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Used Car Finance

Fast & fair. All circumstances welcome. Apply without affecting your credit score.

Rates from 6.9% APR
Representative APR 14.9%

Silver car with colourful leaves for fast car finance
Evolution Logo
Part of Evolution Funding, the UK’s largest motor finance broker.

Used Car Finance

Fast & fair. All circumstances welcome. Apply without affecting your credit score.

Rates from 6.9% APR Representative APR 14.9%

Silver car with colourful leaves for fast car finance
Part of Evolution Funding, the UK’s largest motor finance broker.
Evolution Logo
Evolution Logo
Part of Evolution Funding, the UK’s largest motor finance broker.

There’s no doubt about it – the cost of a car is a sizeable outlay. In fact, for many, it’s one of the biggest expenditures they’ll make (aside from a home!). Used or second hand cars are a great way of getting onto the road for much less than a brand-new car will cost you. Of course, there are still lots of considerations, including how you’ll pay for your ‘new to you’ car. We answer your questions around used car finance and buying a used car safely and securely.

There’s no doubt about it – the cost of a car is a sizeable outlay. In fact, for many, it’s one of the biggest expenditures they’ll make (aside from a home!). Used or second hand cars are a great way of getting onto the road for much less than a brand-new car will cost you. Of course, there are still lots of considerations, including how you’ll pay for your ‘new to you’ car. We answer your questions around used car finance and buying a used car safely and securely.

Can I get finance on a used car?

Yes, you can! In fact, financing is a very popular approach. Did you know that in 2019-2020, around 1.49M used cars were bought on finance? Finance is a great way of spreading the cost into affordable monthly payments. What’s more, it allows you to buy a better car than you could afford if paying with cash. This in itself can lead to savings since you avoid the cost of maintaining an old banger!

A red used Audi purchased on finance

Can I get finance on a used car?

Yes, you can! In fact, financing is a very popular approach. Did you know that in 2019-2020, around 1.49M used cars were bought on finance? Finance is a great way of spreading the cost into affordable monthly payments. What’s more, it allows you to buy a better car than you could afford if paying with cash. This in itself can lead to savings since you avoid the cost of maintaining an old banger!

What’s the best way to finance a used car?

You’ll find that there are plenty of options for financing a used car. From Hire Purchase (HP) and Personal Contract Purchase (PCP) through to a Personal Loan, there will be something to suit your situation and preferences.

The rate you receive will depend on your individual circumstances. However, you’ll be able to choose things like the payment term and whether to put down a deposit (which isn’t a necessity).

Of course, before taking out finance, it’s important that you are realistic about what you can afford and how much you’re comfortable borrowing.

Financing a second hand car using HP or PCP

What’s the best way to finance a used car?

You’ll find that there are plenty of options for financing a used car. From Hire Purchase (HP) and Personal Contract Purchase (PCP) through to a Personal Loan, there will be something to suit your situation and preferences.

The rate you receive will depend on your individual circumstances. However, you’ll be able to choose things like the payment term and whether to put down a deposit (which isn’t a necessity).

Of course, before taking out finance, it’s important that you are realistic about what you can afford and how much you’re comfortable borrowing.

How much does it cost to finance a used car?

There are many factors that influence the cost of car finance. For instance, the value of the vehicle, the borrowing term, your financial circumstances and your credit profile will all play a part. Luckily, it is easier than ever to do the sums on car finance before making an application.

Our used car finance calculator is a quick and easy way to work out your monthly repayments. Start by typing in the amount you wish to borrow. Next, choose your repayment term. Finally, select your credit rating. If you’re not sure what your credit rating is, we’ve included some guidance on the calculator.

The calculator will then display everything you need to know about the cost of used car finance. You’ll discover your monthly repayments, your typical rate and the total amount payable over the term.

If this all fits with your budget, you can apply and get an instant, online decision. Your initial application only involves a soft search. This means there is no impact on your credit score to find out if you’ll get accepted for finance on a used car.

My Credit Rating

Excellent

  • You are a home owner
  • You have been on the electoral role for a long period of time
  • You have current credit arrangements and mortgage with no defaults
  • You have no CCJs, credit arrears or missed payments
  • You rarely apply for credit
  • You are employed or self-employed

Good

  • You are on the electoral role
  • You are a home owner or long standing tenant
  • You have a stable employment history
  • You have current credit arrangements with occasional missed payments
  • You have no CCJs

Fair

  • You are or have recently been on the electoral role
  • You may have recently changed address
  • You may have occasional missed payments
  • You may have an old CCJ
  • You may have regularly applied for credit

Poor

  • You may have had frequent changes in address
  • You may not be traceable on the voters roll
  • You may have exceeded credit card limits
  • You may have missed payments on current agreements
  • You may have had a CCJ in the past

Bad

  • You may not be traceable on the voters roll
  • Your credit cards are over their limits
  • You have recent CCJs
  • You may have been refused credit elsewhere
  • You may be in a debt management plan
£

X monthly repayments of
£X

Typical rate

Loan amount

Total payable

X% APR*

£X

£X

*for illustration purposes only

No impact on your credit score

Representative Example

Borrowing £7,500 at a representative APR of 14.9%, annual interest rate (fixed) 14.85%, 47 monthly payments of £204.69 followed by 1 payment of £214.69 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £2,335.12, total amount payable is £9,835.12.

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

What do I need to look out for when buying a used car?

It goes without saying that you should always do plenty of research before buying any car – new or used. However, when buying a second hand car on finance, there are a few more considerations. This includes the condition of the car, remaining warranty, aftercare service, even dealer reputation. What’s more, with a used car there may be age and mileage requirements from the lender.

Even more common now is buying a used car online, which adds another dimension to your car buying experience! Most dealerships now go to great lengths to show you the quality and features of the car without you needing to visit or test drive. For peace of mind, you also have a 14-day money back guarantee due to distance selling regulations.

Finally, if you love that ‘new car’ feel but want to avoid losing equity just by driving off the forecourt, why not go for a ‘nearly new’ car? Nearly new cars come with many of the benefits of a new car but without the price tag or huge loss in depreciation.

A quick and hassle-free process

Red number one icon for get approved for poor credit car finance

Get approved

Complete our online car finance application form for an instant answer on car finance. Our soft search decision won’t impact your credit score!

Yellow number two icon for find a car from any reputable dealer

Find a car

You can find a car first or apply for car finance and then look for a car – we don’t mind! Choose from any reputable car dealer.

Blue number three icon for sign and collect new car bought with poor credit car loan

Sign & Collect

Sign your paperwork online, from the comfort of your home. We’ll transfer funds next working day, ready for you to collect your car!

Colourful my car credit behind red Renault purchased using poor credit car loan

How do I apply for car finance on a used car?​

My Car Credit’s goal, right from the off, is to make the process of buying a used car simple and hassle-free. From submitting your application and finding your dream car to signing on the dotted line and driving away, we make things as easy as possible. Just follow these three steps:
Red number one icon for car finance approval

Apply online

We’ve kept our application short and simple so no endless forms or invasive questions! It should take just a few minutes to provide us with some basic details about your situation. We’ll carry out a soft credit check (with no impact on your score) to establish the likelihood of you being accepted. Next, you’ll get an instant online decision along with an email and text to confirm the outcome.

Yellow number two icon for find a car

Find your car

Once we’ve given you the green light and confirmation of the budget available to you, you can focus on finding your perfect used car. You can choose from any reputable used car dealer or why not try our network of tried and trusted dealerships? Either way, we’ll ensure that the vehicle and dealer is above board and trustworthy. It’s also worth mentioning that we don’t mind if you find your used car first and then apply for car finance.

Blue number three icon for sign online process

Drive away

Once you’ve found your dream ‘new to you’ car and secured your car finance, it’s simply a case of completing the required paperwork. We know this part of the process can seem a bit daunting, which is why we handle everything between you, the dealership and our panel of lenders. Once your deal is paid out, it’s simply a matter of arranging collection or delivery of your new wheels!

Smiling poor credit car specialist on phone speaking to car finance customer

Get the wheels in motion on a used car

There’s no time like the present to take the first step towards your next purchase. When you apply for car finance with My Car Credit, you will be looked after by your own Car Credit Specialist. They are experienced in handling used car finance and will guide you through the whole process, ensuring your experience is the best it can be.

Our team is known for their friendliness and professionalism – they have helped lots of customers secure car finance on their next used car. You can read some of our customer feedback below.

Got such a great deal and service. Saved 3% difference in APR rate offered by dealership. I was nervous as have never done car finance myself before, but the guys were so helpful, patient and helped me every step of the way. Everything was pretty easy to do and it was all completed, and dealer had the money within 3 days.

JS
January 2021

I needed to get finance in place within 9 days and the first company I approached said they couldn’t do it but would call me back in about 5 days if things changed. My Car Credit were very easy to get hold of and their communication with me was always very prompt and helpful with the result that the finance was in place 2 days ahead of time. I would also add that the interest rate was better than anyone else had offered me, so I am a very happy customer!

Anonymous
January 2021

I found My Car Credit to be very helpful and professional in finding me the right lender for my circumstances. The Customer Service Representatives guided me through the whole process with ease, providing updates along the short process. I would definitely recommend My Car Credit to anyone looking to finance a car purchase.

Anonymous
January 2021

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!