With with HP finance, you’ll own the car at the end of your loan term, but your monthly repayments might be higher than other options and you won’t be able to sell or change the car during your agreement. If you opt for a personal loan, you can do whatever you like with your new car, but your monthly payments might be higher. PCP car finance often offers the lowest monthly repayments, but you could have to agree to mileage restrictions, and you won’t automatically own the car at the end of the loan term.
No matter which financing option you choose, at CarFinance 247, we’ll always look to find you the best deal from our panel of lenders.
Car finance with bad credit
We work with a panel of lenders including some who specialise in helping people with poor credit secure a loan. It can be more difficult to find a car loan with bad credit but it’s not impossible, even if you’ve been refused elsewhere. In fact, successfully keeping up with car finance repayments could even help to improve your credit score over time. Get a no obligation quote – with no impact on your credit score – to find out more.
Frequently asked questions
The cheapest way to finance a car depends on a few factors including the type of loan you have, the loan length, and the APR. Keep in no credit check installment loans mind that the loan that offers the lowest monthly repayment might not be the cheapest deal as you could end up paying back more in interest over time.
PCP car finance could be the cheapest finance option for you as, unlike with HP and personal loans, you don’t have to borrow the full amount your vehicle is worth. Instead, you’ll borrow the difference between the price now and the amount the lender thinks your car will be worth at the end of your agreement – the Guaranteed Minimum Future Value (GMFV). But remember, you won’t own the car at the end of your loan unless you choose to pay the balloon payment.
No! When you apply with CarFinance 247, we’ll run a soft credit check to find out if we can find you’re an approval from one of the lenders on our panel. This may be noted on your credit report, but it won’t affect your score. It’s only if you choose to proceed with a finance option that a hard credit check will be completed.
You can apply for a car loan with CarFinance 247 if you’re over 18 years old and have a minimum of three years’ address history in the UK.
With CarFinance 247, you can get a decision in minutes. Make an application, pop the kettle on, and you’ll have a decision by the time you’ve finished your tea. If we’ve found you an approval in principle, your dedicated account manager will give you a call to confirm your details and discuss the next steps.
The cost of car finance is usually the amount of money you borrow plus the interest and any other charges that you’ll pay on the loan over the repayment period.
If you know how much you’d like to borrow or have already found a car you’d like to buy, it’s time to apply. It all starts with a quote. Our online application form will ask you to enter some personal details, your current employment status, monthly income, and information about the vehicle you’re looking to buy so that we can get to work finding you an approval in principle from our panel of lenders. Find out more about the paperwork you need to prepare for car finance here.