Can Creditplus provide advice on the best ways to finance a car?

Approved by the Car Finance Advisory Board

Our team of Customer Advisors are here to help you identify the best way to finance your perfect vehicle. We've helped thousands of customers to finance their cars and we pride ourselves on being able to provide the best ways to finance a car, depending on each of our customer’s unique circumstances. We know that each person will have slightly different requirements for car finance, so we'll ensure that we give you the options that best work for you.

We're here to help you find the best car and the best finance option. We can provide both new and used vehicles, and we can offer both finance and leasing options on these vehicles.

What type of finance options are available?

We're pleased to provide a number of solutions for car finance for both new and used vehicles. Upon searching for a vehicle on our database, the best options to finance a car are presented to you in simple calculator, which will show you the best car finance options.

For consumer finance you'll be provided with Personal Contract Purchase, Lease Purchase and Hire Purchase quotes. If you're applying for finance for a business vehicle, the options will be extend to Contract Hire and Finance Lease. Depending on your circumstances and what you’re using the vehicle for, our Customer Advisors will be able to help you choose the best car finance product to suit you.

What will be the best car finance option for me?

There are a range of factors that may make one car finance product a better option for you than another. We know that our customers are always looking for the lowest price, and we'll work hard to ensure we provide this for you. However, the cheapest price may mean that the finance is structured in a different way.

For example, the lowest monthly payments are usually achievable with leasing products such as Lease Purchase or Personal Contract Purchase. Both of these finance types are structured so that a balloon payment still has to be paid at the end of the agreement to take ownership of the car. This balloon payment is outlined at the beginning of the agreement and is known as the Guaranteed Future Value (GFV) or Residual Value.

The options don’t finish there with Personal Contract Purchase, as at the end of the agreement you can choose any of the following:

  • You can settle the balloon payment and take ownership of the car - many customers come to Creditplus to re-finance a balloon payment
  • You can hand the car back. This is a great option if the finance you owe is more than the current market value of the vehicle, meaning you can avoid being in negative equity with the vehicle
  • You can part exchange the vehicle to use this for your new vehicle, a great option if the balloon payment is less than the value of the vehicle. Again you can do this with the help of your Customer Advisor.

If you know that you want to own the car outright at the beginning of the agreement then you might want to consider Hire Purchase. With this finance product you simply spread the cost of the vehicle and the interest across a set term; you don’t have to worry about any balloon payments.

If you need more information, please contact one of our Customer Advisors. They'll be able to guide you through the best car finance product for you. Give them a call today on 0800 1777 290, or apply here and one of the team will contact you.

Do Creditplus offer short term car finance agreements?

We regularly get asked about the length of car finance terms, and whether a short term loan is available. Car loans will usually run for a minimum of 12 months to a maximum of 60 months. To find out more about short term loans, visit our dedicated help section.

In this section: Short Term Loans

Am I able to find a secured car loan from Creditplus?

When you take out car finance with Creditplus, it's usually a secured loan. This means that the value of the loan is secured against the car you're purchasing. With a secured loan, you'll almost always get offered a better APR rate and have a far higher chance of being accepted. Find out more about secured car loans.

I work overseas, but would like a vehicle at home in the UK - can I get car finance?

We should be able to help you finance a vehicle if you work overseas as long as your permanent residence is in the UK. Please see the following section where we discuss the points that will be considered when you apply for car finance to see if you qualify.

Most car finance agreements will state that a vehicle cannot leave the country for more than 28 days without permission from the lender. Some lenders may extend this to 3 months, but you'll need to require permission from the lender in this instance.

Can I use a Guarantor for my car finance application?

In order to determine if this is the best way to finance a car for you, you need to be aware of the responsibilities of the Guarantor. Read our dedicated section on taking out car finance with a Guarantor.  

Do I get a better deal if I take out more than one car finance agreement?

Sometimes our customers are looking to purchase more than one car, and naturally they're hoping to get the best car finance deal possible. We're able to help consumers in this instance and will of course work hard to get the best car finance deal possible for each vehicle.

When you take out car finance on a car, the agreement will only cover one vehicle, so if you want to purchase two cars, you'll get two separate agreements. However, you only need to make one application with Creditplus.

In order to be accepted for car finance on two cars at the same time, you'll need to have a high credit rating and a fairly high level of income and affordability, as lenders will want to ensure you can afford the repayments for both vehicles.

Sometimes there'll be a possibility of getting a better deal on the cars you’re applying for, and our Customer Advisors will use every means at their disposal to ensure they can get you an attractive deal for both vehicles.

In aid of this, sometimes it could be useful to make a joint application with a partner or family member to help with the repayments and increase the affordability for the loan.

Find our more details on joint applications.

Can’t find the topic you’re looking for here? Take a look at the rest of our help and advice section or talk to one of our Customer Advisors today by using our LiveChat functionality, found on the right hand side of this page.

Is there a minimum loan amount?

Yes, the minimum amount that we can provide a loan for is £2,500.

Published: 16/05/2016
Last Updated:11/08/2016
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Got a question for us?

If you require further assistance, our team of Customer Advisors are here to help. We're open six days a week - you can view our opening hours here - and we're more than happy to answer your questions.