Should I Lease or Finance a Car?

Car reflected in window

Choosing between leasing or financing a car will depend on your needs and circumstances. In both instances, you’ll be able to use a vehicle as you pay a series of pre-determined monthly instalments – but the main difference between leasing and financing a car is whether or not you end up the vehicle’s owner.

As such, there’s no right or wrong answer to the question of whether you should lease or finance a car – it’s all about your priorities. Read on to find out more.

Car leasing and car financing – what’s the difference?

Leasing and financing a car may sound similar, but they do have key differences.

The main difference between leasing and financing a car is ownership. When you lease a vehicle, you’re essentially borrowing the vehicle from a dealer for a specified period of time – usually anywhere from 12 months up to 60 months. You’ll pay a monthly fixed amount which usually includes service and maintenance fees. At the end of the lease’s term, you hand the car back – you’re never its owner.

With car financing, however, you have the option of owning the car at the end of your finance term. Much like leasing, you’re making a series of fixed monthly repayments over a pre-agreed time period, after which time you have the option of making a final payment, making you the car’s legal owner.

Buying a car outright is the other option when buying a car – but you need savings or a personal loan in order to finance this.

Should you lease or finance a car?

As with anything, whether or not leasing or financing a car is most appropriate for you will depend on your priorities and preferences.

Leasing a car – the advantages

  • When you lease a car, your monthly repayment amount will typically cover service and maintenance costs.
  • As you are never the vehicle’s owner, you don’t have to worry about the car depreciating in value over time.
  • If you like to change your car frequently, leasing is a far more appealing option.
  • Because you won’t own the vehicle, you also don’t have to worry about reselling it at the end of the lease term.
  • If you use your car for business purposes, you may benefit from greater tax write-offs with a lease (unless it’s a luxury vehicle).

Leasing a car – the disadvantages

  • There’s usually a mileage limit for leased cars, and you do have to pay a penalty if you exceed this, so if you’re a driver of long distances, leasing may not be for you.
  • Although service and maintenance costs are covered, if you cause any serious damage to the vehicle, you may incur further charges.
  • You don’t ever own the vehicle.
  • You may also incur charges if you want to end the lease deal early.

Financing a car – the advantages

  • Car financing tends to be more flexible than leasing a car. Similar to leasing, you can use the length of the agreement, and you may be able to decide on an annual mileage limit and deposit amount.
  • Car finance is typically available on both new and used cars, whereas leasing is only available for the newest vehicles.
  • If you’re after the lowest possible monthly repayments, car finance on a used car is the best option.
  • At the end of car finance, you’ll own the car. Depending on which finance you’ve gone for, you may need to make a final payment, after which you are the car’s legal owner.

Financing a car – the disadvantages

  • With PCP finance, you can choose whether or not you want to own the car at the close of your deal. However, as with leasing, if you opt to return the car, but have exceeded the mileage limit or caused excessive damage to the car, you will incur extra charges.
  • You are locked into a repayment schedule, so you need to ensure that your financial circumstances aren’t likely to change whilst you’re repaying your car finance. Missed repayments will affect your credit score – though there are ways of securing car finance even with a poor credit rating.

Talk to us about car financing and leasing

If you still have questions about whether car finance or a car lease is best for you, get in contact with My Car Credit on 01246 458 810 or email enquiries@mycarcredit.co.uk.  

Representative APR 8.9%

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 8.9%, annual interest rate (fixed) 8.86%, 47 monthly payments of £184.94 followed by 1 payment of £194.94 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,387.12, total amount payable is £8,887.12.

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

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

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

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

What’s the Best Way to Compare Car Finance Deals?

Woman using laptop to compare car finance

Purchasing a car is second in expense only to a house. Whether you’re looking for a brand new, nearly-new, or respectably used car, it’s likely that you’ll end up spending a significant portion of your hard-earned cash on the vehicle. That’s why finding the right car finance is a vital step in the search. What's more, knowing how to compare car finance deals will help too. This is because with the right deal, you’ll be able to budget for the vehicle, and know when and how much you need to pay out.

But with so many car finance providers out there, it can be incredibly overwhelming knowing where to begin your search. Not least because traditional methods of car finance – that is, getting a deal via the dealership from which you’re purchasing the car – is often still a viable form of securing car finance.

Car finance: online or dealership?

Traditionally when buying a car, buyers would turn to the dealerships from which they were planning to purchase the vehicle for their car finance. With the increased digitisation of products and retail, however, customers have become savvier towards alternatives. In addition, customers are more aware of the disadvantages this poses for getting the best deals.

Where dealerships only have a few lenders to go to, they may be limited by what deal they can offer you. What’s more, they may also struggle to find you finance if you have a less than perfect credit profile.

With the boom in online car finance comparison websites, however, you get more choice and flexibility when you compare car finance providers. With deals from lots of different lenders being compared, you’re more likely to get a great deal, no matter what your credit score.

The fallout of the pandemic also makes online car finance comparison far more attractive. You no longer need to travel in person to visit different dealerships and compare various car finance options. Instead, you just need a connection to the internet and a device in order to search for your best choice. So not only is it less time-consuming and more flexible, it’s also a safer all-round experience.

How to compare car finance deals

Comparing car finance online is one step forward for customers. But online car finance brokers can make things even easier. Comparing car finance deals through a dedicated broker saves customers time, money, and hassle. More over, it allows you to take back the wheel and find a deal that suits your needs and requirements. It also means you can consider the deal you’ve been offered without any pressure, from the comfort of your own home.

This is where My Car Credit helps customers across the UK. We are consistently told by customers that our online car finance calculator makes the process of comparing car finance options more streamlined. It’s designed to help you, so is super speedy and straightforward – our goal is to get you a deal that suits you, with no pressure and no obligation to go ahead.

Using our car finance calculator, you input the car loan amount for which you’re looking, and your preferred repayment term. From there, we’ll ask you for some personal information, like your email address and employment details. Next, we’ll perform a soft search credit check, but this won’t affect your score. Finally, our complex algorithm matches your unique circumstances and needs with the right product and lender for you.

We have the largest panel of car finance lenders out of any broker, so you have the best platform possible from which to conduct your search. It also means that you’re more likely to be accepted for car finance, as you know your parameters from the get-go. We also won’t suddenly change the terms of the deal – so long as you give us all the right information when you apply, the rate you see is the rate you get.

Check for car finance deals today

Comparing car finance has never been easier, thanks to My Car Credit. Our online application system can find the best car finance deal from our panel of lenders in minutes. And if you have any questions, or simply prefer to speak to a human, our friendly team of car credit specialists can guide you through the process, easing any concerns you may have and addressing queries. Call us on 01246 458 810 to find out more.

Representative APR 8.9%

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 8.9%, annual interest rate (fixed) 8.86%, 47 monthly payments of £184.94 followed by 1 payment of £194.94 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,387.12, total amount payable is £8,887.12.

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

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

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

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

Car Finance Repayment Terms: What’s Best for Me?

Calendar for keeping track of car finance repayments

At My Car Credit, we understand how confusing car finance repayments can be. You might have found the perfect next set of wheels. However, you may also find yourself getting lost in a sea of paperwork and admin. Even worse, you may be getting tripped up over hidden costs and surprise terms and conditions.

But don’t panic – this article is designed to clear that confusion! What’s more, we’ll lay out what you can expect from different car finance repayment options, as well as the potential benefits and pitfalls of each. That way, you go into your search knowing what meets your requirements and how much you can afford. This means you can find a deal that suits you without wasting too much time or energy.

Don’t forget too, that once you’ve decided what kind of terms best match your needs, you can use our online car payment calculator to get a super speedy, straightforward quote from us.

Car finance repayments – what’s right for me?

First things first, and before you begin looking at repayment terms, it’s important to establish how much car finance you’d qualify for. Once you’ve worked this out, you’ll have a better idea of what to look out for when applying for car finance. This will allow you to tailor your search accordingly. We’ve also outlined what factors affect the cost of car finance too, in case you’re confused about that.

Repayment terms – what’s the difference?

Your car finance repayments will have a significant impact on what type of finance scheme best suits you. Below, we lay out the pros and cons of different repayment terms.

Short term loans

Typically, a short loan repayment term will tend to be between 18 to 24 months. Shorter repayment terms mean that you pay higher monthly repayments as you have less time to spread the cost. However, you’ll also pay less interest overall because you’re repaying your loan much quicker, slashing the amount of borrowing time.

The vehicle will also have a higher resale value once it’s been paid off. This is because a newer car is more attractive for re-sale than an older model, which is another factor to keep in mind.

Short repayment terms are great if you have a large monthly income and are financially stable. The upside is that you spread the car cost, slash interest, and can use your hard-earned cash on something else. Just be aware that you’ll likely be asked to prove that you have the income to fund a short-term loan. In the main, payslips and bank statements are the most obvious way to back this up.

Pros/Cons:

+  You pay off your owed balance quicker

+  Less interest payment overall

+  The vehicle will have a higher resale value once paid off

  You’re paying higher monthly repayments

  A potentially higher upfront payment

Long Term Loans

Long term repayments are the more traditional car finance package offered. You’ll usually spread the cost of your car over 48 or 60 months – 4 or 5 years in other words. This ensures that the repayments are more manageable than you’ll find in a short-term loan. What’s more, you may even be able to purchase a more expensive car, as you’re paying less upfront.

However, you’ll also end up owing money for a longer period of time. Plus, you’ll be paying interest for longer, which means the overall cost will be higher. This is because the amount you’re charged is based on the interest rate established at the start of the agreement, so you’re paying more to the provider with less value return on the vehicle.

Equally, a longer repayment period means that the value of your car will depreciate more. This is something to consider if you’re looking to sell or return the car at the end of the repayment term.

Pros/Cons:

+  Monthly repayments are more affordable

+  You might be able to purchase a more expensive car

 Lower resale value on the vehicle

 Interest payments are significantly higher

What’s the best option for car finance repayments?

It’s really important to go into your search for car finance knowing what you can afford. In addition, try to establish what suits your particular requirements – there isn’t a one-size-fits-all approach. If you don’t think you can front the monthly payments of a short-term repayment scheme, the long-term option is best for you. Equally, if you’re keen to trade in for a new vehicle after only a couple of years, the short-term option will be most appealing.

Using our car finance repayment calculator will help you to get a better idea of the best option for you. We design our car finance to be as flexible and user-friendly as possible. What’s more, we’ll give you a quote within minutes. We’ll only ask you for a few details, and our soft search check won’t affect your credit rating.

Talk to one of our friendly team today, and start your search for the best car finance for you.

Representative APR 8.9%

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 8.9%, annual interest rate (fixed) 8.86%, 47 monthly payments of £184.94 followed by 1 payment of £194.94 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,387.12, total amount payable is £8,887.12.

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

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

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

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

How to Calculate Car Finance on Prestige and Supercars

Supercar bought after using a supercar finance calculator

Owning a supercar is the stuff of dreams. Petrolheads love the idea of cruising around in an iconic Ferrari or Lamborghini as they are the pinnacle of the industry. However, they are very expensive, with most in the hundreds of thousands of pounds range.

In 2017, for example, the then-new Bentley Continental Supersports was £212,500. In America, the fee was even higher (around £250,000) as different countries have different rates. Of course, prestige cars can charge as much as they like because of the element of luxury. For people who are desperate to add them to their collection, that means having the resources.

But, not everyone does, and even those who have often prefer to pay in instalments. This is where supercar finance comes in handy because it splits payments into affordable lump sums. In this post, we’ll take a closer look at car finance for prestige cars and supercars.

Is finance available for a prestige or supercar?

It depends on the circumstances. Broadly speaking, the answer is yes. Prestige car finance deals exist, and lenders are happy to offer them to eligible applicants. However, you need to meet the lending criteria before you are able to sign on the dotted line.

The best way to do this is to talk through your options and focus on the factors that impact the decision. For instance, boosting your credit rating will show creditors that you’re trustworthy, making them more likely to lend you the money. And, of course, you’ll need to be able to afford higher monthly repayments that come with the higher cost of a prestige car. Using a supercar finance calculator will help you work out your expected monthly repayments.

What financing method should you pick? Take a look below at the options on the table:

Hire purchase

Hire purchase, or HP works in the same way for supercars as it does normal cars. You agree to a set amount that you pay monthly for an extended period of time. At the end of the agreement, you own the vehicle and don’t need to pay anything else.

Personal contract purchase

PCP finance works in much the same way. However, instead of owning the car being mandatory, you have the option to give it back at the end of the deal. PCP contracts have smaller monthly sums but require a larger ‘balloon payment’ at the end of the contract if you choose to buy the car outright.

Equity Release

An equity release unlocks cash that you have in your car. Essentially, you can trade your current vehicle in and use the money to lower the value of a prestige car or supercar.

How do you work out the cost of supercar finance?

Given that they cost a lot more than most cars, it can seem quite tricky calculating the cost of supercar finance. Higher numbers can make things confusing, which can be enough to put off a lot of prospective buyers.

Thankfully, it’s a lot easier than it sounds. You simply take the value of the vehicle and divide it by the number of months in the repayment period. All that’s left to do is include the rate of interest – you can break it down into annual or monthly – and you have a quick and reliable figure.

Supercar finance calculator

If you prefer to let technology crunch the numbers for you, we understand. In fact, we completely agree because the right piece of tech is powerful and easy to use. That’s why our car payment calculator is on hand to help anyone who would rather call on the help of specialist software.

To do the maths on your next prestige vehicle, you merely need to enter the loan amount you’re looking for into the calculator. Next, pick the length of the repayment – we give loans from anywhere between three and five years. Finally, choose the credit rating that most suitably describes your situation.

Why should you use it?

Well, it eliminates mistakes for starters. But, if that’s not enough, check out these incredible features on our supercar finance calculator:

  • Results take a matter of seconds
  • There’s no impact on your credit rating
  • You can apply right away once you receive a loan offer

Let My Car Credit help you achieve your dreams

If you’ve been desperate to purchase a supercar for years, then My Car Credit is ideally situated to make your dreams come true. As a trusted and reputable broker, we draw upon a network of over 25 lenders to find a great deal, whatever your circumstances.

There’s no fuss or hassle, just a quality service that gets the job done.


Representative APR 8.9%

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 8.9%, annual interest rate (fixed) 8.86%, 47 monthly payments of £184.94 followed by 1 payment of £194.94 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,387.12, total amount payable is £8,887.12.

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

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

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

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

Calculate Which Factors Affect the Cost of Car Finance

Woman using a laptop getting the best car finance for her

Brits are no strangers to car finance, with the latest data revealing around 90% of the 2.3 million new cars sold in an average year are financed through an FLA member. Finance can be a great way to unlock more spending power. However, before you apply it’s important to develop a good understanding of how the cost of car finance works.

What many people don’t realise is that the cost of car finance can vary significantly from motorist to motorist. Every applicant is different, and creditors will always adjust the cost of car finance accordingly. So which factors affect the cost of finance? Read on for our expert guide, including how to calculate the factors that affect the cost of car finance.

Cost of car/loan amount

The main factor that determines the cost of car finance is the overall price of the car and the total loan amount. This bottom line figure is what determines everything from monthly repayments to annual interest. While it can be tempting to focus on the price of the car itself it’s important to understand this isn’t the only factor at play. Interest rates, as well as extra fees and charges, can have a big impact on the overall cost of your loan. Before committing to a car loan, it’s always best to crunch the numbers using a cost of car finance calculator.

Deposit

Cash deposits are a major contributor as they directly affect the cost of the car and the loan amount. Deposits are taken off these figures which lowers the amount you need to borrow and brings down the total cost of car credit. For a quick and easy overview, check out our cost of car finance calculator.  

Repayment term

Like home loans, repayment terms will have a big impact on the cost of your car credit. For example, if you plan to settle your car loan within two years, your monthly repayments will be 50% more than with a four-year repayment plan. Opting for the shortest repayment term possible is a good way to slash your interest expenses. Basically, the faster you pay off your loan the less interest you’ll be paying.

Interest rate

Creditors always charge interest rates on loans and these can have a significant impact on the total amount you pay back. Interest is calculated on the total amount you borrow, which means the higher the loan the more interest you’ll pay. A typical Annual Percentage Rate (APR) is 6.9%, which includes your interest rate and any applicable fees. This means that on a £10,000 loan across three years, you’ll pay 36 monthly payments of about £307, totalling £11,065. This includes the £10,000 you borrowed and £1,065 in interest and fees.

Your monthly payments are set from the start of the agreement and stay the same throughout. However, at the start you’ll be paying more of the interest and less of the loan balance. As you get towards the end of the term, you’ll be repaying less interest and more balance.

Before signing a contract you’ll also want to determine whether your interest rate is fixed or variable. There are pros and cons to each, usually dependent on your personal preferences and financial situation.  

Credit rating

Credit ratings are incredibly important when applying for a car loan. They offer lenders an overview of what your spending habits are like and how responsible you are with money. This allows lenders to calculate the risk factor of offering you a loan and empowers them with the data to adjust interest rates accordingly. The risk is lower for applicants with good credit scores which means lenders are more inclined to offer lower interest rates. In comparison, applicants with lower credit scores are deemed higher risk and may be penalised with higher interest rates.

We always recommend starting with ‘soft’ credit checks as they won’t impact your credit score. Unlike hard checks, they don’t leave a trace on your credit score and aren’t visible to potential lenders. Take out too many hard credit checks and you risk presenting yourself as a volatile and credit-hungry applicant. 

Type of car finance you’re going for

The type of car finance you’re looking to take out will also affect the overall cost of your loan. Hire Purchase (HP) loans are one of the most popular models and involve paying off the full value of the car in monthly instalments. The loan is secured against the vehicle, meaning you won’t officially own the car until you’ve paid off the last instalment. You don’t need to put a deposit down on many HP loans but it will help lower your monthly repayments and overall interest if you do.

Personal Contract Purchase (PCP) loans are another popular credit option. Designed to be more flexible than HP loans, they’re based on a long-term ‘rental’ model that usually spans over three to five years. During this time, you make payments that allow you to use the car over the agreed period. PCP loans often come with mileage limits and damage penalties so it’s important to understand all the fine print before you sign on. When your contract comes to an end, you’re offered the option of returning the car and upgrading to a new vehicle on a similar contract or purchasing it outright with a ‘balloon payment’.

Balloon payments are an interesting concept as they can be financially challenging in themselves. At My Car Credit we understand how difficult it can be to find the cash for car loans which is why we developed a special Balloon Payment Finance plan designed to help you own a car at the end of a PCP contract.

Extra fees and charges

Don’t overlook the additional fees and charges that can often come with car credit. These can include brokerage fees, monthly account-keeping fees, statement fees, late payment fees and penalty charges if you choose to terminate your loan early. All can contribute to the overall cost of your car loan and it’s important to know exactly what you’re paying for.

Securing the best car loans

Need help securing a car loan? At My Car Credit we comb through more than 25 trusted car finance lenders to find you the best deals. We also have a lightning-fast cost of car finance calculator that can be used to estimate your repayments in a matter of clicks.

As part of Evolution Funding, we’re backed by one of the largest motor finance brokers in the UK and have access to the most comprehensive panel of car loan companies. What does this mean for you? It boosts our chances of finding you the best possible car finance deals and ensures your repayments and interest rates are as low as possible. To find out more, get in touch with our friendly team today on enquiries@mycarcredit.co.uk.

Representative APR 8.9%

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 8.9%, annual interest rate (fixed) 8.86%, 47 monthly payments of £184.94 followed by 1 payment of £194.94 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,387.12, total amount payable is £8,887.12.

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

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

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

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

Check for car finance without affecting your credit score

woman using her ipad to check for car finance online

It’s natural that customers shopping around for car finance can be concerned that an initial credit search will negatively influence their credit score. Initial credit searches usually result in a mark on your credit score - especially when they are abandoned. Very often, customers like to check for car finance before they make a decision or before they've even found a car.

At My Car Credit, we help customers check their eligibility for credit before they formally apply for car finance. This is a great way of taking the worry out of assessing your options. We do this by carrying out a ‘soft search’ credit check at the very start of your application.

What is a soft search?

A soft search is a type of credit check which allows us to see your financial history (i.e. how you’ve managed your loans and finances) without having this information exposed to lenders.

Here’s how it works. Start by using our car finance calculator to get an idea of your monthly payments and finance rate, based on your credit profile. Next, we ask you to complete a short online application form. This should take no longer than three minutes to complete. We’ll require simple details such as name, address, date of birth, contact details, and employment details. You will then receive an instant online decision on screen, with confirmation by email and text.

A tailored approach to car finance

We understand that no two customers are the same. In addition, there are many different factors that can affect the outcome of your application. Our commitment is to find you the best finance solution possible. To do this, we adhere to lending regulations. This involves placing all our prospective customers into one of two categories: prime and subprime.

  • Prime customers (those with a good credit status) will receive an actual annual percentage rate (APR) – this rate is a transparent one, i.e. in the majority of cases this will be the rate a customer will pay.
  • Subprime customers (those with an impaired credit history) will receive confirmation of their application. The My Car Credit team will work hard with our panel of 30+ lenders to get the right deal for your circumstances.

No impact on credit score

Soft search is convenient and provides all the key information needed to get the wheels in motion. However, the key benefit of a is that it is not visible to lenders. This means that it won’t affect your future ability to obtain finance. This is true even in the event that you are declined for finance with us.

If you were to ask for a copy of your credit report, you will be able to see the soft search on there. Within reason, you can have as many soft searches as you like without affecting your credit score. Essentially, a soft search checks for the same type of data that a ‘hard’ application would. The difference is, there is no risk of putting a mark on your credit file.

What does all this mean for you?

The approach at My Car Credit means you have the freedom to shop around for car finance before making a decision. It also ensures that you aren’t penalised if you are refused car finance..

There is also no obligation or fee attached to the soft search application process with us. If you’re not sure that the quoted rate is right for your circumstances, you are free to take the information away with you. However, if you are happy to proceed with the rate you’ve been quoted, simply complete your application with us – it’s as easy as that.

Put simply: A soft search is a fantastic way of starting your car finance application without the worry of affecting your credit score. Soft search provides a very good indication of where you stand in terms of being approved for credit. It’s worth noting, it is not a replacement for checking your credit history and improving your credit score before making an application.

 

Representative APR 8.9%

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 8.9%, annual interest rate (fixed) 8.86%, 47 monthly payments of £184.94 followed by 1 payment of £194.94 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,387.12, total amount payable is £8,887.12.

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

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

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

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

Why You Should Steer Clear of Low Rate Car Finance Promises

Frustrated lady on laptop trying to find low rate car finance

Buying a brand-new or used car is often a serious investment. It can be tempting to offset costs by opting for a car finance agreement that guarantees astonishingly low interest rates.

However, when something sounds too good to be true, it usually is! In reality, finance companies can't promise low rate car finance for all applicants. This is because they’re calculated based on individual credit scores and circumstances.

How are interest rates calculated?

So, shiny promises aside, how is car finance interest calculated? The outcome depends on many variables, including a person’s credit history, income, desired vehicle model and deposit. 

Without a doubt, a person’s credit score is the most significant factor. This is a rating everyone has based on their financial history. This rating helps lenders to determine potential risk, interest rates and credit limits. It’s used to gauge someone’s trustworthiness and likelihood to pay back instalments. A good credit score increases your chances of securing a lower interest rate and overall monthly repayments. 

However, at My Car Credit, we understand that unforeseen circumstances can impact a person’s credit rating through no fault of their own. This is why we’re open to accepting applications from people with less than perfect financial backgrounds.

If you’d like to improve your chances of securing finance, there are plenty of simple ways to bolster your rating and generate more favourable interest rates before applying.

We can help you find the best possible interest rates

Whilst we would never promise you a low interest rate, we are in a great position to find you the best deal on car finance for your circumstances. We have the largest panel of lenders out of any UK car finance broker. This gives us the best chance of matching you to a lender with the most desirable interest rates. 

To start your journey, speak to one of our knowledgeable team members by calling 01246 458 810 or emailing enquiries@mycarcredit.co.uk

Representative APR 8.9%

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 8.9%, annual interest rate (fixed) 8.86%, 47 monthly payments of £184.94 followed by 1 payment of £194.94 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,387.12, total amount payable is £8,887.12.

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

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

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

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

How to Get Car Finance with Poor Credit

Young lady looking happily at her phone due to getting car finance with poor credit

Between July 2018 and June 2019, 9 out of every 10 cars sold in the UK were paid through some sort of car finance. With that in mind, it’s clear that finance has become the most popular way to buy a car. However, many people are still unsure about their eligibility. Can you get car finance with poor credit, for instance?

In this post, we’ll explore how car finance works and how to get car finance with a poor credit score.

What exactly is car finance?

The FLA defines car finance as a plan that spreads the cost of a new or used car. Instead of paying the full amount for the car upfront, consumers can pay monthly towards the overall cost of their purchased car.

In the UK, it is common for car dealerships to offer finance options to their customers. Alternatively, you can get finance through dedicated finance brokers, who will offer a wide range of financial deals to their customers via a panel of lenders. This allows them to find the best available deals to suit each individual customer.

What impacts whether I am eligible for car finance?

Many factors can impact your eligibility for car finance:

  1. Age – To take out a car finance plan, you must be aged 18 to 75 years’ old.
  2. Residency – You need to be a resident in the UK for at least three or more years. Most companies will not take on temporary residents.
  3. Credit score – For most lenders, this is a big one. The better your credit score, the more likely you are to get approved.
  4. The car you want to take a finance plan out on – The car needs to be less than 8 years old when you first take out the finance plan, and it must be less than 12 years old when the finance plan ends.
  5. Employment – Being able to prove you are in stable employment will be favourable for most lenders. Normally, they ask for your previous three months’ bank statements and payslips to prove this.
  6. Benefits – Most lenders will require at least half your benefits to be income based. Benefits that would count as a form of income are Carers’ Allowance, Local Council Tax Support, Disability Living Allowance, Incapacity Benefit (long term incapacity), Tax Credits, Pension Credit, and State Retirement Pension. For any other disability benefits, lenders are more flexible due to the nature of the benefit and will often accept government-funded allowance.
  7. Retirement – Despite being out of employment, many retired applicants will be in a good financial position. They would still be required to have proof of their income, whether that be from a pension, investment or property.

How credit affects car finance eligibility

A credit score is a numerical expression, which represents the creditworthiness of an individual. It represents someone’s credit history and tells lenders a lot about what kind of borrower they are and how likely it is that they will manage repayments.

When you apply for car finance, your credit score will be looked at by your lender. People with a higher credit score are more likely to be successful when applying for car finance, and sometimes they can even get better interest rates. This is because they are considered as ‘lower risk’ when compared to others with a higher credit score.

Lenders will use your credit score to tailor a car finance plan to you. If you have a higher credit score, lenders can often approve your car finance quicker and offer you lower interest rates.

Can I get car finance with poor credit?

Many dealerships prefer to only offer car finance plans to good or excellent credit scores, which is not good news if your credit score is not particularly great. The lower your credit score, the more hoops they will make you jump through.

While poor credit can make some finance applications tricky, it doesn’t mean you can’t get credit full stop. At My Car Credit, we are committed to finding a finance package that suits you, wherever possible. With the largest panel of lenders out of any other UK broker, we are better placed to get you approved for car finance with a poor credit score compared to other brokers.

Our clever technology allows us to use data-driven decisions to place you with the best lender. We also have a team of manual underwriters who can assess each customer’s individual circumstances to ensure we always give you the best deal on car finance available from our lenders.

Our simple-to-use car finance calculator allows you to see if you will be eligible for car finance with poor credit. Taking your credit score into account, you can get a clear idea of the finance on offer, changing the loan amount and repayment term to suit you.

Where can I go to get car finance with poor credit?

If you’re looking to get car finance with poor credit, My Car Credit can help. Simply enter your credit score, loan amount and repayment terms on our simple car finance calculator and let us do all the legwork.

We’re fully FCA compliant, meaning our customers know exactly what they are getting from us. If you want to find out more about the car finance we can offer you with poor credit, get in touch with our team today. You can call us on 01246 458 810 or email enquiries@mycarcredit.co.uk.

Representative APR 8.9%

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 8.9%, annual interest rate (fixed) 8.86%, 47 monthly payments of £184.94 followed by 1 payment of £194.94 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,387.12, total amount payable is £8,887.12.

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

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

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

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

How Much Does Car Finance Cost? Check Now!

Calculator on desk used to work out how much car finance costs

Picturing yourself behind the steering wheel of that new car? Then it’s time to look at car financing options. But with your finger hanging over the button to submit your online application, there is usually one question burning in the back of your mind... How much will it cost me to finance my car?

While costs and rates can vary from person to person, depending on their circumstances, My Car Credit aims to keep things simple.

Read on to see how we do our calculations and make every effort to get you the best car finance deal available from our large panel of lenders.

1. APR Calculator

First off, to get a rough idea of the finance charges on a new car loan, try out our car cost calculator. By entering the relevant details, you will get an indication of the Annual Percentage Rate (APR) and have an overall view of all the costs involved, including the cost of monthly payments. Nothing is set in stone, with zero obligation on your end. But now that you have an estimate to work with, you can send in your application and let us do all the hard work for you.

2. Our Process

Once your application has been submitted, we first make sure we have everything we need. After the compliance phase, we look at suitability, eligibility, affordability and vulnerability by means of an aggregator.

This one-of-a-kind decision-making system aims to find our customers the best possible deal without affecting their credit rating or even slowing down their application. By automating and streamlining this part of the process we can provide consistent, compliant and auditable decisions for our clients, without adding any additional costs.

With comprehensive car finance offerings (from poor credit right through to excellent credit) and loads of experience backing our efforts, we are primarily concerned with making this testing part of the car buying journey a faster, hassle-free and more enjoyable experience. The last thing we want is for you to be plagued by unnecessary delays, costs or extra paperwork.

3. Car finance options

As part of Evolution Funding, we have access to a large pool of car loan companies. This means we can submit to more than 34 finance lenders at the same time and hunt down the sweetest deal for every individual, no matter how unique their circumstances.

With all these means at our disposal, we are better placed to find you the package that best suits your means than any other car finance broker.

4. Communication

We know how frustrating it can be to be in the dark. There is nothing worse than a lack of communication. That’s why we stay in touch and give updated feedback every step of the way, keeping you informed of how your application is progressing and what options are available to you. Our aim is to provide unequalled communication to our customers.

Find out how much a car loan costs

If you want to find out how much car finance costs, it couldn’t be simpler with My Car Credit. Click apply now, fill in your details and get a clear estimate for the cost of your car finance. It’s that easy.

Representative APR 8.9%

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 8.9%, annual interest rate (fixed) 8.86%, 47 monthly payments of £184.94 followed by 1 payment of £194.94 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,387.12, total amount payable is £8,887.12.

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

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

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

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

How Long Does Car Finance Approval Take?

checking how long car finance takes using apple watch

Your dream car is beaming on the screen in front of you. It has your name written all over it. Now that you’ve made the decision to buy your new car, the next thing you need is car finance. But how long does car finance approval take?

Read on to find out which factors affect how long it takes for a car finance application to be approval – and what you can do to speed things up.

Times are changing

Car finance approval has something of a reputation for being long and drawn out. That’s mostly down to the old-fashioned approach to car finance. Traditionally, you’d need stacks of paperwork, lengthy credit checks, back-and-forth communication and multiple submissions to financial institutions.

Nowadays, thanks to digital advances, car finance approval has become much easier and quicker. Buying a car and applying for credit online is as simple as clicking here and there, completing the online questionnaire and tapping on the final prompt to send the application.

That said, there are some ways you can make it quicker…

How can I get car finance approved faster?

While it’s difficult to estimate how long car finance takes to process or how many days are required to get your car loan approved, it’s helpful to know how you can speed things up from your side.

1. Budget

Whether you shop for your car first or wish to apply for car finance first, you still need to have an idea of what you can afford in terms of repayments. Use a car finance calculator to provide you with some rough calculations before you set off. Enter the loan amount, repayment period and try to get your bearings before you complete the application.

2. Credit rating

While we aim to help drivers with any credit rating, some small improvements can go a long way. Cancel out-of-date credit cards and complete the application as truthfully as you can. Check if your credit profile is linked to someone else or if there is any missing information on your credit report.

3. Documents

Online applications are much easier and faster than the old-fashioned way. But you’ll still need a few key documents along the way, including your driving licence, bank statements and proof of employment and earnings.

To save yourself time, try to get those documents ready before you apply for car finance. Scan them onto your computer and keep the physical copy on hand just in case.

Quick, hassle-free car finance approval

My Car Credit has taken every measure to eliminate the hassles of car finance approval and streamline the process for you. With more than 34 trusted car loan companies at our disposal, you can rest assured that we’ll be hunting for the best possible car finance deal available from our large panel of lenders.

Use our car finance calculator now to check how much you can borrow.

Representative APR 8.9%

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 8.9%, annual interest rate (fixed) 8.86%, 47 monthly payments of £184.94 followed by 1 payment of £194.94 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,387.12, total amount payable is £8,887.12.

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

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

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

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