car ownership Archives - My Car Credit

Can You Fix Poor Credit?

Borrowing with poor credit can feel like an uphill battle, especially when it comes to car finance. If your credit score makes you cringe, or you’re tired of receiving those dreaded “unfortunately your request has been declined” responses to car finance applications, don’t throw in the towel just yet!

At My Car Credit, we believe everyone deserves the chance to drive their dream car, regardless of credit history. Can you fix poor credit and secure car finance? You bet! Keep reading for practical, hands-on tips on how to improve your credit score, win over lenders and accelerate towards car ownership.

Why credit scores matter

Unlike friends and family, lenders won’t take your word for it when it comes to borrowing. Instead, they use your credit score to decide how risky it is to lend you money. What is a credit score exactly? Your credit score is a number used to represent your status as a borrower. It’s influenced by factors like your payment history, the amount of debt you currently owe and how long you’ve been borrowing and repaying money.

Unsurprisingly, a good track record gets you a higher credit score. If you have a history of missed payments, high levels of debt or simply haven’t been borrowing and repaying loans for long, your score might take a hit and land you in the ‘poor credit’ category.

Steps to improve your credit score

It’s important to understand that credit scores are dynamic. This means they can go up or down, depending on your financial habits. So, in the same way that forgetting to pay a bill or maxing out a credit card drags down your score, there are also things you can do to fix poor credit and improve your score.

You might not see overnight results but with consistency and a strategic approach, you can drive positive change. Here’s how:

Check your credit report

Start by requesting a copy of your personal credit report from major agencies like Experian, Equifax or TransUnion. Simply enter a few personal details and they’ll send it right to you. Review the report for any errors that could be negatively impacting your score. Report mistakes immediately, even if they seem insignificant.

Pay your bills on time

Your payment history is one of the biggest markers used by agencies to assign credit scores, so it’s worth making it a habit to settle all your bills on time. Direct debits or reminders can help ensure you never miss a payment, and accidently put a dent in your credit score in the process.

Reduce outstanding debts

High levels of debt can tarnish your credit score and position you as a ‘high-risk’ borrower. Focus on paying down your debts, prioritising ones with high interest rates.

Use credit responsibly

Don’t let your credit card balances climb above 30% of your limit. This golden number shows lenders that you can use credit responsibly.

Avoid applying for new lines of credit

A hard search is logged on your credit report each time you apply for credit. Whether it’s a credit card, personal loan or mortgage application, these ‘hard’ checks can temporarily lower your score. For this reason, it’s best to avoid applying for new credit unless absolutely necessary.

How My Car Credit can help fix poor credit

At My Car Credit, we understand that life isn’t always straightforward. Financial hiccups happen to the best of us, whether it’s something small like forgetting to pay a phone bill or a bigger mishap like defaulting on a mortgage. That’s why we specialise in finance solutions designed to help applicants with less-than-perfect credit scores get the car they need.

Tailored finance solutions

Yes, we partner with high-street banks. But we also work with a wide network of trusted lenders who are willing to consider applicants with poor credit. This means you have a higher chance of getting approved for car finance, even if your credit score is lacking.

A simple and transparent process

The last thing you need when you’re trying to fix poor credit is more complications. That’s why we keep the process simple and straightforward. Online applications are quick and easy, and you’ll receive a decision in minutes. We’re sticklers for transparency, so there are no hidden fees or confusing terms to wrap your head around.

Support throughout your journey

We don’t just stop at getting you approved. Our dedicated customer service team is here to support you every step of the way. Whether you have questions about your finance agreement or need advice on how to fix poor credit, we’ve got your back.

Take the first step today

What’s our absolute top tip on how to fix poor credit? Start now! The sooner you take proactive steps to improve your credit score, the sooner it will start to creep up. Yes, repairing poor credit may seem daunting, but with the right approach, it’s entirely possible.

The bottom line on how to fix poor credit? Improving your score takes time. Stay consistent, seek help when needed and don’t forget to celebrate the small victories along the way. Whether you’re eyeing a peppy Ford Fiesta, family-friendly Hyundai Tucson or gleaming Audi A3, the keys to your dream car are within reach—and we’re here to help you get there.

Give our car finance calculator a try or visit our fix poor credit finance page to learn more about how we can help.

Rates from 9.9% APR. Representative APR 10.9%

Evolution Funding Ltd T/A My Car Credit

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 10.9%, annual interest rate (fixed) 10.87%, 47 monthly payments of £191.50 followed by 1 payment of £201.50 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,702, total amount payable £9,202.

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

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

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

Require more help?

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

or call 01246 458 810

Leasing a Vehicle vs Financing: What’s the Better Option?

Red sports car bought on finance driving down the road

Leasing a vehicle vs financing it – what’s the actual difference? Car finance and leasing are two of the most popular kinds of auto loan agreements available. While both offer routes to vehicle ownership, they have unique pros and cons.

In essence, when you’re leasing a vehicle, you’re renting the car with no ownership option at the end of term.

Financing a vehicle involves making monthly payments towards ultimate ownership.

Whether you’re a new driver scoping out options by which to fund your first set of wheels, or you’re business owner looking for clarity on the difference in leasing and financing a car, this guide’s here to help.

In fact, here’s a handy table breaking down the differences between leasing a vehicle vs financing it:

	Leasing	Financing
Ownership	No – at the end of a lease, you hand back the keys	Options to own the car once all repayments (plus interest) are made in full
Costs	Low upfront costs compared to financing a car Lease cars are also often covered by a manufacturer’s warranty, saving you money on repairs/maintenance	Higher monthly payments Maintenance and repair costs, as you’re responsible for the vehicle’s upkeep
Flexibility	Less flexibility compared to financing – you can’t customise your vehicle, and you can face restrictions like mileage limits and penalties if you hand the car back with unreasonable wear and tear	Freedom to customise the vehicle as you want No mileage or usage restrictions (with some financing agreements)

What does it mean to lease a car?

If you’re leasing a car, it’s like a long term rental. You’re making monthly repayments to the lender for full use of the car, which you then return at the end of the agreement.

One of the main attractions of a lease vs finance car is ownership. When you lease a vehicle, you return it at the end of term, giving you the flexibility to switch to a new car every few years.

What’s more, you can benefit from lower monthly payments when leasing a vehicle vs financing it. Plus, a lease car is often covered by a manufacturer’s warranty, meaning you won’t face maintenance or repair expenses.

However, with a leased car, you’ll also face mileage restrictions, and can be subjected to financial penalties if you return the car in less than good condition, or if you need to end the agreement early.

What does it mean to finance a car?

There are plenty of flexible, affordable car finance options for drivers with different circumstances and needs. Two of the most popular agreements are Hire Purchase (HP) and Personal Contract Purchase (PCP).

Hire Purchase (HP)

HP is one of the most popular and simplest kinds of car finance agreements. Your monthly repayments cover the entire cost of buying the vehicle, plus interest payments. You won’t face an optional balloon payment, so you’ll own the car outright at the end of the agreement. HP is an affordable and practical car finance agreement.

Personal Contract Purchase (PCP)

Personal Contract Purchase (PCP) offers low monthly payments, flexibility and the option to drive a new car more often. Unlike HP, at the end of a PCP contract, you have the option of making a final balloon payment to secure full ownership of the vehicle. PCP is a flexible car finance agreement for drivers with different financial circumstances.

Ultimately, both HP and PCP are like mortgage agreements – but for cars. You’ll make monthly payments that contribute towards ownership, and can benefit from options to keep, upgrade or trade in your vehicle at the end of term. You’ll face higher monthly payments if you finance a car compared to leasing, but financing can ultimately lead to asset ownership, building equity.

Key Difference in Leasing and Financing a Car

Ownership

Leasing – you’ll never own the vehicle at the end of term

Financing – you have options to either keep or trade in and upgrade your vehicle at the end of term

Payments

Leasing – you’ll cover the cost of vehicle depreciation in your leasing repayments, benefitting from lower upfront costs and monthly payments

Financing – you’re paying off the full value of the vehicle in a car finance agreement, so will have higher monthly payments compared to leasing, but you build personal equity with every payment

Flexibility

Leasing – less flexibility: you’ll face mileage restrictions and penalties for causing more than fair wear and tear on a vehicle, and can’t customise it to your needs

Financing – more vehicular freedom and flexibility

Which is cheaper – leasing or financing a car?

There are key cost differences when leasing a vehicle vs financing it.

With leasing, you’ll benefit from lower monthly payments. However, you’ll never own the vehicle, so there’s no investment or opportunity to build equity.

Financing agreements have higher monthly payments than leasing. However, you’ll benefit from building long-term value, and some agreements give you the option to fully customise the vehicle as you see fit.

When evaluating the cost of a lease vs finance car, you need to evaluate the total cost of ownership, your preferences for owning and customising a car, whether you can face mileage and usage restrictions and consider whether you’re looking to acquire a valuable asset.

Pros and cons of leasing vs financing

Leasing – pros

Lower monthly costs
Regularly switch up your vehicle to a new one
No resale hassle

Leasing – cons

No ownership
Mileage and usage limits
Can face end-of-lease charges
Not building asset acquisition

Financing – pros

Path to ownership
No mileage or usage caps with some agreements
Asset acquisition that you can later sell

Financing – cons

Higher monthly costs (including maintenance and repairs)
You cover the car’s depreciation

Leasing vs financing: which is better for you?

There’s no straight answer as to whether leasing a vehicle vs financing it is best for you. It depends on your circumstances, as well as what you want from car ownership. Let’s consider the benefits of a lease vs finance car for different driver profiles:

If you’re a student or young driver, leasing a car is a more affordable path to car usage. However, car financing builds towards asset ownership, which is a great way to build equity.

Alternatively, car financing gives long-term stability for families looking to secure and eventually own the next set of wheels.

But if you’re a business owner, car leasing may be a more tax efficient means by which to have a company car.

Lease vs finance car deals

There’s no one-size-fits-all approach when it comes to leasing a vehicle vs financing. The right agreement for you depends on your motoring needs and personal circumstances.

If you’re leaning towards car financing, My Car Credit gives you access to one of the UK’s widest panels of lenders, helping you to secure a suitable deal that fits you.

Use our car finance calculator to discover the kind of car finance agreement you could access, or contact our friendly team for expert advice.

Leasing vs financing FAQs

Is leasing the same as renting a car?

Leasing a car is much like a long-term rental. You’ll benefit from lower monthly payments compared to car financing, and get to hand the vehicle back at the end of your agreement, allowing you to regularly switch up your next drive.

Can you buy a car after leasing it?

There’s no option for car ownership on a leasing agreement. If you think you might want to own the car at the end of term, a car finance agreement is more likely to be suitable for you.

Is financing a car better for bad credit?

If you’ve got poor credit, car leasing can be more difficult to secure. Companies like My Car Credit can work with individuals of all credit profiles to help secure the most appropriate poor credit car finance for your circumstances – without judgement.

Can I get out of a lease or finance agreement early?

Provided you’ve met certain conditions, you can return your financed car to the lender through the voluntary termination process. If you end a car lease early, you could face a penalty for doing so – this figure will be specified in your contract.

Which is more flexible if my circumstances change?

A car financing agreement is more flexible if your circumstances change, as you have the opportunity to end the agreement early by paying the voluntary termination figure. Lease agreements can have substantial penalties you’ll need to pay for ending an agreement early.

Is PCP the same as leasing?

PCP is a type of car finance deal that differs from car leasing. When you lease vs finance a car, you’re essentially benefitting from a long-term rental, whereas PCP has ownership options at the end of agreement.

Rates from 9.9% APR. Representative APR 10.9%

Evolution Funding Ltd T/A My Car Credit

What to Do If You Can’t Pay Car Finance Because of COVID-19

Why Does Car Financing Take So Long?

Is there such a thing as guaranteed car finance?

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 10.9%, annual interest rate (fixed) 10.87%, 47 monthly payments of £191.50 followed by 1 payment of £201.50 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,702, total amount payable £9,202.

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

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

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

Require more help?

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

or call 01246 458 810

car ownership finance hp Jan24 leasing pch PCP

Who is the Legal Owner of a Car on Finance?

happy man who has become legal owner of car

If you’re thinking about purchasing a car through a finance option, you’re not alone. Around nine out of 10 of the new cars sold in the UK are bought by people who use a finance option. However, there are still some grey areas when it comes to ownership.

More specifically, who is the legal owner of a car on finance? Is it the driver or the dealership? Read on as we provide the answers.

Who is the legal owner of a car on finance?

In truth, the answer is neither you nor the dealership. It’s the lender that provides the money. The person who drives the vehicle and maintains it – AKA you – is known as the Registered Keeper in legal parlance. In other words, you will make the repayments and deal with the day-to-day running of the car, but your name won’t be on the V5.

Is there any difference between the finance options?

Yes, there are, but only when the loan finishes. Both PCP and HP are agreements that require repaying before the V5 is transferred to you. However, something to keep in mind is the final payment regarding PCP. Unless you pay off the balloon repayment, you will not own the vehicle. Where you don’t have the cash or savings, you may have the option of taking out balloon payment finance instead. With Hire Purchase, the last instalment of your loan will clear the balance and make you the legal owner.

Do I have other options?

One thing you can do if you want to be declared the legal owner is to use a bank loan. That way, you pay back the money to the bank, and the vehicle is all yours from the outset. Of course, taking out an unsecured bank loan may not be an option for your circumstances. In addition, you may not find the terms competitive.

Find the right finance deal

At My Car Credit, we help drivers up and down the UK find the finance they need to upgrade their car – and eventually own it outright if preferred. It doesn’t matter whether your budget is small or if you don’t think you qualify, we try to accommodate everyone, including those looking for car finance with poor credit.

To find out more, please contact us on 01246 458 810 to speak to an advisor.

Rates from 9.9% APR. Representative APR 10.9%

Evolution Funding Ltd T/A My Car Credit

Electric Car: Lease vs Buy – Which is Best?

Is There a Maximum Age Limit for Car Finance?

How Much Car Finance Do I Qualify For?

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 10.9%, annual interest rate (fixed) 10.87%, 47 monthly payments of £191.50 followed by 1 payment of £201.50 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,702, total amount payable £9,202.

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

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

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

Require more help?

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

or call 01246 458 810

balloon payment finance car finance tips car ownership end of agreement hire purchase legal owner lenders PCP personal loan

Calculating the Total Cost of Car Ownership

Man using his phone to calculate his cost of car ownership

Buying a car is typically the second largest purchase that people will make (after a house). It’s true that you can find pretty decent nearly-new or used vehicles. This can make purchasing a car feel like a financially viable decision. But don’t forget that the vehicle itself is only the first step in the process – there are a number of other costs involved in owning a car.

Below, we detail the different variables that will affect the total cost of any car ownership. It’s best to be aware of all of these before you begin the process of purchasing – or even searching – for a new vehicle. This will ensure that you’re aware of your budgetary limits and personal requirements. Don’t forget that you can use our car finance calculator to establish what kind of numbers you’re looking at. Accordingly, you can then go into your search with eyes open.

Factors to consider in the cost of car ownership

The car itself – and lessons

If you’re already looking for a car, it’s likely that you know how to drive. However, you may be looking prospectively, in which case don’t forget that you’ll need to pay for driving lessons, too. You’ll also need to pay for both the theory and practical test, and your licenses.

Then there’s the car itself – the cost of this will hugely vary depending on make and model, as well as whether it’s a new vehicle or not. Keep in mind that as soon as you drive a new vehicle off the forecourt, its TMV (true market value) will immediately decrease. Typically, cars lose around 15% of their value every year.

Insurance

Again, the cost of your insurance is subject to a number of variables. If you’re a young driver, that is going to be significantly higher. What’s more, where you live and the car you buy will also impact your premium.

Fuel

The cost of fuel goes up and down depending on the market. However, you can generally use MPG figures (that’s mile per gallon) in order to work out how fuel efficient (or not) your vehicle is. Newer models are likely to have more accurate data available on this. This is because since September 2018, the fuel consumption of all cars has had to be measured via the WLTP test (the Worldwide Harmonised Light Vehicle Test Procedure). Diesel cars are cheaper fuel-wise compared to petrol alternatives. However, their use is increasingly restricted and will be even more so come the 2030 Petrol and Diesel Ban.

Tax

Vehicle excise duty is an annual tax you have to pay, and it will vary depending on the emissions of the vehicle and its fuel economy. Cars that produce more emissions will be hit hardest by tax. Be aware, too, that as more people switch to electric or hybrid vehicles, there are tax-cuts and financial incentives to this move.

MOT, servicing, and maintenance

There are a number of different parts of a car, all of which need regular maintenance – from the tyres to your headlights. Once your vehicle ages over three years, it will need an annual mechanical check in order to ensure it’s roadworthy. As such, you need to factor both this and regular servicing into your budget.

Tips for reducing the total cost of car ownership

It’s not all doom and gloom – there are multiple ways you can be savvier about your vehicle purchase.

Insurance

Installing a black box to your car can reduce your premiums. Moreover, so can opting for a higher excess or even parking in a driveway or locked garage. If you purchase a cheaper model of car, this will also reduce your premiums. You may also end up paying less if you pay insurance annually rather than monthly. Under those circumstances, be sure to consider this lump sum payment into your budgeting.

For young drivers, taking the Pass Plus course will reduce costs, as will adding an older driver’s name to the policy in many cases. With insurance, it’s a good idea to shop around with different providers and get a feel for what deal best suits you.

Fuel and tax

You’ll find the best fuel economy with hybrid or electric cars. Not only is electricity cheaper than cars, you’re also doing your bit for the environment. In addition, you may benefit from tax incentives as a result. Before you buy, get a feel for whether or not you could take advantage of government grants. Consider your mileage, too, as this will determine how much you pay for fuel, and what vehicle would better suit your particular needs.

Maintenance and servicing

Manufacturers will often offer warranty plans that can help you manage your maintenance fees. Look at vehicles with longer warranty periods – some can be up to seven years. Shop around for a cheaper breakdown coverage, too, as this membership can end up being an exorbitant fee if you get the wrong one.

Vehicle depreciation

How significantly the value of a new vehicle depreciates is dependent on that vehicle. Buying cars that better hold onto their value will save you money in the long run. Of course, so will regular maintenance of the car and limiting its mileage. Consider, too, whether you really need a brand-new vehicle. Ask yourself whether a nearly-new car might serve its purpose and reduce the depreciation cost? Cars that are a year old are still great vehicles and their value depreciates at a much slower, steadier rate.

Any questions? Speak to My Car Credit today

We understand that it can be overwhelming trying to establish the total cost of car ownership. That’s why our car credit specialists are on hand to answer any queries you may have with the process. We’ve even got a one-stop shop of quality approved used and nearly-new cars that you can use to streamline the process for you.

Call our friendly team on 01246 458 810 today, and start getting a hold on the true ownership cost of your car.

Rates from 9.9% APR. Representative APR 10.9%

Evolution Funding Ltd T/A My Car Credit

Can I Give My Car Back to the Finance Company?

What is the Oldest Car a Bank Will Finance?

Can You Modify a Car on HP Finance?

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 10.9%, annual interest rate (fixed) 10.87%, 47 monthly payments of £191.50 followed by 1 payment of £201.50 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,702, total amount payable £9,202.

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

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

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

Require more help?

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

or call 01246 458 810

car costs car ownership cost of car ownership Jan24

Buy Don’t Lease: The Benefits of Owning a Car

couple sat next to each other enjoying the benefits of owning a car

Having a car is a vital part of modern life. A lot of us drive daily and rely on our vehicles to do almost everything. In recent years, leasing has become a popular way of obtaining a car, but is it any better than buying or financing your next car? What are the benefits of owning a car? Here are our two cents on the debate.

Leasing a car

You can think of leasing like renting – you make monthly payments which give you use of the car until you are ready to give the car back.

Pros

You get newer models of a car that you might not be able to buy otherwise.
You make smaller repayments than when you buy a car.
You can change the car you drive (hassle-free) every few years.
You get tax advantages if the car is being driven for business purposes.

Cons

There are mileage restrictions that form part of your lease contract if exceeded these will incur an additional fee.
You end up paying more than what the car is worth, as you lease it during a period of rapid depreciation.
You are committed to completing the whole length of the loan.
You must return the vehicle in showroom condition – that means no alterations and no accidental stains or scuffs. Any changes will incur an additional fee.
Your car insurance will be higher.

Leasing is a good option for those that aren’t concerned about owning a car but would prefer to drive a new model every few years.

Buying a car

Buying a car is where you purchase a vehicle outright without any agreement or contract in place.

Pros

You can make any changes to the model (aesthetic or mechanic) that you see fit.
In the long run, it is the cheapest way to buy a car.
There are no mileage restrictions.
The car is a financial asset and you can sell it at any time.
Owning a car gives you the freedom to do what you want with it.

Cons

You have less protection than the consumer rights that come with a finance agreement.
You must pay a lump sum for the car in one go.
Your car loses value as it depreciates, losing around 60% of its value in the first three years.

Put simply, buying a car is a good option for those that can afford it and want the freedoms that come with upfront ownership.

Financing a car

Financing the purchase of your car is a great way of getting ownership of the vehicle without making one lump sum payment.

Pros

Financing allows you to spread the cost of a car and make affordable monthly payments throughout your agreement.
Making regular monthly repayments on a finance agreement is a great way to improve your credit score and prove your financial responsibility.
You have the option of owning your car at the end of your agreement.

Cons

The monthly payment can be higher than a lease option.
You can end up paying more than what the car is worth if you take on the wrong finance option.
Some finance agreements have restrictions on how you can use the vehicle.

There is no right and wrong when it comes to getting a car. We understand that it depends on any number of individual circumstances. Leasing is an affordable option for those that aren’t concerned with owning their vehicle. Buying outright requires the upfront cash but it does give you outright ownership and allows you the most freedom. Financing is a great option for people that want to own their vehicle but don’t want to make one large payment. If you’re looking at potential finance options for your next vehicle, why not get in touch with our team here at My Car Credit – our specialist advisors would love to hear from you.

Rates from 9.9% APR. Representative APR 10.9%

Evolution Funding Ltd T/A My Car Credit

Car on Finance Written Off: What Happens?

5 Benefits of Using a Car Finance Broker in the UK

How to Avoid Common Pitfalls on Your Car Finance Application

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 10.9%, annual interest rate (fixed) 10.87%, 47 monthly payments of £191.50 followed by 1 payment of £201.50 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,702, total amount payable £9,202.

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

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

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

Require more help?

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

or call 01246 458 810

car buying car lease car ownership

Why credit scores matter

Steps to improve your credit score

Check your credit report

Pay your bills on time

Reduce outstanding debts

Use credit responsibly

Avoid applying for new lines of credit

How My Car Credit can help fix poor credit

Tailored finance solutions

A simple and transparent process

Support throughout your journey

Take the first step today

Rates from 9.9% APR. Representative APR 10.9%

Related articles

Excellent

Good

Fair

Poor

Bad

Require more help?

What does it mean to lease a car?

What does it mean to finance a car?

Hire Purchase (HP)

Personal Contract Purchase (PCP)

Key Difference in Leasing and Financing a Car​

Ownership

Payments

Flexibility

Which is cheaper – leasing or financing a car?

Pros and cons of leasing vs financing

Leasing – pros

Leasing – cons

Financing – pros

Financing – cons

Leasing vs financing: which is better for you?

Lease vs finance car deals

Leasing vs financing FAQs

Is leasing the same as renting a car?

Can you buy a car after leasing it?

Is financing a car better for bad credit?

Can I get out of a lease or finance agreement early?

Which is more flexible if my circumstances change?

Is PCP the same as leasing?

Rates from 9.9% APR. Representative APR 10.9%

Related articles

Excellent

Good

Fair

Poor

Bad

Require more help?

Who is the legal owner of a car on finance?

Is there any difference between the finance options?

Do I have other options?

Find the right finance deal

Rates from 9.9% APR. Representative APR 10.9%

Related articles

Excellent

Good

Fair

Poor

Bad

Require more help?

Factors to consider in the cost of car ownership

Tips for reducing the total cost of car ownership

Any questions? Speak to My Car Credit today

Rates from 9.9% APR. Representative APR 10.9%

Related articles

Excellent

Good

Fair

Poor

Bad

Require more help?

Leasing a car

Pros

Cons

Buying a car

Pros

Cons

Key Difference in Leasing and Financing a Car