Car finance

Looking to get a car on finance? Seeking a car loan? See how we could help.

Car finance

We can help walk you through the entire car finance process.
To get started you will need:
  • Monthly earnings over £1,000 (after tax)
  • To be aged between 21 and 70
  • A full valid UK driving licence
  • 2 consecutive months of payslips or bank statements

What your loan could look like

We can help walk you through the entire car finance process 

  • Monthly payment: £000.00
  • Total to repay: £00,000.00
  • Calculated APR: 00.0%

Representative 31.9% APR

How does car finance work?

A car loan is when you borrow money to cover the cost of your new car. Car finance can be a great option for many, as it gives you access to a car without having to pay a lump sum up front.

Instead you will pay back an amount each month until the cost of the finance has been paid off. But with so many options on how to get car finance, it can be hard to know the best way to do it.

Depending on the lender and the type of car finance you decide to go for you might be able to put a deposit towards your new vehicle and therefore you won’t need such a large car loan. Getting no deposit car finance depends on a number of personal factors, including credit score and affordability.

Getting a car on finance is also heavily dependent on your eligibility for the loan itself. When you get a quote your application will go through eligibility and affordability. This will check several things including if you are legally able to drive, live in the UK but also if you can afford the monthly repayments of the loan.

The process of financing a car from beginning to end will be different depending on the lender you choose to go for. Our application process has been designed to make your financing experience as simple and easy as possible.

How does car finance work?

A car loan is when you borrow money to cover the cost of your new car. Car finance can be a great option for many, as it gives you access to a car without having to pay a lump sum up front.

Instead you will pay back an amount each month until the cost of the finance has been paid off. But with so many options on how to get car finance, it can be hard to know the best way to do it.

Depending on the lender and the type of car finance you decide to go for you might be able to put a deposit towards your new vehicle and therefore you won’t need such a large car loan. Getting no deposit car finance depends on a number of personal factors, including credit score and affordability.

Getting a car on finance is also heavily dependent on your eligibility for the loan itself. When you get a quote your application will go through eligibility and affordability. This will check several things including if you are legally able to drive, live in the UK but also if you can afford the monthly repayments of the loan.

The process of financing a car from beginning to end will be different depending on the lender you choose to go for. Our application process has been designed to make your financing experience as simple and easy as possible.

What do I need to finance a car?

We understand the importance of having a car that is reliable and trustworthy. With our selection of broad finance options, we should be able to help you find the right car for you.

We can provide car finance to people with poor credit as long as it meets the following criteria:

  • Financing a car from £4,000 – £25,000
  • Maximum of 120,000 mileage on the vehicle
  • No older than 15 years at the end of the agreement

To get car finance you’ll need:

  • Monthly earnings over £1,000 (after tax)
  • To be aged between 21 and 70
  • A full valid UK driving licence
  • 2 consecutive months of payslips or bank statements

What do I need to finance a car?

We understand the importance of having a car that is reliable and trustworthy. With our selection of broad finance options, we should be able to help you find the right car for you.

We can provide car finance to people with poor credit as long as it meets the following criteria:

  • Financing a car from £4,000 – £25,000
  • Maximum of 120,000 mileage on the vehicle
  • No older than 15 years at the end of the agreement

To get car finance you’ll need:

  • Monthly earnings over £1,000 (after tax)
  • To be aged between 21 and 70
  • A full valid UK driving licence
  • 2 consecutive months of payslips or bank statements

What your loan could look like

  • Monthly payment: £000.00
  • Total to repay: £00,000.00
  • Calculated APR: 00.0%

Representative 31.9% APR

Car finance types

What’s the best way to finance a car? As you probably already know, there are many types of car finance available. Depending on what you want there are car finance options suited to different people’s needs, but there is no one size fits all.

At Moneybarn we offer a Conditional Sale Agreement. This means that you have full use and access to the car for the term of the agreement, as long as you keep up your repayments. Although you won’t legally own the car until all repayments have been made, you will be the registered and named driver.

Car finance types

What’s the best way to finance a car? As you probably already know, there are many types of car finance available. Depending on what you want there are car finance options suited to different people’s needs, but there is no one size fits all.

At Moneybarn we offer a Conditional Sale Agreement. This means that you have full use and access to the car for the term of the agreement, as long as you keep up your repayments. Although you won’t legally own the car until all repayments have been made, you will be the registered and named driver.

If you are looking to finance a car with another lender, then you could be offered a Hire Purchase, Personal Contract Purchase, personal loan or a lease.

A Hire Purchase (HP) is where you hire the car from the lender until you have paid off your debt, which is very similar to a Conditional Sale Agreement. Once you’ve finished paying the lender back, there is an option to buy the car outright. This is referred to as an ‘option to purchase’ fee and is usually around £100-£200. You’ll only own the vehicle outright once all repayments have been made and you’ve paid the option to purchase fee.

A Personal Contract Purchase (PCP) might be better suited to some as it gives you more flexibility at the end of your agreement, and the monthly repayments tend to be cheaper. It’s where you pay a deposit followed by monthly repayments for an agreed amount of time. At the end of this time period, you have the choice to either hand back the car or pay an amount to buy the vehicle outright. The cost to buy the vehicle is referred to as the Guaranteed Minimum Future Value fee and will vary depending on the make and model of the car.

You can also get a car on lease. What this simply means is you are renting the vehicle for an agreed period of time, but you will never have the option to purchase it. You pay a deposit, or a larger initial payment, followed by fixed payments over a set period of time.

Conditional Sale Agreement illustration

Conditional Sale car diagram

Once all monthly payments have been made you will own the car.

Conditional Sale Agreement illustration

Conditional Sale car diagram

Once all monthly payments have been made you will own the car.

If you are looking to finance a car with another lender, then you could be offered a Hire Purchase, Personal Contract Purchase, personal loan or a lease.

A Hire Purchase (HP) is where you hire the car from the lender until you have paid off your debt, which is very similar to a Conditional Sale Agreement. Once you’ve finished paying the lender back, there is an option to buy the car outright. This is referred to as an ‘option to purchase’ fee and is usually around £100-£200. You’ll only own the vehicle outright once all repayments have been made and you’ve paid the option to purchase fee.

A Personal Contract Purchase (PCP) might be better suited to some as it gives you more flexibility at the end of your agreement, and the monthly repayments tend to be cheaper. It’s where you pay a deposit followed by monthly repayments for an agreed amount of time. At the end of this time period, you have the choice to either hand back the car or pay an amount to buy the vehicle outright. The cost to buy the vehicle is referred to as the Guaranteed Minimum Future Value fee and will vary depending on the make and model of the car.

You can also get a car on lease. What this simply means is you are renting the vehicle for an agreed period of time, but you will never have the option to purchase it. You pay a deposit, or a larger initial payment, followed by fixed payments over a set period of time.

You can compare the advantages and disadvantages of different types of finance such as car finance vs personal loan on our car finance explained page. This will help you understand what might be best for you.

How much will car finance cost?

Applying for car finance and the cost of it is different for everyone. Depending on your personal circumstances such as salary, residential status, and credit score, your car finance eligibility will be different to everyone else. 

One way that can help give you a rough idea of what cost you’ll be looking at, is to use a car loan calculator. These calculators are great as they will tell you the amount you could borrow and over what period of time, as well as giving you an estimate on what APR you might be looking at.

You will not know for definite if you have been approved for car finance until you’ve applied for one of the types of finance listed above. Responsible lenders will always check that you can afford the repayments before confirming you have been accepted for the loan. It’s important to understand how the affordability process works before applying for any type of car finance as this will help you to understand what your repayments could be. You should also be wary of anyone claiming to offer car finance with no credit check.

How much will car finance cost?

Applying for car finance and the cost of it is different for everyone. Depending on your personal circumstances such as salary, residential status, and credit score, your car finance eligibility will be different to everyone else. 

One way that can help give you a rough idea of what cost you’ll be looking at, is to use a car loan calculator. These calculators are great as they will tell you the amount you could borrow and over what period of time, as well as giving you an estimate on what APR you might be looking at.

You will not know for definite if you have been approved for car finance until you’ve applied for one of the types of finance listed above. Responsible lenders will always check that you can afford the repayments before confirming you have been accepted for the loan. It’s important to understand how the affordability process works before applying for any type of car finance as this will help you to understand what your repayments could be. You should also be wary of anyone claiming to offer car finance with no credit check.

Car finance guides​

Car finance guides​

What does APR mean?

Annual Percentage Rates (APR) get added on to all loans, make sure you know what this means for you.

Why you might be refused car finance

There are many reasons why you can be refused car finance. Here we explain why and what you can do.

Car finance explained

We’ve detailed the advantages and disadvantages of all the different types of car finance available to help you make your choice.

Get the right car for you

With so many different cars on the market, how do you know what car you should be buying?

What does APR mean?

Annual Percentage Rates (APR) get added on to all loans, make sure you know what this means for you.

Why you might be refused car finance

There are many reasons why you can be refused car finance. Here we explain why and what you can do.

Car finance explained

We’ve detailed the advantages and disadvantages of all the different types of car finance available to help you make your choice.

Get the right car for you

With so many different cars on the market, how do you know what car you should be buying?

What type of cars can I get finance for?​

When you apply for car finance it’s important to check that the lender will finance the type of car you want. All lenders, including us, will have a lending criteria. This details what the car and dealership need to be in order for us to finance the vehicle.

We finance a range of car brands, not just those included on our car finance brands page, but many more. We also can help you get a car loan for electric cars and hybrid cars.

We help thousands of customers into a car each month, so we know that financing a car isn’t always easy. We offer vehicle finance across the whole of the UK, including Northern Ireland, so we could help get car finance near you.

Why get car finance with Moneybarn?

Financing a car with Moneybarn means you are getting the support you need to live your life to the fullest. If you’re wanting to build your credit score or if your credit history isn’t perfect, then we want to help. We’re here for every step of your journey.

What type of cars can I get finance for?​

When you apply for car finance it’s important to check that the lender will finance the type of car you want. All lenders, including us, will have a lending criteria. This details what the car and dealership need to be in order for us to finance the vehicle.

We finance a range of car brands, not just those included on our car finance brands page, but many more. We also can help you get a car loan for electric cars and hybrid cars.

We help thousands of customers into a car each month, so we know that financing a car isn’t always easy. We offer vehicle finance across the whole of the UK, including Northern Ireland, so we could help get car finance near you.

Why get car finance with Moneybarn?

Financing a car with Moneybarn means you are getting the support you need to live your life to the fullest. If you’re wanting to build your credit score or if your credit history isn’t perfect, then we want to help. We’re here for every step of your journey.

We only use a soft search at application, which means it won’t affect your credit score. As a vehicle finance company who want to help all their customers onto a better road ahead, we accept applications when other lenders might not. 

  • Specialise in poor credit
  • We accept IVAs
  • We accept CCJs

We understand the importance of having a reliable car whether it’s getting to work, doing the school run or going about your daily lives. Our broad finance option should help you find the right car for you.

  • Financing a car from £4,000 - £25,000
  • Maximum of 120,000 mileage on the vehicle
  • No older than 15 years at the end of the agreement

We only use a soft search at application, which means it won’t affect your credit score. As a vehicle finance company who want to help all their customers onto a better road ahead, we accept applications when other lenders might not. 

  • Specialise in poor credit
  • We accept IVAs
  • We accept CCJs

We understand the importance of having a reliable car whether it’s getting to work, doing the school run or going about your daily lives. Our broad finance option should help you find the right car for you.

  • Financing a car from £4,000 - £25,000
  • Maximum of 120,000 mileage on the vehicle
  • No older than 15 years at the end of the agreement

Bad credit? No problem

We specialise in helping those who have been rejected by mainstream lenders. Even if you have bad credit, we may be able to help. Find out more below.

A quick guide to car finance

We use our own criteria when deciding whether to approve someone for car finance or not, after all – you’re more than just a credit score.

The application process

Wondering if we will lend to you? Find out more about our process and how we choose who to approve for car, van and motorbike finance.