Distance Selling Regulations When Buying a Car During COVID-19

customer buying a car remotely during covid-19

As Britain begins to emerge from two months of strict quarantine measures, those living in England are now being encouraged to return to work if they cannot do so at home. The rest of the UK is expected to follow suit in the upcoming weeks. However, the government is still stressing the importance of social distancing and has advised the use of public transport only as a last resort.

As a result, many concerned individuals are looking into the possibility of purchasing a car to enable them to travel to and from their place of work safely and efficiently. Whilst car showrooms have, as of 1st June 2020, been given the go ahead to open their doors, there are still strict guidelines around how this should be done safely. Whilst dealerships will be busy implementing safety measures, you may prefer not to visit a dealership just yet. However, this doesn’t mean that you can’t purchase your next car!

As of the 13th May, 2020, the government has clarified on its own website that car dealerships can now operate “distance selling”. This means that instead of visiting the showroom, selecting a car and even taking it for a test drive, customers can now “click and collect”, completing the entire transaction online. In this post, we’ll take a closer look at how distance selling regulations work when buying your car.

A digital migration

The online marketplace has been encroaching upon the physical one for many years now. High street stores have been closing in their droves and bricks-and-mortar banks are gradually being phased out by their virtual equivalents. But there are some commodities that are more suited towards a physical visit. Car showrooms, where the product is literally test driven before the purchase is completed, is one such place of business.

However, the outbreak of COVID-19 has forced companies working in all different industries to readjust their way of working. Car showrooms are likely to remain out of bounds for the foreseeable future, but demand for cars has picked up once again, with one dealership chief executive stating that online enquiries for new car purchases had returned to the levels usually expected at this time of year. With that in mind, distance selling is a compromise that benefits everyone.

Instead of visiting the premises, interested buyers can check out the range of vehicles available online, perusing the showroom from the comfort of their own home. They can access information about any car’s vital statistics and call up the dealership to enquire further. Many dealerships are now providing in-depth video walk-arounds of the car, even doing this live so that customers can ask questions there and then. When they have settled upon the car they would like to buy, it’s then simply a case of making a deposit payment online or over the phone to secure the vehicle.

Should the customer opt to fund their car using My Car Credit, many of our lenders will provide a safe and secure e-Sign facility. This allows the customer to complete all of the paperwork without ever needing to visit the dealership.

The two parties can then arrange for the car either to be delivered to the buyer’s home or for the buyer to visit the showroom and pick it up onsite. In the latter case, the buyer cannot enter the showroom, but must complete the handover and the relevant paperwork in the dealership’s forecourt. This must all be whilst complying with all relevant social distancing and hygienic standards.

Buyer security

For those who are wary about making high-value transactions online, there is an understandable degree of concern about the safety and security of doing so. Fortunately, those concerns are addressed in a piece of government legislation called The Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013. Distance selling of automobiles has already been legal for several years, but only due to coronavirus is it becoming more prevalent.

Those regulations entitle the buyer to all of the normal rights they would expect when completing the purchase onsite, with a few significant differences. The main one regards the right to reject. With a conventional sale, the buyer is protected under the Consumer Rights Act 2015 and is allowed to reject the item within 30 days of completing the purchase, but only when their rejection is based upon solid reasoning. This reasoning could be, for example, that the car is faulty in some way. The dealer would then be under obligation to prove that the fault did not exist at the time of the sale. Failure to do so would result in them being forced to refund the sale in full.

A distance sale, by contrast, only gives the buyer a 14-day window of opportunity within which they can cancel the sale – but unlike a conventional transaction, they do not need to provide any reason for their change of mind whatsoever. This gives the buyer much more leeway in the decision-making process, since they are free to change their mind within two weeks of buying the car and do not have to worry about proving whether the product was faulty or not before the purchase.

For reference, the 14-day window begins as soon as the dealer has handed over both the vehicle itself and the written confirmation of the sale. Failure to transfer this latter component – either by email or in physical form when the car is dropped off or collected – could mean that the buyer is within their rights to return the car for a refund within a maximum of one year after the purchase.

Sourcing appropriate car financing

While the government’s green light for distance selling during the COVID-19 crisis is good news both for dealerships and those looking to buy, many people are still adversely impacted by the economic fallout of the pandemic. Funding any major purchase is a tall order right now, which is where car financing comes into its own.

Since 2015, My Car Credit has been helping drivers to finance the purchase of their next car through our efficient online system and extensive range of industry contacts. As experienced credit brokers, we can find the most favourable lending terms on the market, giving you an idea of the budget available to you. We can then help you to locate your ideal motor through our network of reputable dealerships and showrooms.

The service is open to everyone, regardless of employment status and credit history, and we can deliver a decision on credit finance for your unique situation within a matter of minutes. What’s more, the whole process can be managed online or over the phone, ensuring you adhere to social distancing protocol every step of the way. To take the first step towards your new car, calculate car finance today.

Rates from 9.9% APR. Representative APR 12.4%

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 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

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!

Keeping Your Car Roadworthy in Lockdown

roadworthy car outside house during coronavirus lockdown

Since the introduction of lockdown measures at the end of March, car owners across the UK have had significantly less opportunity to get behind the wheel. Aware of the difficulties in vehicle maintenance that the situation has created, the government has afforded Britons generous leeway with regards to MOT expiration dates. Any vehicle which was due for its MOT on or after March 30th, 2020 has now been granted an additional six-month extension.

However, the extension does come with one key caveat – all vehicles must still be kept in a roadworthy condition. That means that basic car maintenance during lockdown is not only just good practice for ensuring everything stays in top working condition, but actually becomes a legal requirement. With that in mind, here are the key issues which require your attention during these unprecedented and challenging times.

1. Charging the batteries

Even while not in use, there are certain components of a vehicle (such as its alarm system and onboard computer interfaces) which continue to drain the battery very slowly. Over a prolonged period of time, they can eventually run it completely dry, so it’s a good idea to turn on any engine which is powered by petrol or diesel for around 20 minutes once a week or so. Alternatively, you may wish to invest in a trickle charger, which connects to the household mains or can be powered by solar panels.

Owners of hybrid vehicles should take similar precautions to ensure their batteries do not become depleted. In this instance, the same result can be achieved by putting the car into “Ready” mode for about an hour once every fortnight. On the other hand, electric vehicles (EVs) should be left unplugged, but with a significant amount of charge (approximately 75% or more) remaining in the battery at all times. If possible, park the car near to your charging point to allow for easy topping up.

2. Keeping your tyres in check

Tyre pressure has a direct bearing on the handling of the car and if neglected, can cause severe damage to the vehicle. Fortunately, most modern cars come equipped with a built-in tyre pressure gauge, so you can check they meet the appropriate specifications while performing your weekly or bi-weekly maintenance on the battery. Alternatively, you could purchase a portable tyre pressure monitor, or incorporate a trip to your local garage the next time you need to leave the house for essential reasons.

As well as keeping an eye on the pressure of your car’s tyres, it’s also a good idea to make sure that the tread depth is sufficient to meet legal standards. By law, all cars are required to have a minimum tread depth of at least 1.6mm, but it’s advisable that you should have at least 3mm tread depth to ensure the longevity of your car. To check, simply insert a 20p piece into the tread. If the outer ring of the coin is obscured by the tyre, the depth is sufficient. If not, it might be an idea to get it checked out by a professional mechanic.

3. Testing the brakes

Brakes are, quite understandably, one of the most essential aspects of a car’s working parts, so keeping them in good shape is of paramount importance. If the car is left stationary for an extended period of time, there is a small chance that the brakes may seize up, rendering them ineffective when it comes to using the car once more. To avoid this happening, simply roll the car backwards and forwards a few metres every so often. This method also prevents the development of flat spots on the brake pads themselves.

Meanwhile, leaving the handbrake in position for a long time can also occasionally cause corrosion to the brake discs, which might impair the handbrake’s operation and result in stickiness when using it. This can be best avoided by parking the car on a level piece of ground in a private area and leaving it in gear and the handbrake off altogether. However, this should be only attempted if you are certain that the ground is level and if you can park off public roads, where other cars or pedestrians may come into contact with your vehicle.

4. Lights and liquids

Another key aspect of your car’s roadworthiness are its lights. If any single bulb is functioning at less than 50% capacity, it will fail its MOT – so you must make sure that all are in good working condition at all times. You can check the lights’ performance by enlisting the help of a friend or family member to inspect them all while using the brakes, indicators and other signals. Alternatively, park the car next to a reflective surface and use your mirrors to ascertain how well they are working.

Finally, keeping your car hydrated in all the right areas is another crucial part of its performance. Use the dipsticks and gauges underneath its hood to test oil, brake fluid, engine coolant and screen wash levels and ensure that they are all above the minimum threshold at all times. This will eliminate any problems when the quarantine measures are relaxed and you can take to the roads once more.

Considering an upgrade?

While lockdown has certainly caused considerable inconvenience to our daily lives, it has also provided us with an insight into how a low-carbon economy might impact the environment. EVs and hybrid vehicles are a great way to support sustainability while still maintaining your independence. However, they can often present a price point that’s too high for many drivers to consider paying outright.

That’s where My Car Credit comes in. We’re experts in securing the most preferable market rates for car financing across the whole of the UK. What’s more, we consider applications from all comers, including self-employed individuals and those with an unfavourable credit history.

To learn more about our services, give us a call on 01246 458 810 or drop us an email at enquiries@mycarcredit.co.uk. One of our knowledgeable and approachable team will get back to at our earliest convenience. We look forward to hearing from you.

Rates from 9.9% APR. Representative APR 12.4%

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 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

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!

5 Best Car Shows You Should Watch During Lockdown

Man watching best car shows during coronavirus lockdown

If you like nothing better than the open road unfurling in front of you, the lack of driving time imposed by lockdown might be driving you up the wall. What’s the next best thing to getting behind the wheel? Watching others do so, of course! Fortunately, there is no shortage of car TV shows on Freeview, Netflix, Amazon Prime or YouTube right now. Here are a handful of the best car shows to choose from to keep your brain in gear and your engine ticking over until the lockdown restrictions are lifted.

1. Top Gear

The quintessential car show, Top Gear is still just as entertaining to watch as it ever was. BBC iPlayer has all of the more recent episodes of the show, helmed by the trio of Paddy McGuinness, Freddie Flintoff and Chris Harris, but if you’re craving a fix of the classic combination of Jeremy Clarkson, Richard Hammond and Richard May, head over to Netflix. The streaming service has 17 seasons of the stuff, including several with the lesser spotted Chris Evans and Matt LeBlanc.

2. The Grand Tour

While Clarkson, Hammond and May might have left Top Gear behind, they certainly didn’t forego their penchant for all things automotive altogether. Instead, they’ve simply migrated to Amazon Prime, where four seasons of their new show The Grand Tour are waiting to be gobbled up. The series might be a more Americanised version of the Top Gear that we’ve all come to know and love, but there are still plenty of laugh-out-loud moments to keep those engines revving.

3. Fastest Car

Staying across the pond in the USA, Netflix have come up with their own original take on the traditional car TV show with Fastest Car. In it, gearheads take a run-of-the-mill “sleeper” car and modify it to their hearts’ content. Then, they put their handiwork to the test by racing their souped-up specimen against one of the most exotic supercars in the world over the course of a quarter mile drag race. Street cred and bragging rights are very much on the line.

4. Drive to Survive

Another Netflix show, this exclusive documentary takes a peek behind the curtain of Formula One, making it ideal for any auto aficionados who are missing their Grand Prix fix. With two seasons available, the series covers the daily lives and stresses faced by F1 drivers, owners and managers throughout the 2018 and 2019 World Championship events. With unparalleled access to those living and breathing the sport, it’s perfect for anyone who likes to live lockdown in the fast lane.

5. Red Bull Soapbox Race

While this last show may be stretching the definition of car somewhat, it’s certainly a vehicle for entertainment (excuse the pun). Basically the equivalent of Cooper’s Hill Cheese-Rolling and Wake (which takes place annually in Gloucestershire), the competition does not feature motorised cars, but all entrants must come equipped with both steering and braking capabilities. The objective? To make it to the bottom of a very steep incline in as short a time as possible. Hilarious results are all but guaranteed.

Take the drama out of car finance

While we can’t keep you entertained through the lockdown like the shows above, My Car Credit can help in your search for a new motor. We provide flexible car credit with a fast, simple application process that doesn’t rule anyone out.

Apply for a car loan today to put us to the test.

Rates from 9.9% APR. Representative APR 12.4%

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 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

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!

Coronavirus Outbreak: Can I Get a Car Finance Payment Holiday?

Man with sleeves rolled up using his phone to check if he can get a payment holiday

Many households are having to endure significant changes to their personal finances in recent weeks due to the COVID-19 pandemic. Although the introduction of incentives such as mortgage payment holidays have eased the pressure on some families, there are still questions for motorists who are struggling to pay monthly fees for their vehicles.

With around 9 in 10 new cars in Britain bought using some sort of finance, the coronavirus outbreak will certainly be causing concern for many drivers who have a shrinking budget. If you are looking for some relief on your car finance payment due to COVID-19, here is what you should know….

Tell your finance provider straight away

All lenders are required by the Financial Conduct Authority (FCA) to work with their customers to come to an arrangement that is in the interests of fair and appropriate customer outcomes. This includes offering payment holidays of up to three months for customers who’s individual or household income has been affected directly by COVID-19.

Communication is key. If you are a customer suffering financial difficulty or are anticipating payment problems due to the coronavirus, get in touch with your lender as soon as possible. Be aware that call volumes will be very high at the moment, and most lenders will be working with an unprecedented number of concerns. Use online forms and emails where possible. Some lenders may have moved employees from sales and new business acquisition to client support. They may also pause new lending to support their existing client base. Be patient when contacting your lender.

Work with your lender

The solutions will vary from lender to lender and customer to customer. Keep in mind that lenders will be underwriting whilst giving consideration to customers in different circumstances, so two people may not get the same outcome. Discuss your concerns with your lender and work together to find an answer that best suits your circumstances. Not all lenders will be able to offer you a car finance payment holiday, but they will be sympathetic to your situation and can advise on further action to take.

Understand the consequences

If your lender is able to offer you a car finance payment holiday, be sure that you understand its impact. In most cases, if you take a payment holiday for two months, your loan will be extended for two months to cover the missed payments. Also, there should be no impact to your credit score. However, it will be visible on your credit file.

During the pandemic, you will have the option to stop your monthly car finance payments temporarily for a period of up to three months, which in some cases may mean you will accrue additional interest charges. At the end of the car finance payment holiday, the finance company will recalculate the remaining monthly payments and may increase them slightly to cover the cost of unpaid fees.

Contacting your lender

Are you struggling to pay your car finance payment? You can easily access lender contact details for many of My Car Credit’s finance panel. Get in touch with them today to discuss your circumstances.

If you are concerned about the financial impacts of COVID-19 or are experiencing financial difficulties, the following not-for-profit organisations also provide free, confidential and impartial debt advice and support:

Citizens Advice – www.adviceguide.org.uk

National Debtline – www.nationaldebtline.co.uk

Money Advice Service – www.moneyadviceservice.org.uk

If you need any further advice, the team at My Car Credit is here to help. We have years of experience in handling unique client cases. We are following Government guidelines and industry updates on dealing with the coronavirus and its consequences. Get in touch on 01246 458 810 or email us at enquiries@mycarcredit.co.uk

Rates from 9.9% APR. Representative APR 12.4%

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 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

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

calculator being used to work out how to pay car finance

The coronavirus pandemic has caused disruption in everyone’s lives across the UK. From the way we work to weekly supermarket shopping, COVID-19 has impacted all of us. While it continues to cause all sorts of stress around health, financial wellbeing is an escalating issue for many. If you’re worried that you can’t pay car finance or make your monthly repayments because of COVID-19, read on to find out what your options are.

Over two million car finance agreement were transacted in 2019 alone, meaning a lot of people will be worried about how they will make their payments in the months to come.

If you’ve bought a car on finance and can no longer afford it because you’ve been laid off, furloughed, or have seen a significant drop in your income, here is what you should know about your options to secure more affordable car payments.

Review your paperwork

Look over the paperwork that you signed when taking out your car finance plan. Read through the wording and check if there are any notes about relief and special circumstances. Understanding your contract will help when you contact the lender. Double-check the documentation on consumer rights. For more information about your contract, take a look at our Adequate Explanation videos.

Contact your lender

Once you have reviewed your paperwork, the next step is to contact your financial provider directly. We can also provide you with the contact details for most of My Car Credit’s panel of lenders.

The Financial Conduct Authority (FCA) requires all lenders to work with their customers to come to a fair and appropriate financial arrangement. If an individual or household income has been affected directly by COVID-19, lenders are offering payment holidays of up to three months which should allow you to keep the car moving forward.

Handing your car back

During the COVID-19 pandemic, lenders should, wherever possible, consider offering a solution that will enable you to keep your vehicle (if that is your wish), ensuring you can afford any monthly payments and allowing you to retain contractual rights such as voluntary termination.

If your car is financed by a Personal Contract Purchase (PCP) or Hire Purchase, you are allowed to hand it back to the finance company if you have already paid off 50% or more of the total amount payable, including any interest and fees. Note that if you cancel the contract, you will not get any extra money back. If you have yet to pay off 50% of the total amount payable, you will have to make up the difference.

As per your agreement with the lender, charges may apply for damage to the car over and above reasonable wear and tear. You may also incur a fee for ending the agreement early.

In many cases, you will be able to keep your vehicle. Even if you’re coming to the end of your PCP agreement, you can refinance the balloon payment instead of paying a large lump sum of cash to keep the vehicle. This is something that My Car Credit can help you with so get in touch if you think balloon refinancing is the right option for you.

Expert financial advice and support

My Car Credit can help you throughout this troubling time. We make the car finance process simple and hassle-free. Our agents are experts in the industry and stay updated on the latest offerings and relief available throughout the pandemic. For more information, call us on 01246 458 810 or email us at enquiries@mycarcredit.co.uk. We look forward to hearing from you.

If you are concerned about the financial impacts of COVID-19 or are experiencing financial difficulties, the following not-for-profit organisations also provide free, confidential and impartial debt advice and support:

Citizens Advice – www.adviceguide.org.uk

National Debtline – www.nationaldebtline.co.uk

Money Advice Service – www.moneyadviceservice.org.uk

Rates from 9.9% APR. Representative APR 12.4%

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 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

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!

Coronavirus (COVID-19): An Update from My Car Credit

man wearing a face mask during coronavirus pandemic

In these unprecedented times, My Car Credit is continually assessing the situation, following Government guidelines and doing what is best for customers and staff. We are operating business as usual, although with some adjustments to allow our staff to safely and effectively serve customers.

• Our priority as a business is the safety of our staff, dealer partners and customers.

• All of our staff are remote working in the safety of their homes and continue to follow lockdown rules.

• For most dealer partners, we are remaining open to support online applications and approvals will be ready for collection or delivery after lockdown.

• All staff members are following stringent health and safety measures, using video and team collaboration tools for connecting with other team members and clients.

• Agents are continuing to support and advise motorists across the UK. This includes key workers, NHS staff, first responders, volunteers and many more who rely on their vehicles for work or to look after family.

• We have introduced additional security and affordability checks, as well as performing due diligence on car dealers that customers wish to buy from. We have also changed our payout process, which means that funds are not released to the dealer until the customer confirms they have taken delivery of the vehicle.

• We are keeping our finger on the pulse of all car finance updates, government and regulatory advice to better serve our customers.

During the lockdown, we want to continue to support our customers. If you are struggling with your finances and want to discuss deferring your loan repayments, please click here to find out how to get in touch with your funder.

Please note that this is an exceptional time, and we are experiencing a much higher volume of calls than usual as a result of enquiries relating to COVID-19. It may take longer than usual to get through, but rest assured we’re working our way to you as quickly as we can. We appreciate your patience.

Rates from 9.9% APR. Representative APR 12.4%

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 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

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!