Who Are the Best Car Finance Providers?

Found a great car you love, but need to think about how you will pay for it? Then you might be asking "how do you find the best car finance provider? You're not alone in thinking this, it’s a question often asked by those looking for a new motor who don't quite know where to start. Many begin their search on comparison websites or a Google search, but you still need to know how to separate the good from the bad

Worry not, as we’ve put together this guide detailing everything you need to know about what to look out for in a car finance provider. So read on, and feel confident about finding the best car finance providers the next time you buy a vehicle. 

The best car finance providers...

... Get you feeling excited about buying a car

Buying a car is supposed to be an exciting experience, and you want that feeling of elation to kick in as soon as the decision has been made to get some new wheels. For many, car finance is the first part of the car-buying journey, as it gives you an indication of what type of cars are within your budget. 

Therefore, the car finance company should get you in the right mood and set the tone, if you will. The best car finance providers understand the emotions that come with buying a car and add to the excitement with an attitude that’s confident, positive and ready to put you at the front and centre of the lending process. 

... Are Transparent 

Of course, no car finance provider is worth their weight in gold if they don’t offer total transparency about the lending process. Yet, too many times, customers are left confused about borrowing for a new vehicle and aren’t really sure how the process work. 

From the different car finance types available to how the repayment process works, your provider should be clear about every step involved and comply with FCA regulations. You can check out their registration on the FCA website.

Is the finance personal contract purchase, hire-purchase, a lease, subscription or direct loan from the lender? How do the repayments work, and what happens if you miss one? What is the length of the contract; is there an early repayment charge? What happens if you wish to cancel?

The best car finance companies always ensure you know what's what when it comes to the details. 

Provide a 5 ⭐️ service

Service is the glue that holds everything together, and the best car finance provider always puts the customer first. That includes being open and transparent, answering queries quickly and providing applicants with the help they need. 

Using a company’s app or website should also be seamless, and everything needs to be clear from the get-go. That means no unnecessary industry jargon or making the customer feel lost – it  should all run smoothly.

Use car finance company reviews to see which lender offers a great service. Look at other people's comments to determine what experience they had. Buying a car involves a significant outlay and is one of the bigger purchases you’re likely to make. So customer service, from start to finish, should be five-star worthy. 

Use a comparison website

Search car comparison loan websites, so you can see the best deals side by side. Using comparison websites can make looking for a lender easier, as it'll collect your details and offer results based on the information entered. 

Websites like Compare the Market, Money Supermarket and Confused.com are just some options available. Looking on individual websites after searching Google can also help you find the best car finance providers. 

List of car finance companies in the UK

So who are the best car finance companies in the UK? That largely depends on the type of financing you opt for, be it PCP, HP or a direct loan.

For PCP or HP, going directly to the dealer is your best bet. They have special deals for this type of finance and can help you find a deal that meets your needs.

If, however, you want a direct loan, you're better off using a bank or specialist lender. Carmoola, for example, lets you work out the budget for your next car with a handy calculator, apply using the app and then, if you're accepted (you'll know within minutes!), let you pay for your new motor via bank transfer or online. It's car finance in a flash. 

Financing with the best of them

No matter who you choose to help you finance your car, it’s important that you go with a provider who understands the importance of buying a vehicle. They should make the entire process straightforward without any complicated procedures while offering great customer service, from the initial enquiries to signing off on the finance. If they do, then it's safe to assume you're using one of the best car finance companies in the UK. 👍