Car Finance UK

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  • PCP and HP from 8.9% APR
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Purchasing a car, whether new or used, is a significant investment

That’s why finding the right finance deal is vital. You shouldn’t just concentrate on car finance near me. While it may offer the convenience of being able to visit the finance companies office, you could be missing out on much better online deals.

At CarMoney, we understand why “car finance near me” is one of the biggest search terms in the industry. People like the reassurance of dealing with a local business, as well as the ability to have face to face meetings if need be. This is particularly true when significant sums of money – like the cost of a car – is involved.

Wherever you are based, CarMoney will work to find the right car finance options for you. That’s why we work with finance companies all across the country. Car finance near me doesn’t necessarily mean car finance that saves you money. And we will work hard to save all our customers on interest and monthly payments.

Representative Example: Borrow £7,000 with £1,000 deposit over 48 months with a representative APR of 17.9%, monthly payment would be £171.83, with a total cost of credit of £2,247.83 and a total amount payable of £8,247.83. CarMoney Limited can introduce you to a limited number of finance providers based on your credit rating and we will receive a commission for such introductions this can either be a % of the amount borrowed or a flat fee. This does not influence the interest rate you’re offered in any way. CarMoney is a broker not a lender.


Car Finance in Your City

About Car Finance

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What car finance deal?

The first step to choosing the right car finance deal is to learn about the options that are available. The two main types of car finance are:

Hire Purchase: With hire purchase, you hire a vehicle from a finance company for an agreed time period. Once you have made the final monthly payment, will own the vehicle outright.

The lender can repossess the car if you miss payments.

Personal Contract Purchase: With PCP you only the depreciation of the value of the vehicle, rather than the full value. The monthly payments will be lower. However, at the end of the agreement, if you would like to own the vehicle, you’ll have to pay a lump sum. With PCP it is generally easier to change cars.

The lender can repossess the car if you miss payments.

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How we find the best deals

At CarMoney, we’ll use your details to find the car finance companies that are most likely to accept your application.

This means you can compare lenders easily. You’ll want to consider:

Interest Rates: Interest rates can significantly impact the total cost of the loan. It’s essential to compare rates from different lenders to secure the most competitive option.

Deposit: While some lenders offer deposit free options, a deposit can reduce the total amount financed and lower monthly payments.

Loan Term: The loan term affects monthly payments. While longer terms result in lower monthly payments, they can also lead to higher overall interest costs.

Additional Costs: Consider other expenses associated with car ownership, such as insurance, maintenance, and fuel.

Car finance companies will also look at many different things when deciding if they will approve your application, such as:

Credit Score and History: One of the most critical factors in determining car loan eligibility is the applicant’s credit score. A higher credit score indicates a lower risk for the lender, making it more likely that the loan application will be approved.

Income and Employment Stability: Lenders assess income to ensure you can afford the loan. A steady and reliable source of income provides assurance to the lender that the borrower can meet their monthly payments without undue financial strain. Even if you are on benefits, lenders will still consider you – as long as you can show you can make the repayments.

Deposit: The deposit is the initial amount paid by the borrower towards the purchase of the vehicle. A higher deposit can improve the chances of loan approval, as it reduces the overall loan amount and demonstrates the applicant’s commitment.

Debt-to-Income Ratio: Lenders evaluate the applicant’s debt-to-income ratio, which is the percentage of the applicant’s income that goes towards paying off existing debts. A lower ratio indicates better financial stability and an increased likelihood of loan approval.

Loan Amount and Term: The amount of the loan requested and the proposed term are crucial factors. Lenders consider the loan amount in relation to the applicant’s income and financial capacity. Additionally, longer terms may result in higher interest rates, impacting eligibility.

Guarantor: Depending on the lender’s policies, having a guarantor with a strong credit history can improve the chances of loan approval, especially for applicants with lower credit scores. The guarantor agrees to make the loan payments if you are unable to.

Employment History: A stable employment history demonstrates financial stability and the ability to meet financial commitments. Lenders may consider factors such as the length of employment, type of employment, and any recent job changes.

Outstanding Loans: Existing loans and credit card balances can affect eligibility. Lenders assess the applicant’s total debt burden and how it relates to their income.

Insurance: Some lenders may require the applicant to have comprehensive insurance coverage for the vehicle, providing additional security for the loan.

Contact CarMoney, or apply for car finance today.

Frequently Asked Questions

How does car finance work?

The mechanism of car finance involves making monthly payments over a predetermined duration. The choice of finance option will impact the payment amount. It is essential to possess a favourable credit score for approval and carefully review the loan agreement before signing it.

How does HP car finance work?

HP car finance is a loan structure where you repay the borrowed amount through monthly instalments. You become the car’s owner by the end of the agreed term. However, an arrangement fee might be applicable, and the interest rate can be relatively high.

How does PCP work?

PCP car finance entails a loan structure involving monthly payments. Upon reaching the term’s end, you can purchase the car, return it, or trade it in. It’s worth noting that additional costs like an arrangement fee and potential charges for excess wear and tear may apply. When considering PCP car finance, it is essential to compare various lenders and terms to secure the most suitable arrangement. Moreover, assessing your financial capability to afford the monthly payments is crucial before committing to the contract.

How to be eligible for car finance

To meet the eligibility criteria for car finance, you must be 18 years or older, possess a favourable credit score, have a stable income, provide a deposit, and demonstrate the ability to afford monthly payments. Exploring multiple options and comparing different lenders is advisable to secure the most suitable car finance arrangement.

How it works
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Our customers love our CarMoney Ninjas

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CarMoney Ninja Sean

“Great service, Sean Davidson was great and was always trying to help and give me the easiest experience possible. Thank you very much Sean.”

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CarMoney Ninja Alan

“Alan, who I spoke with on the phone, was amazing! He sorted everything out for me, it was so easy and was able to get my car the very next day. Fantastic!”

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CarMoney Ninja Sophie

“Sophie who sorted my finance out for car was amazingly nothing was too much trouble for her always kept me up to date. Five stars Sophie. Thanks for everything”

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CarMoney Ninja Ellie

“My ninja from start to finish Ellie McGavin I Needed a car it was complete from picking to collecting within 2 days friendly staff great communication brilliant.”

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CarMoney Ninja James

“Excellent professional and courteous service nothing too much trouble James was thoroughly committed to helping me source my car”.

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CarMoney Ninja Frazer

“Frazer from car money made the experience of getting a car simple and easy. Would definitely recommend to family and friends. Thanks again CarMoney!”

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We Compare the best deals from over 20 lenders

CarMoney LIMITED is authorised and regulated by the Financial Conduct Authority (FCA) for consumer credit activity and our registration number is 674094. Representative 17.9% APR. Over 18’s only. CarMoney IS A BROKER NOT A LENDER.

REGISTERED ADDRESS: Pioneer House, 2 Renshaw PL, Motherwell, ML1 4UF, Scotland.Company Number: SC467274.

All finance is subject to status and income. Written Quotation on request. CarMoney Limited can introduce you to a limited number of finance providers based on your credit rating and we will receive a commission for such introductions.