This is how the Car Financing Process Works
Applying only takes two minutes!
Complete the easy-to-answer application. Be prepared to provide a few things about yourself like Monthly earnings net of tax, Address for the last three years & Employment info.
Received an Approval? Great!
An Approval means a lender is willing to lend subject to an affordability check. You’ll get a call from an Account Manager to explain your options and the amount you can borrow.
Picking your dream car!
Time to relax and enjoy. With your finance sorted, You can choose your perfect car by browsing from 100,000+ vehicles via your account or selecting from any reputable dealer.
When you find your car!
You’ve found it! Let your account manager have the car details and take some more relaxation time. We’ll sort all the admin and liaise between the Lender and dealer for you.
Sign, and the car is your's to drive away
The Lender completes their final checks, and you agree to sign on the dotted line; that is when the dealer is paid. The car is now yours to drive away.
Naming your car
Will you name your car? Most people do. Having a name helps to give the car a personality and a bonding with the owner and family.
My monthly budget is
Rates from 8.9% APR. Representative APR 19.9%
The 3 types of car finance available to you!
HP Car Finance
With HP car finance, you own the car at the end of the contract after making regular payments over an agreed period.
Minimum likely credit rating – Bad
PCP Car Finance
Monthly PCP payments only cover the amount the vehicle depreciates. End-of-contract options include paying a balloon to own the car.
Minimum likely credit rating – Fair
Personal Car Loan
A Personal car loan is usually unsecured, meaning you own the car immediately. You pay back by making regular monthly repayments.
Minimum likely credit rating – Good
FAQs How does car finance work?
You can get a head start with your affordability check and know how much you can spend on a car. Don’t forget to budget for the vehicle’s running cost and the monthly finance repayments.
A lower credit score, even bad credit, won’t necessarily exclude you from obtaining a car finance deal. However, expect a higher APR and, consequently, larger monthly repayments.
You’ll own the car with HP when you make the final payment. PCP is different. When the PCP ends, you’ll have the option to pay the balloon to own the car. Suppose you want to own the vehicle from the start.
Take out a personal unsecured car loan. You’d own the vehicle outright as soon as you buy the car – this type of loan requires a good credit rating.
Only if you consent to proceed with the Approval will a hard search happen – a hard search remains on your credit report and can negatively impact your score.