The future of car finance

Cruise through car shopping with Carmoola.
Take control of your finance with flexible monthly payment plans to suit you.

Get My Budget

Takes 60 seconds, no impact on your credit profile 👍

Representative 14.8% APR

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How does car finance work?

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.

What are the different types of car finance?

Purchasing a new or used car is a big step financially so it’s important to consider all car finance options available.

The main types of car finance are:


Hire Purchase (HP)

When choosing Hire Purchase, you can pay for your car in monthly instalments until the final payment has been made. After this, you will own the car. You can get a Hire Purchase loan with Carmoola.

Learn About Hire Purchase


Personal Contract Purchase (PCP)

PCP is a type of car finance plan enabling 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. 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.


Personal Loan

Another option that can work well for customers who have an incredibly high 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.

How do I calculate my car finance payments?

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

Out with the old. Drive in with the new.


Get a budget in 60 seconds

In a few questions, find out how much you can spend on your car

Step 2

Buy your car from anywhere

Pay swiftly online with your card, or by bank transfer at the showroom

Step 3

Hit the road and pay monthly

It's time to plan your next adventure 
in your shiny new ride

See How Carmoola Works

No dealership commissions, no middlemen. Just you, and us 🥰

Types of car finance available

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.

  • Electric car finance ⚡️
  • Hybrid car finance 🔋
  • Automatic car finance 🚙
  • Manual car finance 🕹
  • New car finance ✨
  • Diesel car finance (Euro 6 and above) 🚘
  • Petrol car finance (Euro 5 and above) 🚗 🛻
  • Used or second hand car finance 🥈
  • Zero deposit car finance 👌
  • No cars with over 100,000 miles ⏱️

Thinking of going green? 🌳

And to top it all off, if you're looking for electric car finance deals, you've come to the right place! In the coming weeks, 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.

New to car finance?
Check out our car finance guides

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FAQs About Car Finance

Here are some of the most frequently asked questions about car finance. Got more questions? Try our FAQs page 👍

What credit score do I need to get 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 get your budget, where we'll only run a soft credit search, and see if you're accepted! A soft credit search doesn't impact your credit score at all, so you've got nothing to lose!

How much can I borrow to buy a car?

When you start your application to get your budget, 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. For example, from £2,000 to £10,000. You've then got the flexibility to choose the exact amount depending on what's right for you.

Are the monthly payments guaranteed?

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

Can I get 0% finance on a car?

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%.

Are there any restrictions on car finance?

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

Dream it Drive it

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Representative 14.8% APR