Car Finance

Your dream car is waiting! Get behind the wheel of the car you've always wanted, without spending months or years saving – it’s never been easier.

Car finance is a means of keeping and using a car backed by a financial agreement with an FCA approved lender. Historically this comprised of a loan to pay back via monthly instalments in order to gain ownership of the vehicle. But this has changed dramatically over recent years with the offering of more financial options to effectively lease the vehicle whilst still keeping the car for daily use and over a several year period. The term car finance covers both approaches to keeping a vehicle.

Having been in operation since 2004, Creditplus have grown strong relationships with the top UK lending banks. This means that not only can we offer our customers the most competitive interest rates, but we can also offer a wide range of flexible finance options to satisfy their individual needs. As an FCA approved broker, it is our duty to ensure any finance options we offer you are suitable and affordable.

At Creditplus we don’t just offer you the best car finance options across the market’s top lenders. Creditplus will fully vet the vehicle and dealership to ensure you’re getting a great deal. We’ll let you know the MOT status including recent history, service history, warranty status, ensure the vehicle hasn’t been written off or stolen, vet the dealership and let you know whether there are any potential dealership issues to be made aware of such as bad reviews, negative trading history or regulatory concerns – all at no extra cost.’

Simply Apply Online Today, to discuss your options with a friendly car finance consultant.

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Why Choose Creditplus?

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Dedicated consultant

When you apply for car finance with Creditplus you’ll be assigned your own personal and dedicated consultant, who will not only work hard to find you the best possible finance options available to suit you and your needs, but who can also find you your perfect car at the right price.

Your consultant is there to support you throughout your car finance journey and will keep you informed and in control at every step of the way. Your consultant is also your point of contact if you have any queries, need anything explained further or if you change your mind in any way.  

Finally, your consultant is there to support you with whatever you need to get your car. So, whether you've already found the perfect car and just want the money, or you want your consultant to find and delver the right car to your door with the best finance package, then we're happy to help.

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Expert help finding your car

Our team of car buying experts and logistics specialists will help you find your perfect car whether your looking to buy or lease.

If you're looking to buy a car, Creditplus will jump into action and begin fully vetting the vehicle and dealership to ensure you’re getting a great deal. We’ll let you know the MOT status including recent history, service history, warranty status, ensure the vehicle hasn’t been written off or stolen, vet the dealership and let you know whether there are any potential dealership issues to be made aware of such as bad reviews, negative trading history or regulatory concerns.

If you prefer to lease a car then we can source a brand new or nearly new car of your choice quickly and easily, and of course deliver it to your door at your convenience.

Alternatively, if you're not sure what your options are then we can help. Simply complete the online apply form and a friendly consultant will be in touch to talk you through your car and finance options.


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Outstanding customer service

We are passionate about providing the best possible experience for all of our customers.

We treat all our customers with the upmost respect and do or best to go the extra mile so that you get the best value from dealing with us.

Our consistent excellent customer review rating over the years shows that we mean what we say.

Loan Options

The most popular finance options are Personal Contract Purchase and Hire Purchase, both of which are cost effective methods of spreading the cost of a vehicle over affordable monthly payments. Fundamentally which option you choose will depend on your credit profile and whether you wish to own the car at the end of the finance agreement. 

Personal Contract Purchase (also referred to as PCP), offers the most flexibility and lowest monthly payments, with a choice of 3 options at the end of your contract. You can either exchange your car for a newer model, pay a balloon payment and keep the car, or simply return it to the lender. Monthly payments are typically lower because you’re not paying off the full value of the vehicle. Instead your monthly cost is simply based on the estimated depreciation of the car over the length of your contract, plus interest. For more information on this finance option please visit our Personal Contract Purchase page.

With Hire Purchase (HP), you own the car at the end of the contract. The value of the vehicle is spread evenly across your monthly payments and once the final payment has been made, it’s all yours. HP monthly payments are normally higher than PCP because you're paying off the full cost of the vehicle during your contract term. For more information on this finance option, please visit our Hire Purchase page.

Discuss your options with a friendly car finance specialist

Choosing the right finance package is entirely your decision. But if you’re unsure what’s best for you and you’d like to discuss your options with an experienced consultant, simply complete our no-obligation application form and a member of the team will be in touch.

Bad Credit?

We're here to help you regardless of your credit profile with finance options tailored to bad credit and adverse credit. We even help people that have been refused credit elsewhere. Please note: applying with us will not impact your credit profile in any way.

Check your eligibility

Frequently asked questions

Car finance is an easy, cost-effective alternative to buying a car outright. You simply choose the car you want, and spread the cost over affordable monthly payments. To get the best finance package, it’s important to consider your options carefully. If you want to own the car at the end of your contract, HP may be the best option. But if you’d rather return the car at the end of the agreement, or exchange your car for a newer model, you may want to consider PCP or Car Leasing. If you’re not sure what’s best, you can always discuss your finance options with one of our friendly car finance consultants. To start your car finance journey, simply apply online today.

Most personal loans are unsecured, meaning there is no asset connected to the loan. This can often result in higher interest rates. However, with car finance, the loan is secured to the vehicle. This means if you default on your loan, the lender can take back the vehicle. But don’t worry, at Creditplus we will always do our best to work with you and ensure this action is only ever taken as a very last resort.

The most popular car finance options are personal contract purchase (PCP), hire purchase (HP), and car leasing. With hire purchase, the full value of your vehicle is spread into affordable monthly payments across the length of your contract. This means at the end of the agreement, you get to keep the vehicle. 

PCP is different as you do not pay off the full value of the car. Instead, your monthly payments are calculated based on the difference between the cost of your car at the start of the agreement and the predicted value of the vehicle at the end of the agreement. At the end of your contract you have 3 options:

  1. return your car to the lender with nothing further owing
  2. pay the balloon payment and keep the car
  3. use as positive equity to upgrade it for a newer model

With car leasing, your monthly payments are calculated in a similar way to PCP but there is no option to purchase the vehicle or upgrade it at the end of the agreement. Instead, the vehicle must be returned to the leasing company. 

Whilst most car finance customers choose HP, PCP, or car leasing, some individuals may opt for a lease purchase agreement, although this finance option is generally more suited to businesses. And for those struggling to get accepted for car finance on their own, guarantor loans are also available.

Car finance can be a great cost-effective solution for any motorist looking to avoid the upfront cost of purchasing a vehicle. Provided you’re aged 18-75 years old you can apply for car finance. So, whether you’re a young, newly qualified driver looking for your first car, or a growing family looking to upgrade to something more practical, our flexible car finance packages can help you get behind the wheel of your dream car.

With Creditplus you can borrow any sum between £3,000 - £5,000,000 (subject to affordability). To find out how much you could borrow, try our quick Car Finance Calculator.

The cost of car finance depends on a wide range of factors and will vary for each individual. Of course, the amount borrowed is obviously a key determining factor, but your credit score term-length and deposit can also impact the overall cost of your loan. 

If you already know how much you’re looking to borrow, you can get an estimated APR cost using our quick and easy car finance calculator.  Alternatively, you can receive an exact quote by completing our free no-obligation application form.

Whilst all reputable lenders and brokers perform checks to determine your affordability, it’s important to consider your budget carefully before applying for car finance. Calculating your regular expenses such as rent/mortgage, bills, and leisure activities can help give you an idea of how much you can afford to repay each month. 

It’s also a good idea to consider the different loan options available, as the right finance package for you could look different to a friend or family member’s. For example, if you want to own your car at the end of the agreement, HP may be the best choice. But if you like to change your car regularly, you may be better suited to a car leasing agreement.

With Creditplus, you can apply for car finance online and get a decision within a matter of minutes. As part of the application process, you’ll need to provide a valid UK driver’s licence, 3 year’s address history, employment history, and proof of income. 

To confirm your eligibility, we’ll then run a quick soft search on your credit profile, without impacting your credit score. Once approved, one of our friendly car finance consultants will contact you to discuss your options. 

If you already know the type of car you want and the amount you’re looking to borrow, this can help speed up the process. But if you’re undecided don’t worry, our talented team of experts can guide you through your car buying journey.

PCP (personal contract purchase) is a popular car finance option with 3 choices at the end of the agreement. You can either keep the car and pay the balloon payment - exchange your car for a newer vehicle – or simply return the car to the lender.

With PCP, your monthly payments are usually lower than HP (hire purchase), as you’re not paying off the full value of the vehicle. Instead your monthly payments are calculated based on the estimated depreciation, based on your annual mileage limit.

With PCP, your monthly payments are calculated based on the estimated depreciation of the vehicle over the length of your contract. This is the same for both used and new cars. But because used cars have a much slower depreciation curve than new cars, the cost of depreciation is less, resulting in lower monthly payments. Of course, there are some benefits of opting for a new car; you’re protected by the manufacturer warranty (usually 3 years or more); you won’t need to worry about MOTs for 3 years either. But if you’re considering PCP for a used car and still want that extra security, Creditplus offer a choice of used car warranties, including a free 6-month warranty as standard.

HP (hire purchase) is a type of car loan that works by spreading the purchase cost of a vehicle into fixed, affordable monthly payments. It’s the perfect option if you’re looking to keep the car at the end of your contract. Unlike PCP, you’re not restricted by annual mileage limits and once the final payment is made, the car is all yours. HP deals are also widely available to a range of credit profiles, so you don’t need a perfect credit score to get accepted.

No! At Creditplus we will always do our best to tailor your finance packages to your individual needs

Put simply, no deposit finance means you’re not required to make an initial payment. Instead, the cost of the deposit is spread across your monthly payments. If you have limited savings, this can be an effective way of reducing the initial outlay. But because the cost of the deposit is factored into your monthly payments, you end up paying more interest.

Car leasing is easy and cost-effective. You simply pay an initial deposit, followed by fixed monthly payments over an agreed term length (normally 2-5 years). It’s the ideal option if you like to change cars regularly, as you simply return the car to the lender at the end of the agreement. Unlike other finance options, you’re essentially paying to rent the vehicle. And by spreading the cost into affordable monthly payments you can often drive a newer, or higher spec model for your budget.

Yes. A good credit history is essential to maintaining a strong credit rating, as it demonstrates you can borrow money responsibly. Just like a mortgage or a personal loan, your monthly car finance payments are recorded on your credit report. If you make all your payments on time, this will have a positive impact on your credit score. A lack of credit history often means lenders consider you a greater risk, so you may find it more difficult to get accepted for car finance. If this is the case, you may want to consider applying for a guarantor loan.

APR stands for annual percentage rate and refers to the amount of interest you pay annually. When you apply for car finance your APR is calculated based on the strength of your credit profile. Individuals with a high credit rating will generally be offered a lower APR, compared to individuals with a poor credit score. For more information, visit our APR glossary page.

Your APR is based on your credit score and the lending criteria of the finance provider. Typically, a higher credit score means a lower APR, but exact rates will differ between providers. Lenders often advertise their best rates to incentivise you to apply, but these rates are usually only available to individuals with a very strong credit rating. For a more accurate idea of the APR you may be offered, look at the representative example, which shows at least 51% of their customers are offered this rate or lower.

To find out your exact APR, you’ll need to provide your personal details. At Creditplus, you can get an exact APR without impacting your credit score. Just complete our quick application form and you’ll receive a free no-obligation quote.

A representative APR means at least 51% of customers will get the advertised rate or lower, however, the rate you actually receive could be higher. An exact APR is the rate you are guaranteed to receive and is calculated based on your individual circumstances, such as your credit rating and your annual income. This means a lender can only provide an exact APR if they have access to your personal information. To find out your exact APR, simply complete our no-obligation application form.

With zero percent finance agreements, you only pay back the amount borrowed over an agreed repayment period. There is no interest charged. Whilst this may sound appealing, zero percent finance isn’t always the most cost-effective option, as the cost of interest is often added to the value of the vehicle. So, whilst you may think you’re saving money you’re actually paying more than you bargained for. 

Don’t be surprised if you have to pay a larger deposit either. Whilst most car finance agreements require a 10% deposit, the upfront payment on a zero percent deal is usually much greater.

When you apply for car finance with Creditplus, we’ll run a quick soft credit search to check your eligibility. Provided you meet our minimum lending criteria and wish to continue your application, we’ll then match you with a lender. At this point we’ll run a full credit check – but not without receiving your consent first. As a responsible lender, we ask you to provide proof of income (payslips or bank statements). This is to ensure your monthly payments are affordable and won’t strain your finances. We also request a copy of your driving licence to confirm your identity.

When you apply for credit, lenders perform a credit search on your profile to determine your eligibility. This can leave traces on your credit profile, which can lower your credit rating. However, when you apply for car finance with Creditplus, we perform a ‘soft credit search’. 

Unlike a full credit search, this won’t leave a mark on your credit profile or lower your credit rating. However, it informs us how likely you are to be accepted by a lender. If our team is confident you’re likely to be accepted, we will then ask your permission to submit your application to our lending panel and perform a full credit search. We only do this if we have your consent, and we are confident your application will be accepted. By doing so, we help to protect your credit score and limit the number of hard searches on your profile.

Not so long ago, car finance was only available to new car buyers. However, the used car market has changed significantly over the past decade, and now thousands of motorists are choosing to purchase second-hand cars on finance over buying a car out-right. In fact, in the 12 months running up to February 2020 approximately 1.49 million used cars were bought using finance by consumers. 

At Creditplus, we specialise in used car finance and can help fund your next vehicle from any reputable dealer or private seller. Simply complete our 2-minute application form and a friendly customer consultant will be in touch.

Yes. If you’re looking to sell your old vehicle, this can be used as a deposit towards your new car. Not only does this remove the hassle of selling the car yourself, but will also help to reduce your total loan amount, meaning you pay less interest on your monthly repayments. 

At Creditplus, we provide car finance solutions for individuals across all demographics and credit backgrounds. This includes newly qualified drivers, people who are unemployed, self-employed, or business owners, in addition to individuals with disabilities. You must, however, be a UK resident aged 18-75 years old and living in the country for 3 years or more. 

If you’re unsure whether you qualify for car finance, why not check your eligibility for free and receive a decision in minutes, without affecting your credit score?

Yes. With Creditplus, you don’t need a perfect credit score to be eligible for car finance. Our extensive range of car finance options are available to individuals from all credit backgrounds, even those with poor or bad credit. Apply today to discuss your finance options with a friendly customer consultant.

At Creditplus, our car finance packages are available to individuals across all credit backgrounds, including those with bad credit. We can even help individuals who have been refused credit elsewhere.

Borrowing credit responsibly can be an effective way to improve your credit score, making it easier to get accepted for applications in the future. And by working with a number of specialist lenders that are committed to providing credit solutions for individuals with bad credit, Creditplus can not only help you obtain the finance you need but also help you get your credit score back on track.

Yes. Creditplus work with a specialist panel of lenders to provide tailored finance packages for individuals with bad credit, including people who have been refused elsewhere. So, if you’ve been rejected for car finance by other providers and want to check your eligibility with Creditplus, just complete our 2-minute eligibility checker. This won’t leave a footprint on your credit report and you’ll receive an instant decision.

Yes. As part of our service, our team of car buying experts can help you source the car of your dreams from our vast network of reputable dealers. But if you’ve already found the car you want or would prefer to look for yourself, that’s no problem. Simply choose your car from any dealer or private seller and we’ll take care of the rest.

If you wish to end your agreement early, you have the legal right to do so. The Consumer Credit Act 1974 refers to this as Voluntary Termination and it works differently depending on the type of agreement. 

For example, you can withdraw from your PCP agreement early provided you’ve paid at least 50% of the total finance amount back to the finance company. This includes any interest and the balloon payment. If you haven’t repaid 50% of the total finance amount, it’s still possible to end your agreement early by paying off the difference. 

HP is similar, as you must repay at least 50% of the outstanding finance before you can terminate the agreement. But unlike PCP, there is no balloon payment. In both cases, you must return the car in good condition without damages (outside the expected wear and tear).

When you finance a car, the vehicle legally belongs to the finance provider until you reach the end of the finance term and the final payment has been settled. Therefore, it is illegal to sell a car with outstanding finance.

If you want to sell the car prior to reaching the end of your agreement, you must ask your finance provider for a settlement figure. Once the full sum is paid, the vehicle is legally yours and you are entitled to sell it on.

Applying for car finance on behalf of someone else is called an accommodation deal and whilst it may seem like a simple way of helping a friend or partner obtain finance, lenders will not accept this. Why? Because if an individual is rejected for finance, it’s usually because the lender believes that person is too much of a risk to lend to. As a result, they won’t lend money to someone else who is expecting them to pay for the loan. 

If you do apply for car finance on behalf of another person without telling the finance provider, you are committing fraud which is a criminal offense. If caught, both you and the person you are applying for could receive a criminal record, or at best a penalty on your credit profiles that could impact your finance requests in the future.

A car finance agreement is a legal contract between you and the lender. The terms of the contract are agreed based on your own individual circumstances i.e. your credit history and affordability. Therefore, you cannot simply transfer the loan into someone else’s name. If for any reason you can no longer continue your repayments or wish to end your agreement early, you’ll need to contact your finance provider.

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