Car finance

We can help walk you through the entire car finance process.

To get started you will need:

  • Monthly earnings over £1,000 (after tax)

  • To be aged between 21 and 70

  •  A full valid UK driving licence

  • 2 consecutive months of payslips or bank statements

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On average our customers rate our service 4.4 out of 5. (July 2021)

What your loan could look like

  • Monthly payment: £000.00
  • Total to repay: £00,000.00
  • Calculated APR: 00.0%

Representative 31.9% APR

Car finance

We can help walk you through the entire car finance process.
To get started you will need:
  • Monthly earnings over £1,000 (after tax)
  • To be aged between 21 and 70
  •  A full valid UK driving licence
  • 2 consecutive months of payslips or bank statements

What your loan could look like

We can help walk you through the entire car finance process 

  • Monthly payment: £000.00
  • Total to repay: £00,000.00
  • Calculated APR: 00.0%

Representative 31.9% APR

Feefo logo

On average our customers rate our service 4.4 out of 5. (July 2021)

Getting a car on finance is a big financial decision for anyone. It’s important to know all the information before you agree to anything as there are many different types of car finance and they all work in slightly different ways.

Always try using a car finance calculator before you apply as well, as this will show you the figure you could get from the lender of your choice. It will also give you the length of the agreement, your monthly repayments and show you the APR% you are most likely to get.

Getting a car on finance is a big financial decision for anyone. It’s important to know all the information before you agree to anything as there are many different types of car finance and they all work in slightly different ways.

Always try using a car finance calculator before you apply as well, as this will show you the figure you could get from the lender of your choice. It will also give you the length of the agreement, your monthly repayments and show you the APR% you are most likely to get.

How does car finance work?

A car loan is when you borrow money to cover the cost of your new car. Car finance can be a great option for many, as it gives you access to a car without having to pay any lump sums up front.

Instead you will pay back an amount each month until the cost of the finance has been paid off. But with so many options on how to get car finance, it can be hard to know the best way to do it.

Depending on the lender and the type of car finance you decide to go for you might be able to put a deposit towards your new vehicle and therefore you won’t need such a large car loan.

Getting a car on finance is also heavily dependent on your eligibility for the loan itself. When you apply for car finance your application will go through eligibility and affordability. This will check several things including if you are legally able to drive, live in the UK but also if you can afford the monthly repayments of the loan.

The process of financing a car from beginning to end will be different depending on the lender you choose to go for. Our application process has been designed to make your financing experience as simple and easy as possible.

How does car finance work?​

A car loan is when you borrow money to cover the cost of your new car. Car finance can be a great option for many, as it gives you access to a car without having to pay any lump sums up front.

Instead you will pay back an amount each month until the cost of the finance has been paid off. But with so many options on how to get car finance, it can be hard to know the best way to do it.

Depending on the lender and the type of car finance you decide to go for you might be able to put a deposit towards your new vehicle and therefore you won’t need such a large car loan.

Getting a car on finance is also heavily dependent on your eligibility for the loan itself. When you apply for car finance your application will go through eligibility and affordability. This will check several things including if you are legally able to drive, live in the UK but also if you can afford the monthly repayments of the loan.

The process of financing a car from beginning to end will be different depending on the lender you choose to go for. Our application process has been designed to make your financing experience as simple and easy as possible.

Car finance types

What’s the best way to finance a car? As you probably already know, there are many types of car finance available. Depending on what you want there are car finance options suited to different people’s needs, but there is no one size fits all.

At Moneybarn we offer a Conditional Sale Agreement. This means that you have full use and access to the car for the term of the agreement, as long as you keep up your repayments. Although you won’t legally own the car until all repayments have been made, you will be the registered and named driver.

If you are looking to finance a car with another lender, then you could be offered a Hire Purchase, Personal Contract Purchase, personal loan or a lease.

A Hire Purchase (HP) is where you hire the car from the lender until you have paid off your debt, which is very similar to a Conditional Sale Agreement. Once you’ve finished paying the lender back, there is an option to buy the car outright. This is referred to as an ‘option to purchase’ fee and is usually around £100-£200. You’ll only own the vehicle outright once all repayments have been made and you’ve paid the option to purchase fee.

A Personal Contract Purchase (PCP) might be better suited to some as it gives you more flexibility at the end of your agreement, and the monthly repayments tend to be cheaper. It’s where you pay a deposit followed by monthly repayments for an agreed amount of time. At the end of this time period, you have the choice to either hand back the car or pay an amount to buy the vehicle outright. The cost to buy the vehicle is referred to as the Guaranteed Minimum Future Value fee and will vary depending on the make and model of the car.

You can also get a car on lease. What this simply means is you are renting the vehicle for an agreed period of time, but you will never have the option to purchase it. You pay a deposit, or a larger initial payment, followed by fixed payments over a set period of time.

You can compare the advantages and disadvantages of different types of finance such as car finance vs personal loan on our car finance explained page. This will help you understand what might be best for you.

Conditional Sale Agreement illustration

Conditional Sale Agreement

Car finance types

What’s the best way to finance a car? As you probably already know, there are many types of car finance available. Depending on what you want there are car finance options suited to different people’s needs, but there is no one size fits all.

At Moneybarn we offer a Conditional Sale Agreement.This means that you have full use and access to the car for the term of the agreement, as long as you keep up your repayments. Although you won’t legally own the car until all repayments have been made, you will be the registered and named driver.

Conditional Sale Agreement illustration

Conditional Sale Agreement

If you are looking to finance a car with another lender, then you could be offered a Hire Purchase, Personal Contract Purchase, personal loan or a lease.

A Hire Purchase (HP) is where you hire the car from the lender until you have paid off your debt, which is very similar to a Conditional Sale Agreement. Once you’ve finished paying the lender back, there is an option to buy the car outright. This is referred to as an ‘option to purchase’ fee and is usually around £100-£200. You’ll only own the vehicle outright once all repayments have been made and you’ve paid the option to purchase fee.

A Personal Contract Purchase (PCP) might be better suited to some as it gives you more flexibility at the end of your agreement, and the monthly repayments tend to be cheaper. It’s where you pay a deposit followed by monthly repayments for an agreed amount of time. At the end of this time period, you have the choice to either hand back the car or pay an amount to buy the vehicle outright. The cost to buy the vehicle is referred to as the Guaranteed Minimum Future Value fee and will vary depending on the make and model of the car.

You can also get a car on lease. What this simply means is you are renting the vehicle for an agreed period of time, but you will never have the option to purchase it. You pay a deposit, or a larger initial payment, followed by fixed payments over a set period of time.

You can compare the advantages and disadvantages of different types of finance such as car finance vs personal loan on our car finance explained page. This will help you understand what might be best for you.

How much will car finance cost?

Applying for car finance and the cost of it is different for everyone. Depending on your personal circumstances such as salary, residential status, and credit score, your car finance eligibility will be different to everyone else. 

One way that can help give you a rough idea of what cost you’ll be looking at, is to use a car loan calculator. These calculators are great as they will tell you the amount you could borrow and over what period of time, as well as giving you an estimate on what APR you might be looking at.

You will not know for definite if you have been approved for car finance until you’ve applied for one of the types of finance listed above. Responsible lenders will always check that you can afford the repayments before confirming you have been accepted for the loan. It’s important to understand how the affordability process works before applying for any type of car finance as this will help you to understand what your repayments could be.

What our customers say about us​​

How much will car finance cost?

Applying for car finance and the cost of it is different for everyone. Depending on your personal circumstances such as salary, residential status, and credit score, your car finance eligibility will be different to everyone else. 

One way that can help give you a rough idea of what cost you’ll be looking at, is to use a car loan calculator. These calculators are great as they will tell you the amount you could borrow and over what period of time, as well as giving you an estimate on what APR you might be looking at.

You will not know for definite if you have been approved for car finance until you’ve applied for one of the types of finance listed above. Responsible lenders will always check that you can afford the repayments before confirming you have been accepted for the loan. It’s important to understand how the affordability process works before applying for any type of car finance as this will help you to understand what your repayments could be.

What our customers say about us​​

Car finance guides​

What does APR mean?

Annual Percentage Rates (APR) get added on to all loans, make sure you know what this means for you.

Why you might be refused car finance

There are many reasons why you can be refused car finance, but here we explain our top 6.

Car finance explained

We’ve detailed the advantages and disadvantages of all the different types of car finance available to help you make your choice.

Get the right car for you

With so many different cars on the market, how do you know what car you should be buying?

Why get car finance with Moneybarn?

Financing a car with Moneybarn means you are getting the support you need to live your life to the fullest. If you’re wanting to build your credit score or if your credit history isn’t perfect, then we want to help. We’re here for every step of your journey.

Why get car finance with Moneybarn?

Financing a car with Moneybarn means you are getting the support you need to live your life to the fullest. If you’re wanting to build your credit score or if your credit history isn’t perfect, then we want to help. We’re here for every step of your journey.

We only use a soft search at application, which means it won’t affect your credit score. As a vehicle finance company who want to help all their customers onto a better road ahead, we accept applications when other lenders might not. 

  • Specialise in poor credit
  • We accept IVAs
  • We accept CCJs

We understand the importance of having a reliable car whether it’s getting to work, doing the school run or going about your daily lives. Our broad finance option should help you find the right car for you.

  • Financing a car from £4,000 - £25,000
  • Maximum of 120,000 mileage on the vehicle
  • No older than 12 year at the end of the agreement

We only use a soft search at application, which means it won’t affect your credit score. As a vehicle finance company who want to help all their customers onto a better road ahead, we accept applications when other lenders might not. 

  • Specialise in poor credit
  • We accept IVAs
  • We accept CCJs

We understand the importance of having a reliable car whether it’s getting to work, doing the school run or going about your daily lives. Our broad finance option should help you find the right car for you.

  • Financing a car from £4,000 - £25,000
  • Maximum of 120,000 mileage on the vehicle
  • No older than 12 year at the end of the agreement

What type of cars can I get finance for?​

When you apply for car finance it’s important to check that the lender will finance the type of car you want. All lenders, including us, will have a lending criteria. This details what the car and dealership need to be in order for us to finance the vehicle.

We finance a range of car brands, not just those included on our car finance brands page, but many more. We also can help you get a car loan for electric cars and hybrid cars.

We help thousands of customers into a car each month, so we know that financing a car isn’t always easy. See which cars have been the most popular amongst our customers this year to help you make your choice.

What type of cars can I get finance for?​

When you apply for car finance it’s important to check that the lender will finance the type of car you want. All lenders, including us, will have a lending criteria. This details what the car and dealership need to be in order for us to finance the vehicle.

We finance a range of car brands, not just those included on our car finance brands page, but many more. We also can help you get a car loan for electric cars and hybrid cars.

We help thousands of customers into a car each month, so we know that financing a car isn’t always easy. See which cars have been the most popular amongst our customers this year to help you make your choice.

Getting car finance after you’ve been refused

We work to help out people who have been refused car finance elsewhere, looking at a range of criteria and trying to provide bespoke car finance offers to meet their needs wherever possible.

A quick guide to car finance from Moneybarn

We use our own criteria when deciding whether to approve someone for car finance or not, after all – you’re more than just a credit score.

Bad credit? No problem.

Even if you’ve suffered with bad credit in the past, that doesn’t matter to us. We use our own unique criteria to decide whether to lend to you or not.