Car finance

Credit score is not the only factor that determines whether you can get car finance or not. We'll also review your affordability, run fraud checks, and need to see your full driving licence. The best thing to do is start an application to understand how much you may be able to borrow, where we'll only run a soft credit search. A soft credit search doesn't impact your credit score at all, so you've got nothing to lose!

• Soft Checks: Pre-approval checks often use this type, which doesn't impact your score. It lets you see potential loan terms without triggering a "hard check." Carmoola will conduct an initial ‘soft check’ to help pre-approve your application, help establish how much you could borrow and what the terms of your agreement could look like.
• Hard Checks: When you officially apply for a loan, lenders perform a hard check, which leaves a temporary mark on your credit report for about two years. Multiple hard checks in a short timeframe can adversely impact your score.

When you start your application, we'll review your income and expenditure, and let you know how much you can borrow. With Carmoola, we'll provide you a range of how much you can borrow between £2,000 to a maximum of £40,000. You've then got the flexibility to choose the exact amount depending on what's right for you.

Yes. With car finance, the interest rate is fixed throughout the agreement, so your monthly payments won't change. 

No. If you're looking for Hire Purchase car finance then there will always be some interest to pay. Typical interest rates range from 6.9% to 24.9%.

Not with Carmoola! When you take car finance with Carmoola there are no mileage restrictions.