How to Finance a Car in 4 Easy Steps

Woman at cafe using her phone

Car finance is growing in popularity in the UK. In fact, the Finance & Leasing Association (FLA) recently announced that consumer car finance has increased by 39% from February 2021 to February 2022.

Why? Car finance is an affordable, accessible way of purchasing a new or nearly new vehicle. There are various kinds of car finance available, depending on the circumstances of the buyer, and many lenders will now work to provide car finance to those with a poor credit rating.

If you’re new to the car finance world, you may be wondering how to actually finance a car. This article is here to help you gauge what to look for when considering car finance, helping you to stay in the driving seat.

How to finance a car: 4 steps

Establish your priorities

There’s no ‘one size fits all’ approach – different kinds of car finance will suit different people differently! One of the best ways to work out which type of car finance would suit you is by asking yourself key questions.

Are you looking for a new or nearly-new vehicle? Would you prefer to own your car at the end of your car finance deal, or will you plan to sell it? What kind of credit score are you working with? Can you work with mileage and other usage caps?

Once you’ve got an idea of the answers, you’ll be better able to tailor your car finance search.

Ask yourself what you can afford

Remember, car finance can be made up of different kinds of payment, depending on which finance option you opt for (more on that later). You need to ascertain what you’re able to afford, so that you can choose a deal that suits you.

You may prefer higher monthly repayments and a shorter term or lower deposit, or favour things the other way around. If you want to purchase the car at the end of the finance term, you’ll need to factor in this one-off payment. Remember, if you opt for a finance term with mileage or other limits, you may face penalties if you exceed these.

Your credit score will play a significant role in the kind of car finance you can secure. Higher credit scores tend to result in lower interest rates and better deals, but plenty of car finance providers can still work with you if you have a poor credit score – just be sure to determine who these are from the beginnings of your search.

Decide which car finance is for you

There are different kinds of car finance – your perfect deal depends on your needs. The most common are car loans, personal contract purchase, hire purchase, and personal contract hire. All of them involve making affordable monthly repayments over a pre-determined period of time, alongside interest.

We’ve written plenty about the pros and cons of these different kinds of car finance elsewhere – just browse the hundreds of helpful blogs and articles that we’ve compiled – but a quick summary goes as follows:

  • Car loans are like a personal loan, making them more expensive and better for those with good credit scores, but you will own the car from the get-go.
  • Personal contract purchase is a flexible option and you can opt to purchase the car at the end of the finance term.
  • At the end of hire purchase, you’ll automatically own the car and you’re paying less interest, but your monthly repayments are higher.
  • Personal contract hire is essentially a long-term rental with mileage caps but lower monthly repayments.

Reach out to car finance providers

Now that you know what kind of car finance terms you’re looking for, you can reach out to car finance providers, many of whom will have an online application process to determine whether you’re suitable for car finance.

At My Car Credit, we make things easier by comparing deals across our large network of trusted lenders. You’ll get a no-obligation quote within minutes with simple, straightforward online applications. You just tell us about yourself and your priorities, and we’ll use our unique technology and stellar network with the best lenders to find the right car finance deal for your circumstances.

Car finance made easy

Don’t panic if you still have questions about how to finance a car – My Car Credit’s friendly team of specialist advisors are available to answer any questions that you may have.

We aim to take the stress out of the search, so get in touch today 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!

Why Does Car Financing Take So Long?

Frustrated woman on the phone

Buying a car is a big investment and according to the latest data, more than 90% of Brits take advantage of finance and leasing options when purchasing a new vehicle. They can be a great way to maximise your budget and unlock access to newer and more desirable models without stretching yourself too thin.

While car financing is a popular alternative to purchasing a car outright, it’s doesn’t have the same ‘quicky and easy’ reputation as applying for a new credit card or taking advantage of ‘buy now, pay later’ services like Klarna, Laybuy and Clearpay.

So why does car financing take so long? Securing car financing can take time as there are some important steps that need to be completed before your application is approved. Below, we take a closer look at the car financing process and why it can sometimes take so long.

Why are applicants carefully vetted?

The average motorist spends around £226 per month on car finance payments, allowing them to get behind the wheel of their dream car without laying down an unrealistically high lump sum. However like any lender, car financing companies want to make sure the benefits outweigh the risks when approving applicants.

To do this they carry out credit checks designed to give them an idea of your borrowing habits. While multinational consumer credit reporting company Experian says there’s no ‘magic number’ that will secure you a loan, a ‘good’ score falls between 881 and 960 while an average score sits somewhere between 721 and 880.

Finance & Leasing Association (FLA) 

The car financing industry is strictly regulated to protect both borrowers and lenders. The Finance & Leasing Association is the industry’s leading trade body and is made up of hundreds of members, including banks, independent financial firms and building societies.

Lenders approved by the FLA are subject to stringent protocols, which can slow down the loan application process but ultimately helps to improve the car loan experience for everyone involved.

Despite the challenges presented by issues such as COVID-19 travel restrictions and supply chain disruptions, FLA Director of Research and Chief Economist Geraldine Kilkelly predicts further industry growth over the next year.

“Despite the risks to the economic and market recovery from supply chain disruption, higher inflation and further waves of Covid-19, our latest research suggests that the industry has maintained its optimism about the opportunities for growth,” says Kilkelly. “FLA’s Q4 2021 industry outlook survey shows that 88% of motor finance providers expected new business growth over the next twelve months.”

Compiling your documents

From renewing your driver’s licence to applying for a new passport, most serious applications call for documents and paperwork. Car finance is no exception, with multiple forms, documents and contracts to sign before you get the green light. This includes things like proof of income, proof of address, copies of your driving license and personal bank details. All need to be passed on to your finance lender before you’re approved, which can stretch out the process.

If you’re wondering why does car financing take so long and want to speed up the process, it’s a good idea to prepare in advance and keep all your key documents in an easy to access folder.

Soft vs hard credit checks

One of the best ways to fast-track your car finance application is to kick off the process with a soft credit check. These are quick and easy to run, combing through your financial history without leaving a permanent mark by your name. A soft credit check will give you a good idea of what types of loans and amounts you’re eligible for. Knowing this will help your decision-making process when applying for car loans and boost your chances of approval.

Stay away from hard credit checks, if possible, as these leave a signature on your record. They’re carried out by dedicated credit agencies like Experian and Equifax and dive deep into your financial history. While you’ll probably need to undergo a hard credit check before you’re approved for a loan, this should be the last step and ideally shouldn’t occur more than once. Basically, you only want to go ahead with a hard credit check if you’re certain you’ll be approved.

Speed up the process with My Car Credit

Why does car financing take so long? The truth is it doesn’t have to. With the right people on your team, car financing doesn’t have to be a headache. As part of the largest motor finance broker in the UK, My Car Credit makes finance simple and accessible.

We regularly receive great feedback from our customers about the speed of our service, for example:

“The whole process was very simple. I was assisted by the friendly staff every step of the way. I got a reasonable rate, and it was all terrifically efficient.” Ben B

“Absolutely brilliant, made it very easy and clear and had it sorted and cleared with the car company in no time.” Steven Canning

“Very helpful and extremely quick. Perfect customer service.” Jack Murray

“This was the most efficient and quick process I have experienced. Very helpful, no need to chase, they are always updating you daily – would definitely use again and recommend!” Mrs H

Powered by Evolution Funding, we combine our award-winning technology with access to a broad panel of lenders. This allows us to match you with the best products and lenders for your unique circumstances, improving your chances of acceptance and securing the best possible rates.

It all starts with a car loan quote using our quick and easy finance calculator. When you’ve crunched the numbers and determined your budget, you can get the ball rolling and secure your car financing as fast as possible.

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 It Take to Buy a Car?

Pregnant lady using phone to find a car

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

Buying a car – what to consider 

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

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

Research 

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

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

Shopping around 

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

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

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

Paperwork 

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

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

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

Car finance doesn’t have to take so long! 

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

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 Does Car Finance Work in the UK?

White car bought on finance driving past the houses of parliament in London

Affordable car finance plans are becoming more popular in the UK. But how exactly does the car financing process work? What are the criteria to being accepted for car finance? And are there different types of car financing?

In this post, we’ll explore everything you need to know about how car finance works in the UK. But first…

What is car finance?

For some people, buying a car outright just isn’t possible. For this reason, more and more people are opting for car finance plans as an alternative. Car finance is a great way to get the car you want. Especially, if you can’t afford the expense of one big, upfront payment for it.

Car finance allows you to drive the car without having to pay a lump sum upfront. Instead, you will be paying monthly payments for the car. It’s essentially a loan to cover the cost of the car, which allows you to spread the cost over a period of several months or years.

The lender does own the car until you have paid the borrowed amount, plus any interest or additional charges in full. However, you have full use of the car whilst you are still paying your monthly payments. And when you’ve paid in full, the car is yours to keep if that’s what you opt for.

Who is eligible for car finance?

There are many factors that can impact your eligibility for car finance. Firstly, you must be at least 18-years old and be a resident of the UK. Most car finance companies will not take on temporary residents.

Credit scores will also be taken into consideration. The higher (or better) your score, the more likely you are to be approved for a car finance plan. Lenders will also look at your employment. Things can become slightly more complicated if your income is reliant on benefits or you are retired.

If you are in stable, long term employment, this can increase the likelihood of car finance lenders approving you. However, even if you have poor credit or bad credit, it is still possible to get car finance with My Car Credit.

On top of all that, the car you’re looking to finance will also be taken into consideration. Costs aside, it needs to be less than eight years old when your agreement begins and less than twelve years old when the agreement ends.

How does financing a car work?

Most car finance plans can be tailored to you. You can opt for a bigger initial deposit to reduce monthly payments or a longer duration to spread the cost out further. The amount you pay each month, interest rates, the terms of the agreement and the length of your car finance plan will all vary, depending on what suits you and the lender best.

To begin with, there are a few different types of car finance:

Hire Purchase:

  • The simplest form of car finance
  • Allows you to spread the cost, plus interest, across a set period of time
  • Deposit is not always necessary, but an initial deposit will bring down the monthly costs and you can trade in your old car as a deposit
  • The lender simply takes the price of the car (minus any deposit) and adds interest. The final figure is then divided over the term agreed, usually between two and five years
  • Monthly payments will never change and there is never a big payment at the end of your plan
  • Once you have finished paying the car finance plan, the car is yours

There are some pros and cons to Hire Purchase. For example, there is a fixed interest rate and monthly payments with no annual mileage conditions or fines for wear and tear. However, you will not own the car until you have finished paying the car finance plan.

Personal Contract Purchase:

Although it offers lower monthly repayment options than the Hire Purchase route, this type of agreement is a bit more complicated. With a Personal Contract Purchase, you have an ‘optional final payment’ at the end of your car finance plan. This is sometimes known as the ‘balloon payment’. By deferring some of the cost of the car to be paid at the end of the plan, the monthly payments are cheaper.

For the Personal Contract Purchase, you decide how much of a deposit you want to make and estimate your annual mileage and the length of the contract. Normally, this type of car finance plan is between 3 and 5 years.

Conditional Sale:

Conditional Sale is similar to Hire Purchase, but you pay higher monthly payments and do not have a fee at the end. As soon as you have paid the car finance plan off, the car is yours.

This type of plan is perfect for people who want to keep the car at the end of the plan, with nothing to pay at the end of the car finance plan. In addition, Conditional Sale allows for longer repayment terms, usually between 2 to 6 years. However, you will not own the car until you have paid the car finance plan in full and you must pay a deposit for a Conditional Sale plan. This is usually 10% of car’s value.

For more information, take a closer look at the different car finance options available in the UK.

How do I apply to finance a car?

With My Car Credit, you can apply for car finance in just a few simple steps:

  1. Complete an application form – fill in our simple online form and we will give you an instant quote.
  2. We will get in touch with you – one of our Car Credit Specialists will get in touch with you, answer any of your questions and advise on what might be best for you.
  3. Choose a car from a dealer – we don’t mind if you have already found your car, just let our Car Credit Specialist know when they contact you. If not, we have some trusted dealers who can help.
  4. Say hello to your new car – we will do all the legwork with the lender and dealer, without it costing you anything.

Get in touch with us today

For an instant quote, use our car finance calculator. It takes into consideration your credit score and is simple to use. With the largest panel of lenders of any UK car finance broker, our chances of finding you the right car finance agreement are increased. We are open 7 days a week, you can call us on 01246 458 810 or email us at 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!