Jan24 Archives - My Car Credit

How Long Does It Take to Pay Off a Car?

Man in grey suit looking at his watch to check the time

One of the most common questions British motorists ask when purchasing a new set of wheels is, “How long does it take to pay off a car?” The answer varies depending on multiple factors, including the type of car loan you choose and your personal financial circumstances.

Whether you’re in the market for a city-friendly Fiat 500 to tackle the daily commute or a spacious Hyundai Tucson for weekend getaways, knowing how long you’ll be making payments is an essential part of managing your budget and planning a good financial roadmap.

The basics of car loan terms

Let’s start by unpacking car loan terms and how they work. In the UK, car loan terms typically range from one to seven years. The length of the term will impact not only the duration of your payments but also the amount you pay each month and the total interest accumulated.

Short-term loans

Choosing a shorter loan term, such as one to three years, means you’ll face higher monthly payments, but you’ll pay less interest overall. This can be a smart choice if you can handle the larger monthly payments without putting pressure on your other financial commitments.

Long-term loans

On the other hand, a longer term will reduce your monthly payments but increase the amount of interest paid over the life of the loan. This can make monthly budgets more manageable but may cost more in the long run. How long does it take to pay off a car with a long loan? In general, loans that span between five and seven years are considered long.

Where do most Brits stand? The average car loan in the UK for new vehicles is 72 months (six years). Loans for used cars are slightly shorter and sit at around 67 months (over five years).

Deciding how quickly to pay off your car loan

How long does it take to pay off a car in the UK? Your financial situation plays a key role in determining how fast you can pay off your car loan. Consider these factors when deciding on your loan term:

Monthly budget

Carefully crunch your numbers and decide what you can afford to pay each month. Ensure this amount doesn’t stretch your finances too thin. You want to make sure you can comfortably handle your car payments while allowing room for other essentials and savings.

Financial goals

Think about your financial priorities when calculating how long it takes to pay off a car. Are you looking to clear all debts as quickly as possible, or do you need to keep your monthly expenses low to accommodate other financial commitments? This will help determine whether a shorter or longer repayment period is right for you.

Strategies to pay off your car loan faster

If your goal is to pay off your car loan early, here are some tried-and-tested strategies:

Top up your payments

If your lender allows, making voluntary overpayments can shorten the term and reduce the total interest paid over the life of the loan. Unexpected income streams such as bonuses or tax refunds can be a good place to start. Remember, even small extra payments can make a big difference when it comes to how long it takes to pay off a car.

Refinance your loan

Refinancing if interest rates have fallen or if your credit score has improved since you took out your loan can be an option. Switching to a lower rate or shorter term can help you pay off your car faster.

What if I struggle with payments?

If you find yourself struggling to keep up with car payments, don’t remain silent. Instead, reach out to your lender and chat to them about your financial difficulties. They may be able to adjust your repayment plan or extend the loan term to make it more manageable.

Find the perfect timeline with My Car Credit

All borrowers are different, which is why, at My Car Credit, a one-size-fits-all approach to loans doesn’t cut it. Instead, we carefully assess all applicants before matching them with a loan or lender. This means you can navigate your auto finance journey with confidence and pay off your loan according to your own timeline. Whether the road ahead is long or short, we’re here to help you reach your financial destination.

Your next dream car is closer than you think. Try out car finance calculator to get a breakdown of your expected monthly payments, typical rate and total payable.

Rates from 9.9% APR. Representative APR 12.4%

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 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!

or call 01246 458 810

Driving in the Rain: 10 Tips for Road Safety

Driving in the rain can be a challenge for even the most experienced motorists. In the UK, where wet weather is all too familiar, knowing how to navigate the roads safely during a downpour is essential. Whether you're facing a light drizzle in Durham or a torrential rainstorm in Ramsgate, these tips will help ensure you stay safe while driving in the rain.

Check your car

Before heading out in rainy weather, make sure your car is equipped to handle the conditions. Check that your tyres have enough tread depth to prevent aquaplaning – a scenario where water builds up under the tyre and causes loss of traction. Remember, your tyres are the only point of contact between the road and your car, so it’s critical to keep them in good condition.

The minimum tread depth for car tyres in the UK is 1.6mm. Anything less not only compromises your safety but puts you at risk of a £2,500 fine and three penalty points – for every tyre that doesn’t meet the minimum requirements. So, if all four tyres are subpar you could be hit with a £10,000 fine and potentially have your licence revoked. As well as tyres, ensure your headlights, taillights and windscreen wipers are all functioning properly to provide maximum visibility and safety when driving in the rain.

Turn on your headlights

In the UK, it’s required by law to turn on your headlights when visibility is seriously reduced. This generally kicks in when you can’t see for more than 100 metres, roughly 330 feet. Using your headlights helps you see the road more clearly and, crucially, makes you more visible to other motorists when driving during rain. Not sure if visibility is bad enough to warrant switching on your headlights? When in doubt, err on the side of caution and flick them on!

Maintain a safe stopping distance

When driving in rain, it’s important to increase the space between you and the vehicle in front. This gives you more time to react if the car ahead stops suddenly when driving in the rain. It’s advised to follow the six-second rule instead of the usual two-second rule to provide ample stopping distance on slick roads.

Slow down

Speed limits are designed for ideal conditions, and rain isn’t one of them. Reduce your speed to compensate for reduced traction and visibility. Slowing down also helps prevent aquaplaning as the tyres get more contact with the road when you drive slower.

Avoid heavy braking

Try to avoid sudden stops when driving in the rain. Use the gears to slow down if possible, or gently apply the brakes early to signal to drivers behind you that you’re slowing down. Braking suddenly can lead to skidding, especially on wet roads. Results can be even more dangerous in icy conditions.

Be wary of standing water

Driving through standing water can cause hydroplaning and potential loss of control. If you encounter standing water and can’t safely avoid it, drive through it slowly and steadily. Maintain a firm, two-handed grip on the wheel and avoid making sudden steering manoeuvres.

Use air conditioning to defog

Rain doesn’t just compromise visibility outside your car. Moisture can cause your car’s windows to fog up from the inside and make it difficult to see clearly. To prevent this, use your car’s air conditioning to defog the windows and maintain visibility. The A/C helps remove excess moisture from the air inside your car and keep the windows clear while driving in the rain.

Plan your travel

If heavy rain is forecast, plan your travel accordingly. Avoid starting your journey until it clears up if possible. If you can’t avoid driving during rain, allow extra time for your journey and plan routes that avoid areas prone to flooding.

Be cautious of freezing rain

During colder months it’s worth checking the forecast for the chance of freezing rain, which can create a thin, almost invisible layer of ice on the road known. This slick layer is called black ice and is extremely slippery, not to mention dangerous as it’s hard to detect until you are already on it. If the temperature is near freezing and it’s raining, drive as if you’re on ice – slow, cautious and with no sudden turns or stops.

Research road conditions

Use traffic apps or listen to local radio stations for real-time updates on road conditions when driving during rain. Up-to-the-minute information can be invaluable, especially in wet weather when road conditions can change rapidly. Being forewarned about potential hazards can allow you to take proactive measures, such as rerouting your trip to avoid affected areas. As well as helping you stay safe, a proactive approach to road conditions can help minimise delays and ensure a stress-free journey.

Drive with confidence with My Car Credit

Driving in the rain can be challenging but with the right mindset and a good understanding of how to minimise the risks, it doesn’t have to be a nerve-wracking experience. Remember, good preparation, adjusting your driving style to suit the weather conditions and being aware of your surroundings are key to maintaining road safety during rain.

A sturdy vehicle also helps, which is where My Car Credit comes in. From tough-as-nails models like the Land Rover Defender, Jeep Compass and Toyota Highlander to urban runners like the Volkswagen Golf, Mini Cooper and Fiat Panda, a reliable vehicle can make all the difference when driving during rain. Our expert team can help secure you a deal on car finance so you can drive with confidence, whatever the British weather throws at you.

Considering an upgrade? Use our car finance calculator to see what’s affordable for you.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

Check for car finance without affecting your credit score

How Long Does It Take to Buy a Car?

Can You Pay Monthly for a Used Car?

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 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!

or call 01246 458 810

car maintenance driving tips Jan24 rain tyre maintenance

How Quickly Can You Buy a Car?

Silver car driving through a city at night

You’ve got your eye on a new set of wheels and the excitement is real. But just how quickly can you buy a car and turn that dream into reality? Sooner than you might think! Read on for the scoop on how to secure the keys to a new vehicle in record time.

The need for speed: buy a car in a flash

We get it – buying a new car is exciting and waiting weeks to secure finance isn’t ideal. After all, instant gratification is the name of the game these days. This is where a car finance broker can help. As experts in the field, they step in to turbocharge the car-buying process and get your application approved in a flash.

The thrill of same-day car finance

So, exactly how quickly can you buy a car? With the help of an experienced broker, you can secure the keys the same day. Even better, the process is surprisingly simple. Let’s take a closer look at what to expect:

Complete a quick and easy online application to receive an accurate finance rate without affecting your credit score. Forms take just minutes to fill out and rates are based on the unique information you provide. Make sure you choose a broker that starts the process with a soft search, which has no impact on your credit file. Keep in mind that if you proceed further than this step, some lenders may run a hard search to verify your information, which will leave a mark on your file.
After your initial application is complete, it’s time to chat about the specifics of your loan. You’ll need to decide what type of agreement you want to take out. For example, Hire Purchase (HP), Personal Contract Purchase (PCP) or Personal Contract Hire (PCH). It’s worth seeking help from an expert at this stage as navigating the world of car finance can be confusing for some motorists.
Next, choose your dream car from a reputable dealer. This is the fun part! Whether you’re eyeing up a brand-new Nissan Qashqai or looking to snag savings on a used Volkswagen Polo, your options are wide open with car finance.
When you’ve chosen a vehicle the broker steps in and take care of the paperwork. After you’ve signed the necessary documents, funds are usually transferred the next working day and you’re ready to hit the road in your new ride!

Preparation is key: how to speed up the process

While same-day car finance is certainly achievable, preparation is key. To expedite the process and ensure the fastest possible outcome, it’s crucial to have all your paperwork and documents in order. From proof of identity to income verification, having everything ready to go can make all the difference when it comes to speeding up the car-buying journey.

Hit the accelerator with My Car Credit

At My Car Credit, we appreciate how keen our customers are to get behind the wheel. That’s why our team of experts is here to provide guidance and support every step of the way. Whether you have questions about the application process or need assistance with paperwork, we’re here to make your car-buying experience smooth, stress-free and above all, speedy.

Success stories from happy customers

Don’t just take our word for it – hear all about how quickly can you buy a car from satisfied My Car Credit customers themselves:

“So happy I found the perfect finance deal to go with a perfect car. Initial enquiries made at 11am, finance sorted and car collected by 3pm. Very impressed and would definitely recommend.” – Lee Buxton.

“Cannot recommend highly enough. Contacted them on the Sunday afternoon, deal complete inside 48 hours with an APR of 5% less than quoted. Picking up the car on Friday. Can’t say better than that!” – Dave Sargent.

With personalised support and flexible finance options, you can turn your automotive dreams into reality in record time. How quickly can you buy a car? Potentially even the same day! So, why wait? Use our car finance calculator to begin your car buying journey today!

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

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5 Best Car Picks for Elderly Drivers

What’s the Best Month to Buy a Car?

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 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!

or call 01246 458 810

car buying car finance Jan24 same day success

Help! Car Finance is Taking Too Long

Car finance can be a fantastic way to purchase a new vehicle. But what happens when the process seems to drag on? Don’t stress just yet. If you’re worried about car finance taking too long, this article is for you. Read on as we explore common reasons why car finance may be taking too long and share expert tips on how to speed up the process.

The waiting game: common reasons for delays

Car finance taking too long? Before we explore solutions, let’s identify some common culprits that can prolong the process:

Incomplete documentation

One of the most common reasons for delays is documentation. Whether you’re missing proof of income, failed to verify your identity or submitted a blurry photo of your driver’s licence, incomplete paperwork can grind the car finance process to a halt.

Lender processing times

While some lenders pride themselves on swift approvals, others may take longer to process applications. If speed is a priority, it’s worth working with lenders with an excellent track record when it comes to fast approvals.

Credit issues

Credit checks are a standard part of the car finance process. No surprises here – issues or discrepancies with your credit history can slow down the application process.

Communication breakdown

Car finance taking too long? Miscommunication between parties involved in the process can lead to delays. This includes including borrowers, brokers, lenders and dealers.

Tips for speeding up the process

Now that we’ve identified potential roadblocks, let’s spotlight steps to get your car finance application back in the fast lane.

Be proactive with documentation

Give yourself the best shot of success and ensure all documents are complete, accurate and up to date before submitting your application. This includes proof of identity, income verification and any other documents requested by the lender.

Work with a broker

Teaming up with a car finance broker can drastically speed up the car finance process. As well as traditional lenders like high street banks, brokers work with alternative creditors known for their quick turnaround times. Working with a broker is one of the best moves you can make if you’re concerned about car finance taking too long.

Stay on top of communication

Maintain open lines of communication with your broker, lender and dealer throughout the process. Quickly respond to requests for additional information to prevent unnecessary delays.

How My Car Credit can help

At My Car Credit, we understand the frustration of car finance taking too long. That’s why we’ve created a streamlined process designed to get you behind the wheel in no time. With our extensive network of lenders and expert guidance, we have what it takes to turbocharge the process for quick car finance. Help is always available, so don’t hesitate to reach out to My Car Credit for personalised support on your car finance journey. We’re with you every step of the way, from initial application to keys in hand.

To check eligibility for car finance, My Car Credit has developed a car finance calculator to allow you to crunch those numbers around your next car. Give it a try and start your car buying journey today.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

How Long Does It Take to Buy a Car?

PCP Finance Explained – Personal Contract Purchase Guide

What is a Balloon Payment on a Car Loan?

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 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!

or call 01246 458 810

car finance car finance options Jan24 lenders time used car

Instant Car Loan: Does It Exist?

Person using phone to get an instant car loan

Are you dreaming of a new set of wheels but dreading the process of securing car finance? Fear not. Instant car loans take the stress out of auto finance and make it easy to lock in a lender. Of course, you are entering an official financial agreement which means there is some red tape to navigate. Read on to find out more about the process and decide if an instant car loan is right for you.

Instant car loan – myth or reality?

Picture this – you’ve found the car of your dreams and can practically feel the keys in your pocket. But before you can turn the ignition and put your foot down on the accelerator, there’s financing to consider. Enter the instant car loan – a fast and easy way to secure auto finance.

So, what exactly is an instant car loan? Put simply, it’s a finance option designed to give you quick access to funds. This means you can drive away in your chosen vehicle without delay. Loans are extended for all types of makes and models, from SUVs and estates to saloons and sports cars.

How does it work? Let’s pop the bonnet and take a closer look:

How instant car finance works

The appeal of an instant car loan lies in the streamlined process. Here’s a step-by-step breakdown of how it all works:

Easy online application

Forget queuing at the bank or filling out mountains of paperwork. With instant car finance, the journey begins with a simple online application. With just a few clicks you can be on your way to securing the funds you need.

Instant decision

Using advanced algorithms and instant search technology, lenders assess your application in record time. This allows them to make a preliminary decision in minutes, rather than days or weeks.

Digital documents

While the instant decision may leave you daydreaming of the open road, there are still a few hoops to jump through before funds hit your account. You’ll need to provide supporting documentation, such as proof of identity, income and credit history, to verify the information provided in your application. Think of it as dotting the i’s and crossing the t’s to ensure everything is in order.

Final approval and funding

After documents have been received by the lender the final approval process swings into action. The lender conducts a thorough review to ensure everything checks out. Once the final stamp of approval is given, funds are transferred to your account. In some cases, the lender may purchase the car outright on your behalf. In both scenarios, you’ll repay the loan in monthly instalments, along with interest and any additional fees.

Reality check: understanding the fine print

Before you hit the motorway, let’s address the elephant in the room – the reality check. While the appeal of instant car finance is undeniable, it’s important to recognise that approval is preliminary. The “instant” decision you receive is a promising sign that you meet the initial criteria set by the lender. However, to seal the deal and secure funds, additional steps are required, including that should you progress, some lenders may perform a hard search on your credit file.

Your instant car loan: the final steps

So, how do you get the green light for your instant car loan? Once you’ve received your instant decision, the next steps involve submitting supporting documentation and passing a final review process. This can include a hard credit check which sees the lender take a deep dive into your financial history using credit reference agencies (CRAs) like Equifax, Experian and TransUnion. All three CRAs have access to information about British adults and their credit histories. This information is used to generate a credit score which is used to assess your risk as a potential borrower.

In the final stage you’ll also lock in the terms and conditions of your loan. This includes the total amount you’ll borrow, length of your agreement, monthly repayments and APR.

The role of brokers

Most banks and high street lenders are too cautious to issue instant auto finance approval. This is where a broker can really boost your chances of success. Instead of partnering exclusively with a single lender, brokers work with multiple lenders. This exposes your application to far more potential creditors, including those specialising in auto finance for borrowers with less-than-perfect credit scores.

Instant car finance – a road worth exploring

While the concept of an instant car loan isn’t necessarily as simple as it sounds, it’s a road worth exploring if you’re seeking swift approval and streamlined financing solutions. It’s a fast way to get the ball rolling and get an idea of your different options, including what type of terms, monthly repayments and APR rates to expect.

Of course, it’s important to approach instant car loans with a pinch of salt and recognise that approval is preliminary. By understanding the process and being prepared to navigate the additional steps required, you can enjoy the benefits of instant car finance and hit the road without delay.

Hit the road with My Car Credit

Ready to get behind the wheel? Whether you’re in the market for a PHEV Kia Sportage to slash your tailpipe emissions or an athletic Audi A3 with a luxe trim level, apply for your instant car loan today and take the first step towards automotive ownership.

As part of Evolution Funding, the UK’s largest motor finance and technology provider, My Car Credit leverages award-winning technology to improve your chances of acceptance. Our unique matching algorithm ensures you find the best product and lender for your circumstances, at a competitive rate. We’re passionate about seeing every quick car finance application right through to the end, right through to the final cash deposit in your bank account.

A great place to start is by using our online car finance calculator. Here you can get an idea of acceptance probability and cost, all without affecting your credit score. Please note that should you progress, some lenders may perform a hard search on your credit file.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

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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 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!

or call 01246 458 810

car finance car finance options car loan instant Jan24 used car

7 Advantages of Used Car Hire Purchase

Car in sunset with people camping all bought on Hire Purchase

Used car finance has become an increasingly popular way of drivers getting behind the wheel of a nearly-new vehicle. Used car hire purchase is just one type of used car finance – and one of the most popular.

This article will break down what used car hire purchase is, and outline the advantages of this kind of car finance agreement. Finance your next ‘new to you’ used car by reading on.

What is used car hire purchase?

Used car hire purchase is just one type of car finance available to you.

With used car hire purchase, you’ll split the cost of your nearly-new vehicle over a set period of time. You’ll pay back what you borrow against this car over this designated time period via a series of affordable monthly instalments, plus interest.

You don’t own the car until you’ve paid in full, but it’s yours at the agreement’s end.

What are the advantages of used car hire purchase?

1. Flexibility

Used car hire purchase is one of the most flexible forms of car finance.

With this type of agreement, repayment terms are typically between one to five years, depending on how much you (the borrower) can afford to pay back each month. Choose to pay higher monthly repayments for a shorter borrowing period, or reduce these instalments with a longer repayment term. Remember that you’ll pay more interest the longer the agreement.

Used car hire purchase therefore has flexibility with how much you pay for your monthly instalments. You can always pay a larger upfront deposit for lower monthly repayments.

Some used car hire purchase agreements also allow you to pay off the agreement early, reducing the overall long-term cost. You’ll need to check with your lender whether you’re eligible for this kind of early termination.

2. Low initial deposit

Typically, you don’t have to front a big deposit with used car hire purchase. In fact, you should only expect to pay around 10% of your used car’s price on the deposit.

That said, you can also choose to pay more if preferred, which will then lower your monthly repayments.

3. Cost effective

A new car may have that ‘never been driven’ appeal, but you’re likely facing a hefty price tag for that privilege – and not all drivers can front that cost. What’s more, as soon as you drive off the dealer’s forecourt, its value significantly depreciates.

By choosing used car finance like a hire purchase agreement, you’re able to fund an affordable, reliable vehicle that won’t experience this extreme depreciation in value. Plus, your vehicle is less likely to drop in value during your ownership, too, meaning it’s a more stable and cost-effective investment overall.

4. Accessibility

Some types of car finance can be inaccessible for those with poor credit ratings.

Used car hire purchase is one of the easiest types of car finance to get approval for, making it a more accessible option for individuals with bad credit profiles.

In fact, at My Car Credit, we pride ourselves on providing car finance for drivers with poor credit scores.

5. No balloon payment

Used car hire purchase is just one kind of used car finance agreement. Another popular type is used car personal contract purchase (PCP).

With a used car PCP agreement, you’ll be expected to make a final balloon payment at the agreement’s end (plus an option to purchase fee and possible admin fees) in order to own the car. This can be expensive, and not all drivers have the cash to pay it.

With used car hire purchase, you won’t face this final lump sum – the car is yours at the end of the agreement.

6. Better control of finances

Saving up for a big deposit or balloon payment can take its toll on your financial situation. With used car hire purchase, there’s a fixed payment schedule where you pay the same every month for the entirety of the term.

You’ll benefit from fixed interest rates and monthly repayments – and know exactly what you owe each month and when you owe it. This puts you in better control of your finances, enabling you to budget accordingly.

7. No usage restrictions

A used car PCP agreement involves usage restrictions. If you cause unusual amounts of wear and tear to the vehicle, or if you exceed its annual mileage limit, you can be penalised.

With used car hire purchase, you don’t face any usage restrictions. Plus, you’ll also own the vehicle at the end of the agreement.

Does used car hire purchase have disadvantages?

As with any loan, it’s sensible to consider whether used car hire purchase is the best option for you.

Although this type of used car finance agreement is more flexible than PCP or a leasing deal, the monthly payments are usually higher. Plus, your deposit and term length will impact these repayments – higher deposits and shorter loan terms make for lower monthly instalments.

Used car hire purchase can therefore be a more expensive option for short term agreements (for example, those under a year).

Remember that if you miss out or default on any of your payments, this will negatively impact your overall credit score. Missed payments typically remain on your credit profile for six years. This can in turn impact future loan eligibility. What’s more, the car may also be taken away from you if you continue to miss your repayments.

Additionally, you won’t own the car until you’ve fully paid it off. So, you won’t be able to sell it or modify it until the agreement is complete.

Find the right used car hire purchase for you

My Car Credit offers a range of different used car finance agreements.

Use our online calculator to get a no-obligation quote for used car hire purchase in mere minutes. Simply input the amount you want to borrow and your ideal repayment term, and we’ll give you an instant, online decision.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

Is there such a thing as guaranteed car finance?

Can I Give My Car Back to the Finance Company?

Balloon Payments Explained: What, Why & How

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 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!

or call 01246 458 810

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Financing a Second-Hand Car: 4 Options

Friends going on a trip in a red car bought using car finance

It’s never been easier to find car finance for nearly new or used cars. Choosing to purchase a ‘new to you’ vehicle has many advantages. You’ll be able to split the cost of your vehicle into a series of affordable monthly instalments, potentially affording a better set of wheels than you would otherwise be able to. Plus, you’ll be improving your overall credit score.

But what options are there for financing a second-hand car? We break down how My Car Credit can help you to get behind the steering wheel of a nearly new or used vehicle below.

How to finance a used car

Used car finance is a catch-all term for car finance agreements that allow you to borrow money against a used or nearly new vehicle.

Remember to always do your research before purchasing a new or nearly new vehicle. You want to make sure that you’re in the know about everything from the vehicle’s condition through to its remaining warranty (if relevant), and its service history.

There are different kinds of car finance agreements that you can choose for your used car. The right deal for you will depend on your unique needs and circumstances.

It’s worth comparing the different kinds of used car finance available, so that you can make an informed decision and choose the right agreement for you. That way, you’re not forking out for anything you don’t need.

Financing a second-hand car – 4 options

Hire Purchase (HP)

HP used car finance is our most popular agreement. With HP, you can pay an initial deposit, followed by a series of monthly instalments. This initial deposit isn’t always necessary, but paying it means you’ll have lower monthly payments.

Your monthly outgoings are fixed, giving you greater budgetary control. You won’t face a final balloon payment, and will own the vehicle at the agreement’s end. Plus, you also won’t face mileage limits, or fines for excessive wear and tear.

HP used car finance is best for those looking to own their vehicle at the end of the agreement, and who’d benefit from no usage limitations. You will be expected to make higher monthly payments compared to other finance agreements.

Personal Contract Purchase (PCP)

With PCP, you’ll pay a deposit and regular monthly payments against your used or nearly new vehicle. These monthly payments are lower compared to other agreements (like HP) because you’ll pay a final lump sum (balloon payment) at the end of the agreement. This allows you to completely own the car. Alternatively, you don’t have to make the balloon payment and can hand the car back providing the car is in good condition and within the contracted annual mileage.

Personal Contract Hire (PCH)

PCH car finance can also be referred to as a lease agreement. Essentially, you’re renting the vehicle for a long-term period of time, before handing it back to the dealership. You’ll pay an initial deposit and can also benefit from features like breakdown and road tax coverage.

PCH used car finance is only suitable for those with good or excellent credit scores, who aren’t looking to own the car at the end of the agreement. You’ll also face charges if you exceed mileage limits or cause excessive damage.

Personal Loan

With a personal loan, you’ll borrow the full amount of the used or nearly new vehicle, paying this off via monthly repayments. Essentially, you’re buying the car outright, and you own it from the beginning of the agreement. This means that you can always choose to sell it any time after purchasing it.

A personal loan is the simplest financing option for a second-hand car, but is only suitable for those with a good credit score.

Is financing a second-hand car right for me?

There are many benefits to financing a second-hand car. You’re spreading the cost of what can be a very expensive purchase, potentially affording a nearly new vehicle that would be beyond your budget if you were buying outright. Plus, by making your monthly repayments according to schedule, you’ll improve your overall credit rating.

As with any finance agreement, if you fail to make your repayments, you’re at risk of losing the vehicle and negatively impacting your credit score.

Find out more about financing a second-hand car

Check out our post to find out more about your used car finance options. We also have a car finance calculator to help you do the maths on your next vehicle purchase.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

What is CS Car Finance?

How to Get Car Finance with Poor Credit

No Deposit Car Finance – How Does it Work?

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 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!

or call 01246 458 810

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What Happens if I Can’t Pay My Balloon Payment?

Woman stood by her car refinancing her balloon payment on a mobile phone

Buying a new car is exciting. Whether you’re looking for a family-friendly drive, or a two-seater sports car, finding a new set of wheels can be fun.

However, a car is also likely to be expensive. In fact, after a house, a car is probably the second highest expense you’ll ever face. Car finance gives you the option of breaking down that expense into manageable chunks.

There are plenty of different types of car finance agreements available. With our wide range of lenders, you are sure to find one that accommodates your needs and circumstances – even if you have a poor credit score.

This article will break down what a balloon payment is, as well as what happens and your possible options if you can’t afford to pay it.

What is a balloon payment?

In order to understand what happens if you can’t pay a balloon payment, it’s worth outlining what these are. You can also check out our guide to how balloon payments work for more detail.

In car finance terms, a balloon payment is a one-off lump sum plus an option to purchase and possible admin fees, that you owe at the end of your agreement if you wish to own the car.

Not all car finance agreements have a balloon payment. For both Personal Contract Purchase (PCP) and lease agreements, you’ll face a balloon payment at the agreement’s end. Because you’re making this final balloon payment, you’ll benefit from lower monthly repayments during the term of your agreement. By making this payment at the end of a PCP agreement, you’ll own the car outright. On the other hand, it simply makes monthly payments lower for a lease agreement with no option to own the car.

A balloon payment is optional with PCP, but not optional with a lease agreement. If you don’t want to own the car at the end of your PCP agreement, you can hand it back or choose another finance agreement with the same lender as long as the vehicle is in good condition, in line with the contract terms and within the agreed mileage.

What happens if you can’t pay your balloon payment?

There are a number of eventualities if you can’t afford your balloon payment.

Late fees or penalties

In some instances, you may face late fees or penalties by the lender. These are additional charges on top of what you owe for the balloon payment.

Default and repossession

If you don’t confirm to your lender what end-of-deal option you want, they may automatically try to take the payment. If you don’t have the available money, you may therefore end up defaulting on the finance agreement.

There are any number of steps that a lender can take if you default on a loan. Your account may be sent to a debt collection agency to try and recover outstanding payments. This will have consequences for your credit score and future loan viability.

Alternatively, the lender may try to initiate repossession of your vehicle. This essentially means they reclaim the vehicle as collateral for the debt. This also has consequences for your credit score.

Legal action

In more extreme instances, you may face legal action, which could lead to a court judgment against you. Depending on the court order, the lender may be allowed to seize collateral to make up for the debt. Alternatively, you may be subject to wage garnishment, where an employer is required to deduct money from your salary until your debt is paid off.

Impact on credit score

In any of the above instances, your credit score will suffer. Defaulting on your car finance agreement and experiencing repossession will negatively impact your credit rating. A lower score then reduces your future loan viability, making it harder to obtain agreements. You’ll also likely face higher interest rates and less appealing terms for any future loans.

What to do if you can’t afford your balloon payment

If you can’t afford your balloon payment, you have some options.

Refinance your balloon payment

My Car Credit offers balloon payment finance. This works like any other finance agreement. You’ll break down the lump sum of the balloon into manageable monthly repayments.

We can help individuals with all credit profiles, using our large panel of lenders to find an agreement that’s right for you.

Negotiate with the lender

If you think you can’t afford your balloon payment, contact your lender sooner rather than later. You may be able to renegotiate the terms of the loan, benefiting from an extension or refinancing the balloon payment.

Hand back the vehicle

With PCP car finance, you don’t have to make the final balloon payment. You can hand the vehicle back at the end of the agreement as long as the vehicle is in good condition, in line with the contract terms and within the agreed mileage.

However, this isn’t suitable for those who need their car on a daily basis. Plus, you’ll have to shop around for a new finance deal for your next set of wheels. By making the balloon payment, you’ll own the car outright, and can use it as you please.

Sell or trade the vehicle in

Depending on your circumstances and the agreement, you may be able to either trade in or sell your vehicle if you can’t afford the balloon.

Remember that you’ll only be able to do so if its market value is enough to cover the outstanding balance on your loan.

Discuss balloon payment refinancing with My Car Credit

You have options if you can’t pay your balloon payment.

At My Car Credit, we work with individuals with all credit profiles to help them find the right balloon payment refinancing. Use our online calculator to get an instant, no-obligation quote for your expected monthly payments, rate of interest, and total payable amount. Please note that should you progress, some lenders may perform a hard search on your credit file.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

Advantages and Disadvantages of PCP Car Finance

What is Hire Purchase? – Simple HP Explanation

I want to buy a car on finance, how much can I borrow?

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 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!

or call 01246 458 810

balloon payment finance car finance car finance options hire purchase Jan24 lenders PCP pcp balloon payment used car

Balloon Payments Explained: What, Why & How

Black Tesla driving down the road bought with a Balloon Payment

Car finance has lots of confusing jargon – and a balloon payment is one example. Consider this article your ultimate guide to the what, why and how of balloon payments.

What is a balloon payment?

There are many different kinds of car finance available, depending on your needs.

Certain agreements allow you to make a final lump sum (the balloon payment) at their end. Once you’ve paid this one-time lump sum, along with an option to buy purchase and possible admin fees, the car belongs to you.

How does a balloon payment work?

A balloon payment works as a one-off lump sum you can pay at the end of your car finance agreement if you want to own your car.

With PCP, the one-off balloon payment is optional. You don’t have to pay it if you want to hand the car back or opt for a new finance agreement on another car.

The balloon payment is calculated based on the expected depreciation of your car (also known as the Guaranteed Minimum Future Value). It’s a fixed cost, meaning that no matter how much the value of your car fluctuates, it won’t rise.

Why choose car finance with a balloon payment?

There’s more than one type of car finance that allows you to own the car outright at the end of your agreement. With HP (hire purchase), you can own the car without making a final balloon payment (although there’s usually some admin fees to pay).

With that in mind, why would you want to choose car finance with a balloon payment?

HP finance has many benefits. However, because you’re not paying a final balloon fee, you’ll make higher monthly repayments compared to a PCP agreement.

A car finance option with a balloon payment is, therefore, a better choice for you if you want lower monthly repayments and if you regularly update your wheels.

What happens if I can’t afford my balloon payment?

If you’re keen to own your car outright at the termination of your finance agreement but can’t afford the balloon payment, don’t panic.

At My Car Credit, we understand that not all drivers have the cash for their balloon payment. That’s why we have balloon payment finance. With this agreement, you’ll break down your final balloon payment into manageable monthly instalments.

Apply with balloon payment finance with My Car Credit

No matter your circumstances, you can check if you are eligible for car finance with our handy online calculator. Our initial credit check is only a soft search, too – meaning it won’t impact your credit profile! Please note however that should you progress, some lenders may perform a hard search on your credit file.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

How Does Car Finance Work in the UK?

Am I eligible for car finance?

How to Refinance a PCP Balloon Payment

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 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!

or call 01246 458 810

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How Do Balloon Payments Work?

Red and black cars bought using a Balloon payment

One of the many benefits of car finance is its flexibility. The range of car finance agreements means you’re guaranteed to find one that works for your unique needs and circumstances.

With that said, this range of options may make your decision feel overwhelming – and that’s not to mention the jargon involved in any choice!

This article will break down what a balloon payment is, how they work, and whether they’re right for you. By demystifying one of the more confusing terms associated with car finance, we’ll help you to decide whether car finance with a balloon payment is right for you.

What is a balloon payment?

In car finance terms, a balloon payment is a one-off lump sum that you pay to your lender at the end of certain finance agreements.

Both Personal Contract Purchase (PCP) and lease agreements have a final balloon payment that you can make at the agreement’s end. Making this payment means that you’ll own the car outright.

How do balloon payments work?

With both PCP and lease agreements, you’ll face a balloon payment at the agreement’s end (plus an option to purchase fee and possible admin fees).

Be aware that with PCP, a balloon payment is optional – you don’t have to pay it. You can choose to hand the car back to the lender or opt for a new finance agreement on another car. With a lease agreement, a balloon payment is not optional.

The amount you’ll pay for your balloon payment is calculated according to your lender’s estimation of your car’s depreciation. This is known by many names – the ‘Guaranteed Future Value’ (GFV), ‘Guaranteed Minimum Future Value’ (GMFV) and ‘Residual Value’ (RV). We’ll call it by the GMFV here.

The GMFV predicts the value of your car at the end of your finance agreement. Your lender will estimate this based on factors including the vehicle make and model, yearly mileage estimates, and the length of your agreement.

The GMFV (the balloon payment) is a fixed cost that’s written into your car finance contract. It can’t fluctuate based on your car’s actual value.

As such, even if your car is worth less at the end of your agreement than the GMFV estimation through no fault of your own, you don’t have to pay to make up the difference. Alternatively, if your car is worth more, you can find yourself in positive equity. This allows you to either make the final payment and sell the vehicle on for a profit – or put that equity towards another car finance agreement with the same lender.

What are the benefits of car finance with a balloon payment?

Don’t forget to check out our guide to the eight advantages and disadvantages of a balloon payment for a more comprehensive breakdown of their pros and cons.

Lower monthly payments

Compared to car finance agreements like Hire Purchase (HP), car finance with a final balloon payment has lower monthly payments.

You get to own your vehicle

If you love your vehicle and want to keep it, you can! Otherwise, you have two options available to you. You could part-exchange the vehicle for a newer, more modern vehicle, or simply hand the keys back, as long as the vehicle is in good condition, in line with the contract terms and within the agreed mileage.

What are the drawbacks of car finance with a balloon payment?

Usage restrictions

Car finance agreements like PCP do have vehicular usage restrictions. These may include a yearly mileage limit, and you’ll pay extra if you incur excessive damage.

These restrictions are established because of your lender’s prediction of your car’s GMFV. If you breach these restrictions, you can impact this estimation, and will be penalised.

Payment shock

A car finance agreement with a balloon payment means you’ll pay lower monthly instalments. However, this can mean that the balloon payment is expensive, and you may find yourself experiencing payment shock.

If you do find yourself in this position, you can benefit from balloon payment finance.

Not ideal for those with lower credit ratings

At My Car Credit, we understand that not all drivers have exceptional credit scores, and thanks to our wide range of lenders, we can accommodate all kinds of credit profiles.

If your credit score is less than ideal, you’re less likely to qualify for car finance with a balloon payment. Therefore an agreement without a balloon may be more suitable.

What happens if you can’t afford your balloon payment?

There can be any number of reasons why you may find yourself unable to pay your finance agreement’s final balloon payment.

My Car Credit understands that not all drivers may have the cash upfront to be able to make your balloon payment. Balloon payment finance provides one solution, working just like a car finance agreement. By breaking down the balloon payment’s lump sum into manageable monthly repayments, you have better budgetary control.

Use our online calculator to receive an instant no-obligation decision on balloon payment finance. Our initial credit check won’t impact your score, and we’ll leverage our large panel of lenders to find a deal that’s best for you. Please note that should you progress, some lenders may perform a hard search on your credit file.

Is a balloon payment right for me?

Car finance agreements with a balloon payment have various advantages. From lower monthly repayments to a guarantee of your vehicle’s future value, having an agreement with a balloon payment can be beneficial. Plus, with PCP finance, you don’t have to make the final lump sum – you can enter another finance agreement on a different car with the same lender. This is great for people who like to regularly update their wheels.

With that said, if you’ll struggle with usage limits or are prone to damaging your car, you may need to consider your options. Plus, you’ll have to evaluate your financial situation. Plan ahead to ensure that you can make the final balloon payment or consider balloon payment finance to avoid facing payment shock.

Wondering if you are eligible for My Car Credit car finance?

Do the maths on your next car with our handy online calculator and discover how My Car Credit can help you find the right car finance.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

Can You Modify a Car on HP Finance?

What’s the Cheapest Way to Finance a Car?

Is There a Maximum Age Limit for 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 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!

or call 01246 458 810

balloon payment finance car finance car finance options hire purchase Jan24 lenders PCP pcp balloon payment used car

One of the most common questions British motorists ask when purchasing a new set of wheels is, “How long does it take to pay off a car?” The answer varies depending on multiple factors, including the type of car loan you choose and your personal financial circumstances.

The basics of car loan terms

Short-term loans

Long-term loans

Deciding how quickly to pay off your car loan

Monthly budget

Financial goals

Strategies to pay off your car loan faster

Top up your payments

Refinance your loan

What if I struggle with payments?

Find the perfect timeline with My Car Credit

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Check your car

Turn on your headlights

Maintain a safe stopping distance

Slow down

Avoid heavy braking

Be wary of standing water

Use air conditioning to defog

Plan your travel

Be cautious of freezing rain

Research road conditions

Drive with confidence with My Car Credit

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You’ve got your eye on a new set of wheels and the excitement is real. But just how quickly can you buy a car and turn that dream into reality? Sooner than you might think! Read on for the scoop on how to secure the keys to a new vehicle in record time.

The need for speed: buy a car in a flash

The thrill of same-day car finance

Preparation is key: how to speed up the process

Hit the accelerator with My Car Credit

Success stories from happy customers

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Stay on top of communication

How My Car Credit can help

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