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Car finance is a type of loan that lets you borrow money to get a new or used car. It's usually secured against the car itself, meaning that if you can't make the repayments, the lender could take the car back.
If you choose to get your car using finance, you'll have something called a credit agreement between you and the lender. This can be a flexible option that lets you spread the cost of the car over an agreed period of time, with interest.
There are a few different types of car finance out there, like Hire Purchase or Personal Contract Purchase. Comparing your offers on ClearScore can help you understand what you could be eligible for. You could even find a car through one of our lenders.
HP stands for hire purchase. If buying a new car isn’t affordable, Hire Purchase could help you pay for it in instalments. You’ll get the car and pay for it over a period of time, usually 3 to 5 years.
Once you’ve repaid the loan – the car ’s yours.
A Personal Contract Purchase (PCP) means you’ll pay for your new car in monthly payments, usually over 2 to 5 years.
At the end of the contract, you can keep the car (after paying the final balloon payment), part-exchange it, or hand it back. That’s why the monthly payments tend to be lower than hire purchase.
It’s a type of loan that’s not backed by any of your assets, like a house or car. Lenders consider things like your credit score and income before agreeing to give you a personal loan.
Already got a car on finance? Switching to a different lender could save you money or help you spread the cost of your balloon payment.
With our HP offers, you can drive away in your dream car while enjoying flexible repayment terms and competitive interest rates. We make the process straightforward, hassle-free, and tailored to your financial situation.
With the option to buy your car, part-exchange, or just hand it back at the end of the contract, our PCP offers give you the flexibility to get a car in a way that works for you.
If you're looking for alternative financing options, our unsecured personal loans provide the freedom to secure funds for your car without any collateral. It's designed to fit your unique circumstances.
Put the brakes on overpaying for your car finance. Our newest tool could help you switch to a better deal, which means you could be paying less for the car parked outside.
Pay in monthly instalments and make budgeting easier.
Discover personalised interest rates and car finance terms when you use ClearScore.
Get help finding your new car through some of our lenders.
Improve your score as you go. Paying on time and in full, every month, can help you build your credit score.
We can fuel your options by showing you a wide range of car finance offers tailored to you.
Once you’ve signed up, just tell us what you’re looking for and we’ll show you offers you could be eligible for.
You can even find your first car, or upgrade your ride, with one of our partners.
Having a good credit score is like having a the green light to your dream car. Want to improve it? Check out your personalised insights in your report.
Lenders look at your overall financial situation to make sure you can afford the loan. That’s why comparing offers is a great way to see what you could be eligible for before applying.
Your payment history, how long you’ve had credit for, and what other credit you have make up your credit history. Checking your report and making sure the information is correct and up-to-date can help you make sure lenders have the clearest picture of you.
Take the time to research and compare car finance offers from different lenders. Look for things like interest rates and the monthly amounts to see if they’re right for you.
You’ll need a realistic budget. Think about monthly repayments, insurance, maintenance, and fuel costs.
Before applying, check your credit score. It can affect the loan terms and interest rates you see. Head to your insights for easy steps you can take to improve it before you start your search.
We work with lenders who specialise in helping you find the right car finance deal for your score.
Representative 18.4% APR.
Check out our Car Loan Switcher
You could be paying more than you need to be.
See if you can reduce your monthly repayments or spread the cost of your balloon payment.
We take out the guesswork by showing you offers tailored to you, so you can be clear on what your options are.
Head to your offers and see if you could save.
Whether you’re adding a new account, removing an old one, or just changing how much credit you use – you’ll find it here.
We’ll show you whenever they've been opened or updated over the past 7 years. You can even see how much of your available credit you’ve used and what the loan balance is. Everything you need, all in one place.
Your offers are personalised to you. And we’ll show your approval chance so you can feel confident about applying.
You’ll need to provide the lender with proof of ID, a driver’s licence, and proof of address and current income. And, because it’s a type of credit, the lender will do a hard search on your credit history. It’s a full review of your credit history and stays on your report for a year. A hard search can affect your credit score but, as long as you borrow responsibly, the impact should be short-term.
That depends on what type of finance you choose. For example, if you choose Hire Purchase (HP) or Personal Contract Purchase (PCP), the finance company owns the car until you make a final payment. But if you choose a personal loan, then you’ll own the car outright.
These options all have pros and cons and it’s important to choose the type of finance that’s right for you.
If you’re in a position to pay off your car finance early, you absolutely can. It means you could save on the amount of interest you’d otherwise pay. But, you should make sure it makes sense based on the car finance option you’ve chosen.
Yes - if a hard search is done. Usually, lenders will start with a soft search to confirm your eligibility and then carry out a hard search when you decide to go ahead with the finance or loan agreement.
Just like other types of personal finance, keeping up with repayments is important so that you don’t impact your credit history.
Read our article to learn more about hard and soft credit searches.
If you’re 18 or over, you’re likely to have access to car finance. The options you see will depend on things like your current income and credit score.
Sometimes lenders will have specific requirements for people they lend to.
At ClearScore, we’ll show you your approval chances before you apply.
Depending on your needs and financial situation, you might want a new car or a used one. Generally, a used car will cost less money because the car value has gone down over the years.
When you’ve found the finance option for you, some of our partners can help you find the car that’s right for you. If you’re still unsure if you should buy a new or second hand car, our article could help.
