If you’re planning on financing your next set of wheels, a good credit score doesn't just increase your chances of approval. It also paves the way to...
Our first 1,000 customers will be driving off happy with an awesome Carmoola swag box 😎
Cruise through car finance with Carmoola.
Take control of your finance with flexible monthly payment plans to suit you.
Takes 60 seconds, no impact on your credit profile to see if you're approved 👍
Representative 14.8% APR
Car finance is simply a credit agreement between you and a lender. This agreement lets you pay for a car in monthly instalments. This means that you can borrow money from a lender to pay for the car and then repay the amount borrowed with interest to the finance company.
The total amount you repay will depend on four factors - how much the car costs, the length of the term you decide on, the size of your deposit and the interest rate you’re offered by the lender.
There are a variety of different types of car finance available, ranging in flexibility, so it’s important to consider all of the options available to help tailor the right finance package for you.
The main types of car finance are:
HP is a straightforward car finance product, where you pay for your car in monthly instalments and after the final payment has been made you will own the car outright. HP might be the best choice for you, if you are prioritising car ownership at the end of the agreement.
You can get a Hire Purchase loan with Carmoola.
PCP allows you to make affordable monthly payments over an agreed contract length, with a larger (optional) final ‘balloon’ payment due at the end. The balloon payment is only due if you want to buy the car outright, however you can also part exchange your car at the end of the term, or simply give it back. PCP might be best for you if you’re thinking of changing your car every couple of years, or if you’re unsure about whether you’ll want to buy the car at the end of the term or not.
Carmoola does not currently offer PCP.
Another option that can work well for customers who have a higher credit rating is to take a personal loan. These loans are often unsecured, and may be available through your bank. When applying for a personal loan, you don't need to share details about the car you're buying. You'll get a finance offer from your bank based on what they believe you can afford to borrow, and comfortably repay.
Carmoola does not offer personal loans.
If you're thinking about getting car finance, it's good to get an idea of how much you might be able to borrow, and what that would cost each month. We've created a handy car finance calculator where you can play around with your monthly loan payments, loan amount, and contract length.
How it works
Step 1
In just 60 seconds, see how much you can borrow towards your next car
Step 2
Pay swiftly online with your card, or by bank transfer at the showroom
Step 3
It's time to plan your next adventure in your shiny new ride
No dealership commissions, no middlemen. Just you, and us 🥰
Lucky for you, you've got options! With Carmoola there are lots of different types of cars you can get on finance. Here's a guide of what we can, and can't help you with.
And to top it all off, if you're looking for electric car finance deals, you've come to the right place! In the future, Carmoola is introducing an exclusive green discount for any customer who buys an electric a car with Carmoola 🌳
The thing to remember about Carmoola is that we offer used car finance in the uk, but currently we can't help customers buy a brand new car.
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When exploring hire purchase as a car finance option, you may be wondering if these loans include a balloon payment 🎈
Here are some of the most frequently asked questions about car finance. Got more questions? Try our FAQs page 👍
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!
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.
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Scan to get the Carmoola app 👆
Rates from as low as 6.9% APR, Representative 14.8% APR
Carmoola is a trading name of Carmoola Limited which is registered in England & Wales, under Registered No. 12992987. Its Registered Office is First Floor, 1 Whittlebury Mews West, Primrose Hill, London, NW1 8HS. Carmoola Limited is authorised and regulated by the Financial Conduct Authority (Firm Reference Number: 958057), and a member of CIFAS (the UK’s leading fraud prevention service).
Registered with the Information Commissioner’s Office in compliance with the Data Protection Regulations 2018 under registration ZA905089.
Finance is subject to status and is only available to UK residents aged 18 and over. Carmoola is committed to responsible lending.
To get in touch, email us at support@carmoola.co.uk
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