Get a better car finance deal

Car finance gives you a range of options of getting into a new or used car without having to stump up all of the cash upfront. While the types of car finance differ slightly, they all allow you to pay for your car over a long period of time, making fixed monthly payments.

The three most popular types of car finance are Personal Contract Purchase (PCP), Hire Purchase (HP) and Personal Car Loan.

Personal Contract Purchase (PCP) finance is secured against the car but you don't own the car automatically at the end of your agreement. You will have an optional final payment known as a balloon payment that you can pay to own the car outright or you can hand the car back to the finance company. If you want to keep the car but can't afford the balloon payment, you can refinance to break the balloon down to more manageable chunks.

Hire Purchase (HP) finance is secured against the car, but at the end of your agreement, the car belongs to you, once you've paid the 'Option to Purchase' fee.

A Personal Car Loan is when you take out a loan for the full amount of the car and pay it off all in one go, thus owning the car outright from the beginning. You will then make fixed monthly repayments to repay the loan, like you would with a PCP or HP finance deal.

Car refinancing is the term used when you take out a new car finance agreement to pay off an existing loan. Refinancing is a great option if you feel like you are overpaying on your current finance deal, or if your credit score has improved since you took out your initial loan and your APR could be reduced.

While some lenders aren't able to offer car finance to those with bad credit, at Car Credible, we do our best to accommodate all credit types and alongside our finance partners and their panel of lenders, we work to help find a car finance deal that suits your circumstance. A car finance loan could help improve your credit score over time too.

To use Car Credible's car finance deal checker, simply add your car registration number and mileage to get started. We will then require your car finance information and personal details to create your personalised dashboard. From here, you can track your car finance deal in one place and we will notify you when the optimal time is that you could renew or refinance your current deal.

To use Car Credible's car finance calculator, you should have a rough idea of the car you would like and the budget you have to finance that vehicle. We'll ask how much you wish to borrow, the length of time you wish to make the repayments and your ideal interest rate. Our finance calculator will identify how much you should expect to pay each month, the interest you will pay over the course of the deal and advice on how we feel you could get a better deal.