCJs
  • You may have been refused credit elsewhere
  • You may be in a debt management plan
£

X monthly repayments of
£X

Typical rate

Loan amount

Total payable

X% APR*

£X

£X

*for illustration purposes only

No impact on your credit score

Representative Example

Borrowing £7,500 at a representative APR of 13.9%, annual interest rate (fixed) 13.85%, 47 monthly payments of £201.38 followed by 1 payment of £211.38 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £2,176.24, total amount payable is £9,676.24.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

How to Buy A Used Car: 6 Quick Tips

Woman driving whilst thinking about buying a new car

Buying a car is by no means an easy decision – you are making a commitment to something that you will be relying on daily. That’s why we’ve come up with six quick tips on how to buy a used car – follow them and you should be on the right track.

1. Test drive the car you want

This seems like the most obvious rule you can think of, but it is staggering how many people don’t test drive the car they are looking to buy. You can look at a car for days and read its list of specifications until your eyes go blurry. However, without taking it for a test drive you will never know what it’s like to drive.

2. Pick your time

This sounds dubious but picking a time to buy your used car is a great way of saving money. August and February are often seen as two good times. This is because it’s just before number plate formats are changed, which is a quieter time for dealers. Also avoid weekends and aim for towards the end of the month – it’s more likely that dealers will be looking to make their bonus quota.

3. Make yourself a used car checklist

Unlike a new model, a used car requires you to look for some tell-tell signs. The main things to look out for are:

  • Mileage: Check the clock against the age of the car and ask yourself if there’s anything that doesn’t add up.
  • Engine: Ask to see the engine and look for any signs that there has been any undisclosed work or any leakages under the engine.
  • Overall condition: Check for any scratches, dents or marks inside and outside the car.
  • Test the gadgets: Make sure that every gizmo in the car is working as it should.
  • Check the essentials: Windows, lights, doors (including boot) and safety locks.

4. Always negotiate

It is worth bearing in mind that margins on cars are pretty tight these days. Be respectful of the dealer and do your research before you start asking for a discount. If you walk away from a great deal, you could well be shooting yourself in the foot. However, even if you’re getting a great price, there’s no harm asking for some extras or freebies. For example, subsidised aftercare, free delivery, even car mats or an umbrella all help sweeten the deal!

At the end of the day, if you love the car but not the price, you can always walk away – there’s will be other cars and if you leave your number you might even get a call back. 

5. Choose a good car dealer

Choosing a good car dealer is the number one, best way of buying the right used car. Essentially, the more reliable the dealer is, the less likely they will be to sell you a bad car. So, do your research! Look for reviews, extensive listings on their sites and their association with relevant authorities (e.g. FCA, RMIF). In addition, look out for car dealers who offer a warranty – always a major plus.

6. Conduct an independent report

If you’re still unsure about whether the car you are looking at is reliable, you can get an independent report. This should be a last resort, but if you are making a big investment in your dream car, you can get a report from The Motor Ombudsman. They are a government-backed body that deals with the motoring industry.

Purchasing a used car is a big commitment so we hope that our tips will steer you in the right direction and get you behind the wheel of a quality used car.

Rates from 6.9% APR. Representative APR 13.9%

Evolution Funding Ltd T/A My Car Credit

My Credit Rating

Excellent

  • You are a home owner
  • You have been on the electoral role for a long period of time
  • You have current credit arrangements and mortgage with no defaults
  • You have no CCJs, credit arrears or missed payments
  • You rarely apply for credit
  • You are employed or self-employed

Good

  • You are on the electoral role
  • You are a home owner or long standing tenant
  • You have a stable employment history
  • You have current credit arrangements with occasional missed payments
  • You have no CCJs

Fair

  • You are or have recently been on the electoral role
  • You may have recently changed address
  • You may have occasional missed payments
  • You may have an old CCJ
  • You may have regularly applied for credit

Poor

  • You may have had frequent changes in address
  • You may not be traceable on the voters roll
  • You may have exceeded credit card limits
  • You may have missed payments on current agreements
  • You may have had a CCJ in the past

Bad

  • You may not be traceable on the voters roll
  • Your credit cards are over their limits
  • You have recent CCJs
  • You may have been refused credit elsewhere
  • You may be in a debt management plan
£

X monthly repayments of
£X

Typical rate

Loan amount

Total payable

X% APR*

£X

£X

*for illustration purposes only

No impact on your credit score

Representative Example

Borrowing £7,500 at a representative APR of 13.9%, annual interest rate (fixed) 13.85%, 47 monthly payments of £201.38 followed by 1 payment of £211.38 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £2,176.24, total amount payable is £9,676.24.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

5 Tips for Buying a Used Car from a Dealer

Car buyer googling tips for buying a used car on macbook

Fourteen hours. That’s the average amount of time people take to research the used car model they want. This makes sense to us: buying a car is one of the biggest purchases you’ll ever make. However, the same amount of time isn’t taken to research the car dealer to buy it from, which needs to change. We believe the right car will always come from the right place. Read on for our five tips for buying a used car from a dealer.

Choosing a reputable used car dealer comes down to lots of things. However, to make things a bit easier we’ve outlined the five main questions you should ask yourself before making any final decisions.

1. Does the dealer have a strong online presence?

A good, functional website is a positive sign of a reputable business. Take a look around and see if it’s easy to browse and navigate – a disorganised website could indicate a disorganised company.

Secondly, search for information around the dealer’s reputation. Any reputable company will want to promote the way they operate and their previous success. What’s more, you’ll also get a good indication of whether their approach to doing business matches with how you like things done.

Thirdly, make sure there is plenty of information on the cars they have listed. For instance, there should be be lots of images of the interior and exterior, a detailed record of specification, previous owners, mileage, etc.

2. Have you read the dealer’s reviews?

Reviews can give you a good understanding of the overall quality of the dealership. In addition, reviews give insight into their previous customers’ experiences. It is a great sign when the dealer is comfortable asking for reviews and posting them on their website or social media platform. This suggests that they are passionate and confident about their customer service.

As well as checking the dealer’s website, it’s also good to have a look at their social media platforms. Since these platforms encourage interaction between customers and business, you’ll get a good sense of their customer service levels. If there are questionable conversations on their social media platform, that’s not a good sign.

3. How long has the dealer been trading for?

Selling used cars can be a tough business so many used car dealers come and go. Of course, this can be due to a number of uncontrollable factors. However, it’s also important to consider that well-established dealerships remain in the market for a reason.

Bear in mind that if you have issues with your car and it is under warranty, you’ll not be able to get a resolution if they stopped trading twelve months earlier! Therefore, it is usually safer to choose a well-established dealership.

4. Is the dealer a member of any industry-recognised associations?

Being a member of recognised associations proves that you are proud of what you do. What’s more, you are willing to be held accountable for your work. All reputable dealers should display a trade association member logo. Probably more than other industries, this is considered a must in the car dealership trade.

Examples of associations that are worth looking out for are the ‘Financial Conduct Authority’ (FCA), the ‘Institute of the Motor Industry’ (IMI) or ‘Retail Motor Industry Federation’ (RMIF).

5. What aftercare would be available to you?

Buying a car is a substantial commitment. You’ll want to be sure that you are safeguarded if anything should go wrong. That’s why we believe every reputable dealer should have some form of aftercare scheme in place.

If a dealer is willing to offer good aftercare services (such as MOT, car repairs or car servicing) you know that they are committed to looking after their customers.

What My Car Credit offers

We recognised how challenging it can be to look for a used car. We hope these tips for buying a used car help you in your search. In addition, we have our own network of approved ‘My Car Dealers’.

My Car Dealers have been vetted by us for their status with the Financial Conduct Authority (FCA), which establishes their trustworthiness and financial stability. What’s more, we conduct audits to ensure that they are personable too. You’ll get access to an extensive stock list of quality nearly-new and used cars. In addition, you can be confident that you’ll get a wide choice, the best experience and excellent after-sale service.

So, put these tips for buying a used car into action today and get the wheels in motion for your next car!


Rates from 6.9% APR. Representative APR 13.9%

Evolution Funding Ltd T/A My Car Credit

My Credit Rating

Excellent

  • You are a home owner
  • You have been on the electoral role for a long period of time
  • You have current credit arrangements and mortgage with no defaults
  • You have no CCJs, credit arrears or missed payments
  • You rarely apply for credit
  • You are employed or self-employed

Good

  • You are on the electoral role
  • You are a home owner or long standing tenant
  • You have a stable employment history
  • You have current credit arrangements with occasional missed payments
  • You have no CCJs

Fair

  • You are or have recently been on the electoral role
  • You may have recently changed address
  • You may have occasional missed payments
  • You may have an old CCJ
  • You may have regularly applied for credit

Poor

  • You may have had frequent changes in address
  • You may not be traceable on the voters roll
  • You may have exceeded credit card limits
  • You may have missed payments on current agreements
  • You may have had a CCJ in the past

Bad

  • You may not be traceable on the voters roll
  • Your credit cards are over their limits
  • You have recent CCJs
  • You may have been refused credit elsewhere
  • You may be in a debt management plan
£

X monthly repayments of
£X

Typical rate

Loan amount

Total payable

X% APR*

£X

£X

*for illustration purposes only

No impact on your credit score

Representative Example

Borrowing £7,500 at a representative APR of 13.9%, annual interest rate (fixed) 13.85%, 47 monthly payments of £201.38 followed by 1 payment of £211.38 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £2,176.24, total amount payable is £9,676.24.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

How Has COVID-19 Impacted Car Sales?

Cars displayed in a car showroom

Since the initial UK outbreak at the start of 2020, COVID-19 has affected our lives in various ways. People have had to work from home, many have been furloughed or even lost their jobs, and we’ve all had to adapt to a more remote way of living.

Needless to say, this has had some direct and knock-on effects for car sales, as this post will explore.

The direct impact on car sales

The initial impact of COVID-19 on car sales came through the forced closure of dealerships. In the first lockdown, imposed from 24th March 2020 onwards, dealerships were deemed non-essential and forced to close. This brought car sales to a halt, with many dealerships not prepared for non-contact and online sales.

Over time, car sellers have adapted their processes so they can provide plenty of information online and offer click and collect services or deliver cars to customers’ homes. That minimised the impact of following lockdowns, including the national one imposed at the start of 2021.

Knock-on effects of COVID-19

While the ability to buy cars and apply for finance from the comfort of your home has minimised the direct impact of COVID-19 on car sales, there have also been some indirect effects.

People being furloughed or losing work has naturally led to fewer people being able to afford a new car – or at the very least, they’re looking at more affordable cars.

Some borrowers may have been forced to miss payments or make late repayments on their loans, which will have a knock-on effect for their credit score. Fortunately, some providers have offered ‘holidays’ on loan and mortgage repayments, which has minimised the impact on those who have been affected – at least in the short term.

Post-COVID car finance

If you’ve been left with a poor credit score in the wake of COVID-19, My Car Credit is on hand to help. We provide car finance for poor credit score applicants, so you can still spread the cost of a new or used car. To find out more, email enquiries@mycarcredit.co.uk or call us on 01246 458 810.

Rates from 6.9% APR. Representative APR 13.9%

Evolution Funding Ltd T/A My Car Credit

My Credit Rating

Excellent

  • You are a home owner
  • You have been on the electoral role for a long period of time
  • You have current credit arrangements and mortgage with no defaults
  • You have no CCJs, credit arrears or missed payments
  • You rarely apply for credit
  • You are employed or self-employed

Good

  • You are on the electoral role
  • You are a home owner or long standing tenant
  • You have a stable employment history
  • You have current credit arrangements with occasional missed payments
  • You have no CCJs

Fair

  • You are or have recently been on the electoral role
  • You may have recently changed address
  • You may have occasional missed payments
  • You may have an old CCJ
  • You may have regularly applied for credit

Poor

  • You may have had frequent changes in address
  • You may not be traceable on the voters roll
  • You may have exceeded credit card limits
  • You may have missed payments on current agreements
  • You may have had a CCJ in the past

Bad

  • You may not be traceable on the voters roll
  • Your credit cards are over their limits
  • You have recent CCJs
  • You may have been refused credit elsewhere
  • You may be in a debt management plan
£

X monthly repayments of
£X

Typical rate

Loan amount

Total payable

X% APR*

£X

£X

*for illustration purposes only

No impact on your credit score

Representative Example

Borrowing £7,500 at a representative APR of 13.9%, annual interest rate (fixed) 13.85%, 47 monthly payments of £201.38 followed by 1 payment of £211.38 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £2,176.24, total amount payable is £9,676.24.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

FCA Bans Interest-Linked Car Finance Commission, Saving Consumers Millions

Woman spending money online after saving due to new FCA rules regarding car finance commission

Britain's Financial Conduct Authority (FCA) has announced it will ban certain commission models that give car finance dealers an incentive to sell more expensive credit plans to customers.

The move, which takes effect from January 28th, 2021, is expected to save consumers up to £200 on their contract loans, amounting to approximately 6% of their total costs. However, some people could benefit even further, with financial experts estimating an incredible £165 million in annual savings.

Long overdue

For many, including Debt Adviser and Author Sara Williams, the ban has been long overdue. In an interview with the BBC, she said: “The interest rate should reflect the risk that the lender is taking, not how much a car salesman thinks you will pay.”

The problem with the current scheme is painfully visible – the higher the interest rate, the higher the commission, which effectively incentivises dealers to charge fees which are inconsistent with the customer’s credit rating. In their public inquiry, the FCA found that the extensive use of this type of commission encourages dealers to act against the customer’s best interests.

Giving a statement on the ban, the FCA’s Interim Chief Executive, Christopher Woolard, said: “By banning this type of commission, where brokers are rewarded for charging consumers higher rates, we will increase competition and protect consumers”.

He goes on to say: “The FCA will also make changes to the way in which customers are told about the commission they are paying to ensure that they receive more relevant information. These disclosure changes apply to many types of credit brokers and not just those selling motor finance.”

A welcome change

Here at My Car Credit, we welcome the news of a ban on commission-based interest. While some car finance companies have taken advantage of the existing loopholes, we’ve always strived to deliver fairer interest rates to consumers.

We set interest rates on credit score-based pricing, which delivers the best outcome based on the customer’s credit profile rather than linked to commission or profit. In turn, consumers can rest assured they’ll always receive the most favourable deal possible from our large panel of lenders.

What’s more, Evolution Funding, the company behind My Car Credit, has a personal interest in industry transparency. Our CEO, Lee Streets, is the sole representative for motor finance on the FCA Smaller Business Practitioner Panel. Working closely with the regulator, he strives to implement and maintain impeccable practices within the sector.

Are you looking for fairer finance?

My Car Credit’s car finance application process is one of the simplest around, and we’re constantly told how fast, stress-free and enjoyable we make the car buying journey for our customers.

Most importantly, we give you an accurate online decision, including your exact rate and monthly payments, based on your details and credit profile. Crucially, we’ll never use a commission-based model to decide your interest rates.

To find out how we can help you, give us a call on 01246 458 810 or drop us an email at enquiries@mycarcredit.co.uk. One of our knowledgeable team members will get back to you as soon as possible.

 

Rates from 6.9% APR. Representative APR 13.9%

Evolution Funding Ltd T/A My Car Credit

My Credit Rating

Excellent

  • You are a home owner
  • You have been on the electoral role for a long period of time
  • You have current credit arrangements and mortgage with no defaults
  • You have no CCJs, credit arrears or missed payments
  • You rarely apply for credit
  • You are employed or self-employed

Good

  • You are on the electoral role
  • You are a home owner or long standing tenant
  • You have a stable employment history
  • You have current credit arrangements with occasional missed payments
  • You have no CCJs

Fair

  • You are or have recently been on the electoral role
  • You may have recently changed address
  • You may have occasional missed payments
  • You may have an old CCJ
  • You may have regularly applied for credit

Poor

  • You may have had frequent changes in address
  • You may not be traceable on the voters roll
  • You may have exceeded credit card limits
  • You may have missed payments on current agreements
  • You may have had a CCJ in the past

Bad

  • You may not be traceable on the voters roll
  • Your credit cards are over their limits
  • You have recent CCJs
  • You may have been refused credit elsewhere
  • You may be in a debt management plan
£

X monthly repayments of
£X

Typical rate

Loan amount

Total payable

X% APR*

£X

£X

*for illustration purposes only

No impact on your credit score

Representative Example

Borrowing £7,500 at a representative APR of 13.9%, annual interest rate (fixed) 13.85%, 47 monthly payments of £201.38 followed by 1 payment of £211.38 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £2,176.24, total amount payable is £9,676.24.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

Fraudulent Car Dealers: What to Watch For

car for sale by fraudulent car dealer

The Financial Conduct Authority (FCA) recently issued a warning to the public about an expected rise in scam activity following the disruption and concerns caused by the coronavirus pandemic. It’s a time when many families and businesses are worrying about job and income security – which unfortunately makes for an ideal time for fraudsters to strike.

These uncertain economic times increase the potential for motorists to fall foul of fraudulent car dealers, or simply dealers whose businesses have become financially unstable. To help protect yourself – and your money – here are a few red flags to watch out for.

The basics of fraudulent car dealers

Due to COVID-19 and its financial pressure, there have been a number of businesses that have collapsed. This pandemic has shown us that no business is immune to financial strain. Right now, there is a higher risk of car dealerships going out of business once deposits have been paid.

Unfortunately, when you’re looking to purchase a vehicle during this time, you will be susceptible to some fraudulent dealers who are just looking to take your cash and run with it. It is up to you to ensure that you are working with reputable, trustworthy and financially stable dealers.

Red flags to look out for:

It sounds too good to be true. If you are considering a bargain deal – even in this unprecedented time – consider if it’s too good to be true. Whether it’s a car with only 15,000 miles on the clock or a new vehicle priced at half its value, you should always err on the side of caution.

• It sounds complicated. Scammers will often confuse their victims with industry jargon to sway them into agreeing to a price and a vehicle. If your car dealer doesn’t take the time to talk through agreements and acronyms, it’s time to find a different dealer.

• Used car dealers masquerading as a private seller. Some used car dealers pretend to be private sellers to avoid regulations. If you’re going to buy a used vehicle, do plenty of due diligence on the dealer’s business status and business address. Where possible, buy a nearly-new vehicle so that if there are any warranty issues with the vehicle, you’ll be able to resolve them quickly.

• Little to no online presence. Can’t find the dealership online? No website or reviews for the dealer? Credible sellers want to promote their good work through a website and social media channels. If the seller has no reputation, you have no idea what they are like to do business with.

If in doubt, report. Think that you’re onto a fraudulent car dealer? Motorists should report any scam to Action Fraud for further investigation. Doing so could help other people like you from being conned out of their hard-earned money.

How My Car Credit can help

At My Car Credit, not only do we work with motorists to find the right car financing plan for their needs and budget, but we have additional checks to ensure that our clients are protected.

• Our agents call every customer for security and identification purposes.
• We have enhanced due diligence checks to establish affordability.
• We have enhanced vulnerability checks.
• We check the suitability of every dealer on behalf of our customer.
• During the COVID-19 situation, we have changed our payout process to protect customers. We now do not release funds to the dealer until the customer confirms they have taken delivery of the vehicle.

Get started

At My Car Credit, we help you through every step of our safe and hassle-free car finance process. For an instant quote, and to see what car finance plan you can be eligible for, please use our simple car finance calculator. Contact us today on 01246 458 810 or emails us at enquiries@mycarcredit.co.uk to get started!

Rates from 6.9% APR. Representative APR 13.9%

Evolution Funding Ltd T/A My Car Credit

My Credit Rating

Excellent

  • You are a home owner
  • You have been on the electoral role for a long period of time
  • You have current credit arrangements and mortgage with no defaults
  • You have no CCJs, credit arrears or missed payments
  • You rarely apply for credit
  • You are employed or self-employed

Good

  • You are on the electoral role
  • You are a home owner or long standing tenant
  • You have a stable employment history
  • You have current credit arrangements with occasional missed payments
  • You have no CCJs

Fair

  • You are or have recently been on the electoral role
  • You may have recently changed address
  • You may have occasional missed payments
  • You may have an old CCJ
  • You may have regularly applied for credit

Poor

  • You may have had frequent changes in address
  • You may not be traceable on the voters roll
  • You may have exceeded credit card limits
  • You may have missed payments on current agreements
  • You may have had a CCJ in the past

Bad

  • You may not be traceable on the voters roll
  • Your credit cards are over their limits
  • You have recent CCJs
  • You may have been refused credit elsewhere
  • You may be in a debt management plan
£

X monthly repayments of
£X

Typical rate

Loan amount

Total payable

X% APR*

£X

£X

*for illustration purposes only

No impact on your credit score

Representative Example

Borrowing £7,500 at a representative APR of 13.9%, annual interest rate (fixed) 13.85%, 47 monthly payments of £201.38 followed by 1 payment of £211.38 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £2,176.24, total amount payable is £9,676.24.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

Will my dealer repair or replace the faulty car I bought?

Car mechanic checks over faulty car bought on finance

When you buy a new or used car, the last thing you want is for something to be wrong with your vehicle. However, this does unfortunately happen from time to time, and it’s best to know where you stand if anything should go wrong. Thankfully, there are guidelines in place – The Consumer Rights Act of 2015 – protecting you as the customer.

So, if you are experiencing issues that prevent your new car from operating as it should – you are legally entitled to have the car fixed or refunded. However, it’s important to be 100% sure that your situation falls within the remit of the guidelines. Here’s everything you need to know:

What is the Consumer Rights Act of 2015?

The Consumer Rights Act of 2015 was introduced in October 2015 and applies to any new or used car bought from a vehicle trader. This includes cars bought from a car dealership franchise and independent garage, but importantly not those bought privately via an individual or at a car auction.

This piece of legislation outlines the main criteria under which a car can be returned by you to receive a full refund. When you buy a car from a franchise or dealership: it must be of ‘satisfactory quality’, be sold ‘as described’ and be ‘fit for purpose’. If there is any breach of these conditions you can return the car within 30 days and receive a full refund. This includes any fault to the vehicle which has not been caused by you during that 30-day period time.

If there is a fault with your car, and it occurs after this 30-day period but before you have had ownership of the vehicle for more than six months, the vehicle trader must correct the fault. If they are unable to fix the vehicle, you can then return the car (note: the refund will however consider any use of the car up to this point).

In both cases, a replacement may also be a viable option. So, if you buy a car and really like the model, it might be more beneficial to ask the dealer for a replacement of the same model as opposed to pushing for a refund.

What counts as a fault with your vehicle?

This is where things get slightly more complicated. The basics of the matter is that anything which prevents your car from operating properly is a fault. For example, your engine cutting out, your windows not working or something wrong with the wheel axis, are all considered major faults. This would entitle you to a full refund.

If there are lesser issues, such as the seats not being able to be adjusted, the headlight bulb ceasing to work, or a problem with air conditioning (that was not specified on your purchase of the vehicle) your dealer is obliged to fix them. However, these issues do not entitle you to a refund.

Should there be any debate between parties over whether a fault is major or minor – we advise seeking legal advice and/or support.

How do you go about returning a car or having it repaired?

The first thing to do is make sure your complaint is recognised. ‘Recognised’ simply means calling up your dealer directly and informing them of the major or minor faults with the vehicle. This is standard protocol and gives you the reassurance that they know of your complaint. To back this up, you should always put your case in writing as well, this can be via email or post. We recommend email as the communications between you and the dealer are recorded and can be used for any legal procedures, if necessary.

If you have bought a car on finance, you follow exactly the same procedure but (depending on circumstances) the dealer will contact your finance lender on your behalf. To safeguard yourself, it’s always best to ask to be kept aware of these communications (via CC). You can also follow up with the finance lender yourself, if you wish.

When you buy a new or used car, the last thing on your mind is the possibility of something going wrong with the vehicle. In the unfortunate case that this does happen, it’s always best to know your options and have a good understanding of The Consumer Rights Act of 2015.

Rates from 6.9% APR. Representative APR 13.9%

Evolution Funding Ltd T/A My Car Credit

My Credit Rating

Excellent

  • You are a home owner
  • You have been on the electoral role for a long period of time
  • You have current credit arrangements and mortgage with no defaults
  • You have no CCJs, credit arrears or missed payments
  • You rarely apply for credit
  • You are employed or self-employed

Good

  • You are on the electoral role
  • You are a home owner or long standing tenant
  • You have a stable employment history
  • You have current credit arrangements with occasional missed payments
  • You have no CCJs

Fair

  • You are or have recently been on the electoral role
  • You may have recently changed address
  • You may have occasional missed payments
  • You may have an old CCJ
  • You may have regularly applied for credit

Poor

  • You may have had frequent changes in address
  • You may not be traceable on the voters roll
  • You may have exceeded credit card limits
  • You may have missed payments on current agreements
  • You may have had a CCJ in the past

Bad

  • You may not be traceable on the voters roll
  • Your credit cards are over their limits
  • You have recent CCJs
  • You may have been refused credit elsewhere
  • You may be in a debt management plan
£

X monthly repayments of
£X

Typical rate

Loan amount

Total payable

X% APR*

£X

£X

*for illustration purposes only

No impact on your credit score

Representative Example

Borrowing £7,500 at a representative APR of 13.9%, annual interest rate (fixed) 13.85%, 47 monthly payments of £201.38 followed by 1 payment of £211.38 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £2,176.24, total amount payable is £9,676.24.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

Scammers: How to Avoid Rogue Vehicle Traders

Man signs finance agreement with rogue vehicle trader

Buying a car is a major commitment and the last thing you want to do is end up on the losing end of a bad deal. In case you haven’t seen the countless television shows and films that we have, not every vehicle trader can be trusted. So, we’ve come up with a checklist of things to do before you sign on the dotted line.

Do your research

The is the absolute-must of purchasing a car – the more online research you do before stepping onto a forecourt, the more chance you have of driving off it with a quality car! The first thing you want to be checking is their website, you should have good nosy around and make sure the website all works – a broken or disorganised website could indicate a broken or disorganised vehicle trader.

Also, make sure that there is plenty information on every car they have listed (e.g. a detailed specification, record of mileage, any minor damages)… essentially, the more detailed the car info, the less they have to hide.

It’s also worth checking out their social media platforms – if there are any unsavoury conversations in the comments section then you’ll know that their customer service isn’t up to scratch.

Check for reviews

It’s vital that you check a dealership’s reviews, they’ll give you a very good understanding of customer-facing experiences with said dealership and any issues after purchase. If people have had a bad experience with a dealership, you can be sure that they will have left a scathing review online. If you can’t find any reviews or testimonials, that is a big no-no – every car dealer in the country will put their reviews up online, it’s just basic salesmanship.

Also, if there are very few reviews for a relatively big dealership or loads of reviews for a small one, be wary – it could mean that reviews have been deleted or fake ones have been added to create a more positive appearance.

When you’re there

Always (and we mean always) ask to test drive the car before buying it – this is the only way to give you some reassurance that the car they are selling to is in the condition they say it is. Be wary of them asking you to drive another car in the same model, especially if the prices are different.

Ask for the MOT certificate and service history, and make sure all the details are correct. Also, take a good look at the V5 registration document, especially looking for any misspellings or slightly vague information.

If you don’t know much about cars, you should take somebody with you. A car salesman’s best skill is pretty much in the title – they are primarily good at selling stuff!

After the forecourt

To be 100% sure that you are getting a good deal on a car you’re about to buy, perform your own private history check online. This will tell you of any dodgy business, such as the car being stolen, having been in an accident, the correct mileage or if it has any outstanding finance. There are lots of companies that will do this and whilst it might set you back a few quid, it’s definitely worth it – especially if you’re making a big investment.

Just like Harry Wormwood in Matilda and Joey O’Brien in Cadillac Man, there are dodgy vehicle traders out there, people! The best way to guard against this is to do all the possible research that you can before you even take a step onto a forecourt, and to make sure you have verified everything before you make a purchase. We hope our checklist will help you to do just that!

My Car Credit is committed to providing trustworthy services for anyone looking to buy a new or used car. Our network of ‘My Car Dealers’ have been vetted by us for their customer service standards, after-sale service and their affiliation with the Financial Conduct Authority (FCA) to make sure you get the best car buying experience. With a vast selection of quality used vehicles available, all that’s left is for you to do is find the perfect car.

Rates from 6.9% APR. Representative APR 13.9%

Evolution Funding Ltd T/A My Car Credit

My Credit Rating

Excellent

  • You are a home owner
  • You have been on the electoral role for a long period of time
  • You have current credit arrangements and mortgage with no defaults
  • You have no CCJs, credit arrears or missed payments
  • You rarely apply for credit
  • You are employed or self-employed

Good

  • You are on the electoral role
  • You are a home owner or long standing tenant
  • You have a stable employment history
  • You have current credit arrangements with occasional missed payments
  • You have no CCJs

Fair

  • You are or have recently been on the electoral role
  • You may have recently changed address
  • You may have occasional missed payments
  • You may have an old CCJ
  • You may have regularly applied for credit

Poor

  • You may have had frequent changes in address
  • You may not be traceable on the voters roll
  • You may have exceeded credit card limits
  • You may have missed payments on current agreements
  • You may have had a CCJ in the past

Bad

  • You may not be traceable on the voters roll
  • Your credit cards are over their limits
  • You have recent CCJs
  • You may have been refused credit elsewhere
  • You may be in a debt management plan
£

X monthly repayments of
£X

Typical rate

Loan amount

Total payable

X% APR*

£X

£X

*for illustration purposes only

No impact on your credit score

Representative Example

Borrowing £7,500 at a representative APR of 13.9%, annual interest rate (fixed) 13.85%, 47 monthly payments of £201.38 followed by 1 payment of £211.38 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £2,176.24, total amount payable is £9,676.24.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!