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Representative Example: Borrowing £5,500 over 48 months with a representative APR of 19.8%, the amount payable would be £163 a month, with a total cost of credit of £2,283 and a total amount payable of £7,783.
What is a car finance settlement figure?
Your ‘settlement figure’ is the amount that the car finance company require to pay off your finance in full. Since this changes as interest is added and as payments are made, requested settlement figures are usually only valid for a short time.
How does financing a car work?
In most cases, car finance providers pay for or provide your vehicle after you pay a deposit. Then, over the course of an agreed repayment period, you’ll pay off some or all of the price. The product you choose will decide what happens at the end of the agreement – but common options include taking ownership of the car, handing it back, or upgrading it.
Does car finance count as a loan?
Car finance is a loan – but it’s one that’s often secured against the vehicle you’ve decided you want. As such, it’s often viewed a little differently to a personal loan – which is not secured against anything.
Who is my car finance with?
Don’t worry if you can’t remember who your car finance is with. You can find out by checking your paperwork, looking at who you make your payment to through your bank, or calling the dealership you bought your car from.
What is a guarantor on a car loan?
A guarantor car loan is an agreement in which a third party (usually a family member or friend) agrees to guarantee the repayment of your loan if you fail to keep up with your payments.
What happens if you lie on a car loan application?
Lying on a car loan application is a form of fraud and is illegal. If you’re found to have done this, you could face prosecution and you may find it harder to get credit in the future.
What do you need to finance a used car?
When you’re applying for finance for a used car, it’s useful to have the relevant supporting documents such as information on your vehicle of choice, your financial details and proof of address and income. You may also need a deposit.
Should you finance a used car?
Buying a used car with a finance agreement can be a good option. As with any financial agreement though, it’s always important to check the details carefully and to consider the pros and cons.
Is car finance worth it?
Car finance agreements can be a great option for a wide range of people. Before committing to a deal though, it’s always important to read the terms carefully and consider the pros and cons.
How old can a used car be to finance?
The maximum age of used cars eligible for finance agreements tends to be 10 years, although there are exceptions to this.
Does car finance affect your credit score?
If you make numerous applications for car finance, repeated credit checks can impact your score negatively. Your approach to paying back the loan will decide longer-term credit score effects – but if you pay on time, it could well go up.
What credit score do I need to be approved for car finance?
There is no specific minimum credit score needed to finance a car. While your credit score is one factor – lenders will consider a number of different pieces of information; including affordability and the type of vehicle you’re buying.
Can I get car finance if I have an IVA?
It may be possible to get car finance if you have an Individual Voluntary Arrangement (IVA) currently in place. To do so, you’ll need to seek the permission of the Insolvency Practitioner dealing with your case.
Can I get a car loan while in bankruptcy?
It is not possible to get car finance in the 12 months after being declared bankrupt or until your bankruptcy is discharged through the courts. Getting finance without declaring that your bankrupt is against the law – and could lead to an extension of your bankruptcy.
What’s the difference between Equifax and Experian?
Both Equifax and Experian are credit referencing agencies. They use slightly different scales to present your credit rating – but both can provide lenders with some of the information they need to decide whether they’re willing to provide you with car finance.
What to do if you're refused car finance?
If you’re refused car finance, find out why. You may need to correct inaccuracies in your credit report or take steps to improve your credit score. You might also want to consider using a guarantor.
How to get car finance with poor credit rating
The best way to get car finance with a poor credit rating is to take steps to rebuild your credit history, such as ensuring you’re on the electoral register, making payments on time and using ‘rebuilder’ credit cards.
How to get car finance with CCJ?
In order to get car finance with a CCJ, you will need to change the status of your judgement on the record or have it removed.
Does car finance affect mortgage price?
If you apply for car finance shortly before applying for a mortgage, this can affect your mortgage price. However, if you have a mortgage in place already, it will have no impact.
Does a car loan build credit?
In the short term, applying for a car loan can lower your credit score. However, over time if you make your repayments ontime, it can help you to build your score.
Car finance advice
Is there PPI on car finance?
In the past, car finance companies sometimes offered payment protection insurance (PPI) with their products. This is no longer the case – and the deadline has now passed for making a claim for mis-sold PPI.
Can you put car finance in someone else’s name?
Applying for a car loan in someone else’s name is referred to as ‘accommodation finance’. This is likely to be against the finance company’s terms and conditions – and, in some cases, it could be considered to be fraud.
Can I give my car back to the finance company?
Whether or not you can return a financed car depends on the type of agreement you have. If you’ve got a hire purchase (HP) or personal contract purchase (PCP) plan, you’re allowed to hand it back – as long as you have paid off at least 50% of the loan, including any fees and interest.
Should I finance a car through a dealer or a bank?
Dealerships and banks have access to some slightly different finance products. Banks can offer personal loans – and dealers can sometimes offer special promotions like 0% APR. Since you’re free to choose – you should compare all options available to you.
Can you modify a financed car?
It is possible to modify a financed car – but it’s absolutely vital that you check with the company that provides the finance that it’s okay before you do. After modification, you’ll need to inform your finance company, and insurance company that work has been carried out.
Can I change a car with outstanding finance?
In many cases, yes, changing or part-exchanging a car with outstanding finance is possible. Since car finance can’t be moved from one car to another, you (or a dealership you’re getting your next car from) will have to settle the current loan and begin another on your next vehicle.
Can car finance be transferred to another car?
No, you cannot transfer your car finance to another car. However, depending on your circumstances, you may be able to settle your current finance agreement and begin a new one on a different vehicle.
What do car finance companies look for?
As well as checking your credit rating, car finance companies will need some details about the vehicle you’re planning to buy – and some information about your current employment and accommodation situation.
How to settle car finance
Settling a car finance agreement is usually just a case of paying back the amount you borrowed, plus any additional fees. If you want to settle early, you may face extra charges.
How to sell a used car with a loan
If you want to sell a used car with a loan, check the details of your agreement carefully. Unless you’re the legal owner of the car, you won’t be able to sell it until you’ve paid a settlement figure.
Am I eligible for car finance?
Whether or not you can get finance depends on a few different factors. Generally though, if you’re between 18 and 79, you’ll be able to apply for finance – and our range of lenders means we can almost always find a deal to suit you.
Can you have two car finance agreements?
Yes, it is possible to have more than one car finance agreement in place, as long as you can show lenders that you’re able to make the necessary repayments.
Can you get car finance if retired?
Yes, it is possible to get car finance after retiring from work. The most important thing is that you have a steady income - and this can come from a pension.
Can you get a car loan with a temporary job?
It is possible to get a car loan if you have a temporary job, but it may be harder to do so than if you had permanent employment.
Can you get a car loan at 17?
Unfortunately, you can’t get a car loan at the age of 17. However, there are alternative options to consider.
Can I take out car finance for my son?
It is possible to get car finance for your son or daughter, and there are a number of ways to do this.
Can I get car finance on disability benefits?
It isn’t always easy, but it is possible to secure car finance if you are on disability benefits.
Can car finance be in joint names?
Yes, car finance agreements can be taken out in joint names.
What happens if you cannot pay your car loan?
If you’re struggling to pay your car loan, your first step should be to speak to your lender. They may come to an agreement to help you make your repayments. You could also seek help from a debt advice organisation.
How to pay off your car loan faster
If you want to pay off your car loan faster, your first step should be to contact your lender to request a settlement figure.
How to pay off car loan with a credit card
If you want to pay off a car loan with a credit card, look for a card with a good rate on money transfers - and decide whether to use the money to pay the loan off in full or gradually.
How to pay off car finance early
If you want to pay off your car finance early, check the terms of your deal and contact your lender to discuss your options.
How to lower car loan payments
There are a number of ways to lower car loan payments, including choosing the right type of loan, going for a long repayment term and searching for the best interest rates.
How to get out of a car finance agreement
You’ll be able to get out of a car finance agreement with a UK lender as long as you’ve paid off at least 50% of the amount that you owe (including interest and fees). This is known as a ‘voluntary termination’ and designed to protect people who can no longer afford their monthly repayment.
Can you cancel car finance within 14 days?
Within 14 days of entering into a car finance deal, you have a legal right to cancel the agreement. This is permitted by the Consumer Credit Act 1974 as part of your Right to Withdraw.
Can you cancel car finance?
You have a right under UK law to cancel certain types of car finance agreements early. However, it’s important to read the terms of your agreement to see if this is possible, and whether you will face extra fees.