online car buying Archives

Is Buying a Car Online Cheaper?

There’s no hard-and-fast answer to the question of whether it’s cheaper to buy a car online. Buying a vehicle online has its conveniences, but it does also have drawbacks, including limitations on your car finance eligibility.

What to think about when buying a car online

Consumers in almost every area are moving towards digital-first purchasing. Whether it’s your food shop, a new coat or even a car, there’s a lot to be said for the convenience of online purchases.

When it comes to buying a car, there are advantages to purchasing one online. Firstly, it saves you the time and effort of having to shop around different dealerships, and also reduces the pressure of haggling with a salesperson. Plus, if you know exactly what car you want and aren’t phased about test driving different models, then purchasing a car online can be expedient.

That said, there are potential drawbacks to buying a car online. Whilst purchasing a car on the internet ensures you won’t be pestered by any sales people, you’re less likely to be able to take advantage of discounts, and your potential to negotiate will be significantly reduced.

You’ll also be limited in terms of your car finance options. You’ll be able to fund the purchase of a vehicle online by way of a personal loan or a car loan, but other forms of car financing may not be available. Buying the car through a personal loan would also make you the car’s outright owner, which is a responsibility that you may not want.

Find out more about financing an online car

If you’re thinking about buying a car online but have questions about what kind of car finance this may afford you, contact our friendly car credit specialists today on enquiries@mycarcredit.co.uk.

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

Best Used Car Websites – Our Top 5

Person browsing the internet for the best used car websites

In many ways, finding and buying a used car has never been simpler thanks to the internet. Gone are the days when you came across second-hand vehicles with For Sale signs by the side of the road. Today, you pop online and search for them via the web and get access to thousands of results in a matter of seconds.

However, this is part of the problem. How do you know which website to trust and which to avoid? It’s an age-old question, but thankfully, My Car Credit has the answers. All you need to do is use our top five recommendations for the best used car websites, all of which you can find below.

1. Cazoo

Cazoo is a specialist in all things used car-related. Its unique selling point is that it offers its customers the entire package, from the motor itself to finance, delivery services and part exchanges. That means Cazoo is your one-stop-shop for all your vehicle requirements if you can’t afford to waste time and mess around with quotes from different providers.

There are 250 makes and models to choose from, so a lack of options is never an issue. Plus, reliability is a strong point because Cazoo owns all of its cars, which means it can give them a rigorous check before selling. Something interesting to watch out for is the subscription model of motoring, a market Cazoo welcomes with open arms.

2. Cinch

Cinch is another new motoring company that is performing well within a saturated market, hence it making our list of best used car websites. Part of the reason for this is that Cinch sticks to the basics, which is something customers love because it removes any confusion. You can expect any vehicle you look at to be no older than seven years old, travelled fewer than 70,000 miles, and pass a 225-point quality check.

Probably the biggest selling point for Cinch is its 14-day money-back guarantee that allows you to return your purchase for any reason within the deadline. Finance is available too, such as HP and PCP, as is a part-exchange. However, the latter is only for people who have bought an online model.

3. AA Cars

When you see AA, you know you can trust the brand. AA Cars is no different as the operator is one of the biggest classified platforms in the UK. This is down to the strict criteria that sellers must meet if they are allowed to advertise on the website. But this doesn’t put many individuals or companies off. Far from it. Typically, there are over 150,000 adverts from franchised and independent dealers, meaning you get an incredible combination of variety and peace of mind.

While AA Cars isn’t a vehicle seller, it does supplement its listings with accessories drivers need, such as breakdown cover and a vehicle history check. Most cars come with a 128-point check and an extensive report.

4. CarShop

CarShop has been one of the UK’s leading car supermarkets since 1997, making it the most established on our list of best used car websites. And, because it’s been servicing the industry for decades, it understands what features to focus on. For example, there is a 14-day money-back guarantee, similar to Cinch’s. It is worth pointing out that this is double Cazoo’s.

Next, there is a 586-point inspection, which is a couple of hundred points greater than its rivals. Of course, PCP and HP finance packages are also provided.

The best feature is the £99 refundable deposit you can put down to reserve a car. Whether you end up buying it or not, the reserve means you have the flexibility to shop around without missing out on suitable deals. No other used car website has this bonus, which is why it’s so impressive.

5. My Car Credit

We’d be silly if we didn’t include ourselves on a list of best used car websites! The reason being, as well as comparing finance deals across a large panel of lenders, My Car Credit wants to make it easier to ensure your next car is the right car. Using our My Car Search, you can find a quality used car in the same place you complete a car finance soft credit check.

All dealers are regularly vetted for financial stability and customer service in line with the Financial Conduct Authority. It’s simply a case of finding your favourite make and model from a wide selection of cars.

To find out more about My Car Credit and how we can help you, simply call us on 01246 458 810 or email enquiries@mycarcredit.co.uk.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

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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

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A Guide to Buying A Used Car Online

Two people searching online for their next used car

Online shopping has boomed in the last couple of decades, and car buying is no exception to the rule. Not only is buying a car online incredibly convenient, but you'll be able to search thousands of different makes and models, all from the comfort of your own home.

But what if you want to buy a used car? What are the differences with the sales process compared to purchasing a brand-new vehicle online, and are there any risks you’ll need to be aware of?

In this short guide, you’ll learn everything you need to know so you can search and buy your next used car online with total peace of mind.

Is buying a used car online safe?

More than likely, the very first concern you’ll have when buying a used car online is whether it’s safe.

It can be easy to focus on the negative stories you may hear about when browsing the web, but there is a perfectly safe way of purchasing a preowned vehicle online. Here are a few things to bear in mind:

Be aware of the dangers

While there are tonnes of great deals online, and many people have successfully purchased a used car online, there will always be situations where people can take advantage.

Only buy from an approved and reputable seller and be aware of online phishing. Anyone can put an ad out online, so do the proper due diligence to ensure the vehicle exists, and the registration number is valid. Sometimes, when the offer sounds too good to be true, it is!

If the worst happens and you think you’ve been a victim of fraud, the very first thing to do will be to report the issue to Action Fraud and contact your bank or building society to freeze your account temporarily.

Know your rights

Vehicles, new and used, bought through a dealership via ‘Click and Collect’ and ‘Click and Deliver’ fall under the Consumer Rights Act 2015. Buyers have a 14-day money-back guarantee to return the car if they decide they have changed their minds. This forms part of ‘distance selling regulations’.

There isn’t the same protection when buying from a private seller. However, the car must still meet the description of the advert and be road-worthy. Otherwise, the buyer may claim a refund under the Misrepresentation Act. The seller must also have the legal right to sell it.

It’s important to remember that when buying a used car privately, the buyer is responsible for ensuring that the vehicle is fit for purpose.

Do your research

As you would with any sizable purchase, it is crucial to do the necessary research into the product you are buying and check whether it matches the ad’s description.

If you are buying a used car from a local dealer, you’re given the freedom to inspect and test drive the car for yourself before parting with any cash. Where you cannot inspect the car, many dealerships and online dealers will provide you with comprehensive images of the vehicle along with videos and walk-arounds. Plus, you are protected by the distance selling regulations should a vehicle not live up to its description.

Be wise about payment

There are several ways to pay for a used car online, and there are different ways to ensure it’s safe, depending on who you are purchasing from.

When buying from a private seller, you should never hand over cash without seeing the vehicle beforehand. Reputable dealers and garages will always represent the car’s history, mileage, and condition in the advertisement correctly. However, if you’re unfortunate to come across a dodgy seller, it is comforting to know you haven’t parted with your money if the product doesn’t match the expectation.

Buying a used car from a dealer is much lower risk, and most will offer finance packages, allowing you to spread the cost across two to five years, dependent on the type of car finance you go for.

Arranging tax and insurance for a used car

Once you’ve placed an order or made a successful bid for a used car, you need to consider the best insurance policy for the vehicle. You can browse prices on comparison websites while you wait for delivery or pick up the car and then arrange for the insurance to start on the day it arrives.

Since you’re buying a used car, you may be conscious of any rising costs. If this is the case, there are certain modifications you can make to your insurance to lower the price. These include:

Have a black box fitted to monitor and carefully set premiums based on your driving habits.
Pay all of the policy off in one go rather than monthly or weekly.
Ensure the car is parked on a private driveway or garage rather than at the roadside.
Put the car on a multi-car insurance policy.
Improve your credit rating.
Remove any unnecessary extras you may not need.

A used car will more often than not be cheaper to insure than a brand-new model, but you need to consider that the age of used cars can make them more likely to break down and need maintenance. Repairs could hike up the overall cost significantly, which is why research and inspection are so vital.

You won’t be able to tax the vehicle until it is in your possession as you will need the official licensing documents. But don’t worry, this is a quick process that can be done over the phone or online, meaning you’ll be out on the road in no time.

Is it a good idea to finance a used car?

A used car financing deal can be a superb choice if you are money conscious or wish to spread the costs over months or years. The exact length of time it will take to pay off the car fully will vary depending on your agreement with the dealer or seller, so there is room for flexibility.

The two most popular ways of financing a car are Hire Purchase (HP) and Personal Contract Purchase (PCP).

With HP agreements, the cost of the car plus interest is spread across a set period of time. Once you’ve paid in full, the car then becomes your property. PCP agreements differ slightly, with lower payments across the term but with a deferred ‘optional final payment’ (sometimes called ‘balloon payment’) at the end in order to own the car. We cover more about these two car finance options on a separate article.

To secure a finance agreement, buyers need to pass a credit score check, as well as provide proof of identification and any other requested car finance paperwork. You can also opt to pay a deposit up front, but this is not a requirement. To ensure you’re in the best position to get accepted, you’ll need an active credit history to show you can manage money responsibly such as an owning active credit card, having a mobile phone contract or being on the electoral roll.

Getting finance deals on private sales, such as auctions or online bidding sites, is much rarer and complex. Cash, a personal loan or paying with a credit card tend to be the more favoured choices.

Do you need further help with buying a used car online?

As long as you avoid the pitfalls and do the critical research, buying a used car online could be one of the best things you’ll ever do and could save you thousands of pounds compared to buying brand new. There are plenty of reliable dealers and sellers out there that make purchasing a stress-free breeze.

However, you might still want that extra hand understanding all the specifics of finding a safe dealer and calculating the finance rate payments. That’s where My Car Credit can step in.

Simply give us a call on 01246 458 810 or drop us an email at enquiries@mycarcredit.co.uk – one of our friendly specialists will be in touch shortly.

For additional information, you can also explore our the hundreds of helpful blogs and articles we have created to support you in your car buying journey.

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

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Who Are Cinch Cars and Should I Buy a Car from Them?

Blue car on customers drive delivered by Cinch

Over the years, used cars salesmen have developed something of a reputation. It’s for that reason that many people dread visiting a dealership and haggling over the price of a second-hand vehicle, especially if they don’t have a strong knowledge of what goes on under the bonnet.

But what if you could view thousands of cars online, all with complete service records and all priced at reasonable rates? What if you could browse pictures of the vehicles (inside and out), ask questions on their performance histories and finalise the deal, all with a few clicks of the mouse? What if you could receive the car direct to your door, meaning you never have to leave the house once throughout the entire process?

Step forward Cinch Cars. With the ability to review thousands of top-quality used cars and complete the transaction all in one place online, it’s a one-stop shop for your next set of wheels.

Who are Cinch Cars?

Cinch Cars was founded with the objective of taking a stressful process and simplifying it as much as possible. After all, why should buying a car be any more problematic than any other online purchase?

Based upon that business model, Cinch Cars put their customers at the forefront of every aspect of their operations. They stock thousands of cars from all over the UK, all of which are less than seven years old and have fewer than 70,000 miles on the clock. Customers can even use their old car as a makeweight in a part-exchange deal.

As well as providing an extensive online catalogue of high-quality used vehicles, Cinch Cars also offer a handy tool which can narrow down the overwhelming array of options based upon your personal preferences and circumstances. Then, when you’ve settled upon the car of your dreams, it’s time to turn it into a reality with just a few clicks of the mouse.

How does it work?

First of all, you should take the time to look through the thousands of vehicles available online at Cinch Cars. Each car comes with its own personal profile, including photos of the vehicle inside and out, as well as a full history of its owners and service records. After comparing and contrasting the vehicles in the Cinch catalogue, you should be well equipped to make a decision on your next car.

Once you’ve found the one for you, all of the relevant paperwork can be completed online. After finalising the transaction and transferring the funds, you’ll be asked to choose a date and a time for the car to be delivered to your doorstep. Alternatively, you can pick out a make and model from an approved dealership near you, making things as easy and as flexible as possible.

Prior to the delivery date, it’s a good idea to get the car insured and taxed. Cinch Cars offer a three-day driveaway insurance policy through their partners Tempcover to get you behind the wheel as soon as possible. However, it’s a good idea to make your own arrangements on a longer-term basis, as well. Then once the handover is complete, you’re in the driving seat!

Why should I buy a car from Cinch Cars?

Cinch Cars have transformed the process of buying a used car from an arduous one into a doddle. But aside from the convenience and efficiency they offer, there are a whole host of other reasons why you should buy from them, including the following:

Extensive online catalogue. Cinch Cars stock a huge range of cars in all shapes and sizes. Whether it’s a coupe, a convertible, a hatchback, an estate or an SUV you’re after, you’re sure to find something that tickles your fancy online.
Quality guaranteed. All of the vehicles listed on the Cinch Cars site have been rigorously tested via a 225-point inspection, ensuring everything is in perfect working order for when it arrives at your door.
The Cinch commitment. As Cinch pride themselves on only stocking the finest makes and models from the used car market, they never sell any vehicle that is over seven years old or has more than 70,000 miles on the clock.
No charge for delivery. After signing on the (virtual) dotted line, you can select a two-hour slot on a day that is convenient for you for the car to be delivered to your doorstep. What could be easier?
Faff-free returns policy. What happens if you get behind the wheel of your new car, but something just doesn’t feel quite right? No problem. Cinch Cars operate a 14-day, faff-free returns policy, entitling you to a full refund if you’re not completely happy with your purchase.

How can My Car Credit help?

With the logistics of locating and buying your dream car taken care of, all that’s left to worry about is how to finance the purchase. After all, such a deal is not a small sum and not many people would be able to come up with the funds necessary to complete the transaction in one fell swoop.

If you’re left asking “Can I afford to buy a car?” – My Car Credit can help. We scour the lending market to find the best deal for you, then handle all of the tiresome paperwork involved as well. We can access the best deals available from our large panel of lenders. This means we can find the right arrangement for your circumstances, even if you’re self-employed or have a poor credit history! Either way, we’ll give you a decision on car financing within a matter of minutes.

Also, if you’re looking for reputable car dealers to buy your next wheels from, we have our own stock list of quality used vehicles. All of our dealers have been vetted for your peace of mind. Simply put in your postcode and the distance you’re willing to travel and we’ll pull up all vehicles within your parameters.

Last but certainly not least, we pride ourselves on providing exemplary customer service to each and every one of our clients. That’s why we assign a specialist personal advisor to every case, ensuring there will always be someone in your corner when you need them most. Want to learn more about how we can help? Feel free to drop us a line at 01246 458 810 or send an email to enquiries@mycarcredit.co.uk. Don’t delay – get in contact with our friendly team today!

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 buying cinch cinch cars online car buying online car finance

Who Are Cazoo and Should I Buy a Car from Them?

Cazoo delivery person knocking on a black door

Does the idea of buying a car fill you with dread? If visiting a dealership, kicking tyres and wrangling over prices is your idea of a living nightmare, don’t worry – there is a better way.

Nowadays, it’s possible to browse a selection of car makes and models online, including detailed camera angles of the exterior and interior, a full review of their history and a comparison of their prices. What’s more, you can even sign on the virtual dotted line and handle all of the paperwork, all from the comfort of your own home.

How can you make this stressful procedure as painless and straightforward as possible? By visiting Cazoo, of course.

Who are Cazoo?

Cazoo is a fantastic new portal where you can access hundreds of used cars online, all in one place. They only stock the best used cars from across the UK, all of which are priced reasonably and transparently. Cazoo believe in putting the customer first, which is why they never include hidden fees or charges in any of their pricing.

Having been launched in 2018 by the brains behind LoveFilm and Zoopla – both of which transformed the movie rental and real estate industries, respectively – Cazoo brings a similar approach to the world of buying a car. While such a task used to represent a tiresome ordeal, it can now be conducted with a few clicks of the mouse.

Thanks to the vision of its founder and the dedication of its employees, Cazoo now makes buying a car as simple and as straightforward as any other online purchase.

How does it work?

As with any other important purchase, the first step in acquiring your next car starts with research. You can browse through the hundreds of available cars at Cazoo, viewing them from all angles and reading up on their history. They never stock cars with financial or insurance issues and always make sure their vehicles run like a well-oiled machine, meaning there are plenty of options for you to choose from.

After deciding on the car that’s right for you, it’s then simply a case of approving the transaction and transferring the funds. There’s no need for you to leave your home in order to obtain the car – instead, Cazoo will deliver direct to your doorstep in as little as 72 hours after the sale is completed. Alternatively, you can arrange to pick the car up from one of Cazoo’s Customer Centres.

Either way, the handover will be handled by a qualified specialist and you’ll have seven days in which to test the car out and see how you like it. If, for any reason, you’re dissatisfied with the vehicle, you’re entitled to a full refund within seven days of receiving it. You’ll also benefit from a week of free insurance cover, a free 90-day warranty and 90 days of free RAC roadside assistance, too.

Why should I buy a car from Cazoo?

Aside from the convenience and ease of buying a car from Cazoo, there are plenty of other reasons why this enterprising site is becoming more and more popular by the day. Here are just a few of them:

Huge range of top-quality cars. Cazoo pride themselves on only stocking the best used cars from across the market. Every vehicle on their website has undergone a recent service and MOT (where necessary), giving you complete peace of mind about its quality.
Meticulous attention to detail. Before a vehicle is listed on the Cazoo site, it undergoes a painstaking 150-point inspection to ensure everything is as it should be. Any car which doesn’t make the cut, doesn’t get sold.
Expert reconditioning. We’ve all experienced a used car that has seen better days. At Cazoo, they invest significant funds in restoring and reconditioning cars to the manufacturer’s settings, so it’s almost good as new.
Free delivery. Why would you go to your new car when your new car can come to you? Cazoo deliver seven days a week between 8am and 8pm, all across the UK. You could be behind the wheel in as little as 72 hours after completing the purchase, all without leaving your home!
Complete peace of mind. With seven days in which to return the car for a full refund, and a comprehensive 90-day warranty on top of that, you can rest assured that the vehicle you buy is right for you.

Who are Cazoo finance?

As well as facilitating the search for a used car and aiding the process of buying it, Cazoo can also help with finding the funds to complete the purchase. As a finance broker, they’ll always compare the deals offered by a number of different lenders and identify the one that’s best for you.

There are two different payment options to choose from. Customers can either opt for a Hire Purchase (HP), where you spread the cost of the car over an agreed number of monthly instalments. On the other hand, you might prefer to opt for a Personal Contract Purchase (PCP). With this plan, you pay lower monthly instalments over a pre-agreed term, at the end of which you can choose to pay a larger, final payment to secure ownership of the car.

PCP plans are cheaper and more flexible than HP ones, since you can always choose not to pay the final sum and switch to a new plan at the end of your term. Whichever way you choose to finance your car, Cazoo are on hand to meet your needs.

How can My Car Credit help?

If the convenience of Cazoo appeals, but you’d still prefer a slightly more hands-on approach to buying a used car, My Car Credit might hold the solution. We can help you source your dream vehicle through hundreds of approved dealerships across the UK, ensuring you find your perfect set of wheels.

What’s more, we can also provide the support and expertise necessary to facilitate the transaction at every stage of the process. That includes car financing – as the UK’s largest car finance broker, we can help you access the best lenders for your unique circumstances, even if you’re looking for car finance with a poor credit rating. Get a decision within minutes!

Best of all, we assign a personal advisor to every customer we work with, ensuring there will always be someone on hand to answer your questions and give you advice. Want to see what all the fuss is about? Get in touch with us on 01246 458 810 or send an email to enquiries@mycarcredit.co.uk. Get the wheels in motion today!

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 buying cazoo online car buying online car finance

Can I Buy a Car During Lockdown?

Mother and daughter at home searching for a new car during lockdown

The second lockdown is upon us. Other than a few exceptions like schools and elite sport, the restrictions largely mirror those introduced in March. That includes social distancing when it comes to transport.

Despite key workers still needing to commute to and from work, people are again being asked to avoid public transport wherever possible, with car-sharing also seen as a no-go for people from different households. The most obvious way around this is to get a car of your own. Alternatively, entering the winter months, you might have noticed a few issues with your current car and be looking for a replacement.

In both cases, the solution is to buy a car. But what about the restrictions? In this post, we’ll explore whether you can buy a car during lockdown.

What the government says

Announced by the Government on Saturday 31^st October, the second lockdown will force all non-essential retailers to close from November 5^th until December 2^nd. Unfortunately, this includes car dealerships, meaning customers will no longer be able to buy a car in-person.

That said, the Government hasn’t banned the sale of cars completely. As with many other non-essential retailers, click and collect or delivery options are both still available. That means you can buy a car online and pick it up in person, or have it delivered to your address. It’s essentially a repeat of the “distance selling” regulations that were introduced in May.

How dealers can help

Despite being able to buy a car during lockdown, it’s understandable that many customers will still be concerned about the process. Will the pick-up or delivery of the car be Covid-safe? How can I make sure I’m choosing the right car without visiting the dealership?

Fortunately, having been through the same situation from May, many dealerships already have measures in place to make the process easier. Some offer video tours of the car to mimic the in-person experience. You can also expect better support by phone and webchat, with staff keen to continue sales remotely.

For complete peace of mind, it’s worth checking dealerships’ approach to coronavirus safety, hygiene and social distancing before buying.

What about finance?

The final part of the picture is how you pay for the car. Fortunately, that’s another area where measures have already been implemented.

It’s now possible to complete the whole finance journey online including sending and receiving documents, processing proof of ID and address and even e-signing to seal the deal. This was certainly a popular option in the first lockdown, with a 95% increase in car finance applications online compared to 2019.

At My Car Credit, we will remain open for business as usual, with exactly the same opening hours. The majority of our staff are working from home, using new and improved technical equipment and telephone systems and waiting for your call! Some of our operational teams will continue to work from our Covid-secure offices. This is to ensure we maintain the excellent service levels we’ve become known for.

We are also delighted to say that there will be no changes in our processes, which our lenders have confirmed to be more than robust enough for the current climate. This means you can take out car finance through us with complete peace of mind.

To take the first steps towards your lockdown car purchase, calculate car finance and then use our online application form or get in touch with our team for more information.

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

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Car Finance Companies Switching to Online Applications

person using laptop to make online finance applications with car finance companies

Evolution Funding, the largest motor finance broker in the UK, has published record online car finance applications, boosting its year-on-year average by 95%. The sharp incline for car finance companies is believed to be due to the impact of COVID-19, with one in four motorists saying they are prepared to buy a car online without seeing it first*.

The figures are great news for car finance firms who were expected to be hit hard by the impacts of the latest global health pandemic. However, as the statistics highlight, consumers appear more than willing to apply to serve themselves online before completing the final details in-person.

Evolution group sales director, Chris Coverdale, believes that this kind of trading will “become the norm as social distancing measures continue and consumer behaviour adapts.” Evolution’s online proposals as a percentage of overall proposals was 32%, compared to 21% in 2019**.

What led to the switch?

While the Coronavirus pandemic has accelerated the growth of online finance applications for car finance companies, it isn’t the only factor to affect the sector.

Ian Plummer, commercial director of Auto Trader, confirmed that “there’s been a broad digital acceleration from all parts of the automotive landscape.” Still, the tools were already in place, with Evolution Funding reporting a 27% increase in proposals through their online finance calculator.

Also, the Financial Conduct Authority confirmed in April that the payment holiday for finance and lease customers would be extended by three months.

With the car finance industry frozen since the start of the lockdown, and only recently reopening, call volumes have skyrocketed by 200% as shoppers and existing customers seek assurances in unpredictable times.

Of course, the effects of COVID-19 are still visible. Only 145,377 new car registrations were recorded in June 2020, a 35% decrease from the previous year.

* Source: AM Online
** Source: Motor Finance Online

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

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Buying a Used Car on Finance to Avoid Public Transport

man on public transport wearing a mask thinking of buying a car on finance

As different parts of the UK begin to emerge from lockdown, those who cannot operate remotely are now being encouraged to return to their workplace. At the same time, social distancing remains a key way to limit the spread of the virus.

This has created a conundrum for those who rely on public transport to get from A to B. The Department for Transport has admitted that physical distancing on buses and trains may be all but impossible. This has fuelled fears that those who use it may be putting themselves and others at risk.

What can be done to ensure you comply with government guidelines as much as possible, without sacrificing your livelihood? Buying a used car on finance could be the perfect compromise.

Public transport comes with potential risk

The chances of contracting coronavirus just by walking past someone who has it are relatively remote. However, the chances rise the longer that you remain in close quarters with other people. On busy buses and trains, keeping an adequate distance of two metres from others is not feasible. This can result in many people being caught between a rock and a hard place when it comes to returning to work.

For that reason, the government has advised using public transport only as a last resort. Official advice recommends walking or cycling for all or part of the journey if possible. In addition, travelling at off-peak hours and using stations and routes which are less frequently populated by others can help. Of course, for those working in a major city on a standard 9 to 5 schedule, following those options could be inconvenient at best and impossible at worst.

That’s especially true if long distances must be covered or if your town or city is not conducive towards easy bicycle riding. Fortunately, there is another way to get around the problem – by acquiring your own vehicle. This has the benefit of bypassing close contact with other individuals altogether.

Car finance to the rescue

Given that the coronavirus pandemic has brought with it an equally concerning economic crisis, making a large purchase might be the last thing on your mind right now. However, the health benefits of owning and driving your own car should be not taken lightly. When managed using appropriate car finance, you may be surprised to discover that buying a car is nowhere near as complicated or onerous as you might have previously imagined.

At My Car Credit, we pride ourselves on treating all applicants equally and fairly. Regardless of your circumstances and financial history, we consider all applications and deliver a decision within minutes. Our application process has also been designed with the end user in mind. This means the entire experience is made as simplistic and stress-free as possible.

We are in the privileged position, as an established credit broker with the largest panel of lenders, to find you the most favourable deals on the market. We can even help you to locate the car of your dreams through our extensive network of dealerships all across the country. To find out more about our services, or to start the ball rolling on your next car purchase today, simply use our car finance calculator and apply online. We’re waiting to hear from you!

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

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How Much Does Car Finance Cost? Check Now!

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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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

How Do Car Finance Calculators Work?

How Does Car Finance Work in the UK?

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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

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Rates from 9.9% APR. Representative APR 12.4%

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