We know car finance can be overcomplicated and we know that many people are unsure whether they have a good deal or what they are entitled to do within their agreement.
That’s why we have created Car Credible. We want to make car finance stress-free and easy to manage, allowing you to take back control.
To do this, we have created a comprehensive tool that identifies switching and saving opportunities in the easiest possible way.
Our product uses data science and proprietary algorithms to offer tailored advice about car finance deals that is accessible to everyone.
We do all the hard work to help you save money and switch to deals that suit your needs. And the best part is we don’t charge you for anything, so if you take out a new finance agreement, the lender will pay us a fee.
At the moment, we are still in the early stages of launching and therefore not all of our features have been fully released.
However, once you have created an account and entered all of your finance details, you will have access to an exclusive personalised dashboard.
In this article, we will explain the five best features of the dashboard that will help break down your current car finance deal and prepare you for the next steps as our new features are released.
Everyone wants to know how much their car is actually worth. We use our algorithm to uncover your car depreciation, and coupled with the finance details you inputted, we use this information to update your value every month.
This of course is under the assumption your car is still in a good condition.
Your equity position is the difference between your car's current value and outstanding debt. If your remaining debt is less than the car value, you are in a positive equity position which puts you in a good position when our new features roll out.
If you are in negative equity it means your remaining debt is more than the value of your car and you may need to wait a few more months before more options become available to you.
It's good to have an idea of where your car equity is sitting at any given stage of your agreement, though, as it can help you plan for what you want to do with your car next.
Most people when they take out car finance are in auto-pilot mode. The money comes out of their account every month around the same time and it’s easy to lose track of how much you’ve actually paid.
Our dashboard clearly shows you the outstanding debt remaining on your deal by looking at your monthly payments, length of the term, and balloon payments. This will give you the opportunity to focus more on your monthly budgeting.
It’s useful to know what your early settlement figure is, just in case you ever want to sell your car, or pay off the remaining balance on the car before the end of the finance agreement.
We calculate this for you based on your outstanding payments, length of term, and car value, to save you the time and effort of having to contact your finance company directly.
Our main objective is to help you understand your position in your current car finance deal and that’s what our dashboard is designed to do.
When calculating your result, we examine your deal in detail, looking at a number of key factors and how these change over time.
This will help you get a clearer picture of what you are entitled to do within your current deal right now. In the near future when our new features are pushed live, we can then give you tailored help and advice.
We will keep you regularly updated when new features are released and what our plans look like for the near future.
But for now, sign up, see what your current finance deal looks like, and have a play around with the features available to you. It’s the first step to help you get a better understanding of your deal and the options available to you.