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What is car finance?

'Car finance' refers to various methods of borrowing money to purchase a new or used car, as well as leasing options for obtaining a car for a fixed duration. When you take out car finance, you commit to repaying the borrowed amount in regular monthly payments, which allows you to manage the cost of your vehicle over an extended period. Common forms of car finance include leasing, personal contract purchase (PCP), hire purchase (HP), and traditional car loans. These options provide flexibility and affordability, enabling you to acquire the vehicle you desire without paying the full price upfront.

How it works?

  • Apply for your loan

    To apply for your car finance to borrow money, decide on the amount you need and the loan term. Our lenders will assess your application and provide feedback promptly.

    Apply now
  • Receive the money

    Once your application is approved, and you get a car finance quote, the funds will be deposited into your account the same day. Use the money towards your car purchase or other expenses.

  • Pay it back over time

    Repay the loan through manageable monthly payments over 1 to 5 years, covering the borrowed amount and interest. Start your application now to access the finance you need for your next car or personal requirements. Apply today for a swift and straightforward process.

Different types of car finance

Personal Contract Purchase or PCP finance deals

PCP finance, or 'personal contract purchase', lets you borrow a car for a fixed time. During this period, you pay for the car's decrease in value, not the entire cost. At the end of the finance agreement, you can choose to return the used car, swap it for a new one, or buy it by making a final payment. PCP is good if you enjoy changing cars frequently or are unsure about owning the car permanently.

    Personal Contract Purchase or PCP finance deals

    Hire Purchase or HP finance deals

    HP finance, or Hire Purchase, lets you pay for a car in monthly payments over an agreed period. This option is great if you want to own the car outright at the end of the agreement, without a large final payment. While monthly payments may be higher compared to PCP, you'll eventually become the full owner of the vehicle. If you're looking to keep the car long-term, HP car finance option could be a good choice for you.

      Hire Purchase or HP finance deals

      Car finance deals comparison

      Comparing car finance options helps you choose the best fit. See below for a clear breakdown of key features.

      Finance features:Hire purchase (HP)Personal contract purchase (PCP)Personal loan
      Requires initial depositOptionalOptional
      Car is yours at the end of the agreementOptional
      Fixed monthly payments
      Optional balloon (final) payment
      Avoid excess mileage charge
      Secured against an asset (e.g. a car)
      Support with vehicle issues

      Accredited car finance specialists at Moneyrepublic

      As accredited car finance specialists at Moneyrepublic, we assist clients in finding the right financing deal tailored to their credit and personal circumstances. Our wide panel of lenders offers various products including hire purchase, personal contract purchase, and personal loans. Rest assured, your credit score won't be affected when you apply. Contact us to explore options without impacting your credit score.

      Finance calculator

      • 36months
      • 42months
      • 48months
      • 60months

      This helps you get a more accurate finance estimate

      Not sure about being approved?

      Check finance eligibility

      Won't affect your credit score

      Your estimated examples

      These estimates are subject to credit checks, and may change if you do apply for finance.

      Loan amount£7,500
      Length of Loan60 months
      Monthly payment£0
      Interest rate9.9% APR
      Optional final payment£0
      Amount of interest£0
      Total payment£0

      What do you need to apply for car finance

      To apply for car finance you need toRequirements
      Your nameBe aged 18-75 years old
      Date of birth and nationalityRequires initial deposit
      Your recent address historyReceive a monthly income of £1,000 or above
      Tour employment status
      Your income and expenses

      Why choose us?

      Get your car finance online

      Get car finance options with no impact on your credit score. Rates starting from 9.9% APR.

      Buy a car from any dealer

      Once approved, collect or get your car delivered to you.

      Car finance quality assured

      We’ll do a thorough vehicle HPI, full-service history and MOT check. Buy with confidence.

      Geta a quote now

      Our Lenders

      We work with over 15 lenders offering 100+ HP and PCP deals so that you could have the best offer.



      • Is getting a car on finance worth it?
        Getting a car on finance can be worthwhile if you're comfortable with the monthly repayments. It allows you to afford a car that might otherwise be out of reach financially. While purchasing a new car outright can be costly, car finance options make buying a car more manageable. However, keep in mind that financing a car can be more expensive overall compared to buying outright, especially when factoring in interest over the loan term. It's crucial to understand all associated costs and commit only if confident in your ability to meet the repayments. Ensure the deal aligns with your budget and financial goals before proceeding.
      • Do I need a deposit?
        You may not necessarily need a deposit, as it depends on the lender. Many lenders affiliated with Moneyrepublic offer options without requiring a deposit. However, if you can afford it, putting down a deposit or using part-exchange can lower your overall loan cost and reduce your monthly repayments. Consider your financial situation and preferences when deciding on a deposit.
      • What is a good deposit for a car?
        A good deposit for a car is typically around 10% of the loan amount. The larger the deposit you can afford, the more cost-effective your car finance will be. With a bigger deposit, you borrow less and may pay lower interest over a shorter loan term. However, the key is to choose a deposit that you can comfortably afford without leaving yourself financially stretched. Remember, aside from the deposit and monthly payments, you'll have other expenses like car insurance and road tax to consider. Aim for a deposit that balances affordability with long-term financial stability.
      • Will applying for finance affect my credit score?
        Applying for car finance involves a credit check by the lender, which is recorded on your credit report and may affect your credit score. Moneyrepublic conducts a soft credit check to match you with suitable lenders without impacting your credit score. However, when you submit a formal application, a hard credit check is performed, which can impact your credit score temporarily.
      • Can I get car finance with bad credit?
        Yes, it's possible to get car finance with bad credit with a common representative APR of 19.9%. Moneyrepublic works with a network of lenders, including specialists in car finance for bad credit situations. Even if you've had difficulties with repayments in the past or have limited credit history, we can help match you with a car loan that suits your needs.
      • Who can get a car finance deal?
        To qualify for a car finance deal, you typically need to be over 18 years old. However, specific requirements may vary among lenders. For more information, you can visit their website or contact them directly via phone, email, or post. It's essential to check with the lender to understand their specific eligibility criteria.
      • Can I repay my car finance deal early?
        Absolutely, you have the option to repay your car finance deal early. To do this, you'll need to pay what's known as the settlement figure. This amount is agreed upon and will effectively terminate your car finance agreement with the lender. The settlement figure comprises the remaining balance of your loan, excluding the interest you would have paid over time. It's worth noting that there might be additional fees included in the settlement figure, so it's essential to review your contract or contact your lender for clarity on the exact amount. If you're considering early repayment, ensure you're well-informed about all associated costs.
      • What is a soft search?
        A soft search, also known as a soft application, is a way to check your loan eligibility without impacting your credit report. It's like a sneak peek into your loan options without leaving a mark on your credit score. This is important because traditional credit searches can temporarily lower your credit score. With a soft search, you can explore potential loan options and understand your eligibility without any risk to your credit rating. At Moneyrepublic, we use a soft search in our loan Eligibility Checker to help you make informed decisions about your borrowing options without affecting your credit score.
      • What happens if I miss my repayments?
        If you miss your repayments, it could have serious consequences. It's important to contact your lender immediately if you're facing difficulties. Your lender may provide options to help mitigate the problem, such as restructuring your payments. However, missing repayments can harm your credit score and may lead to a County Court Judgment (CCJ) against you. Additionally, assets secured against the loan could be at risk of repossession. Avoiding missed repayments is crucial to maintaining your financial stability and ensuring future borrowing remains accessible and affordable.
      • What is APR?
        APR, or Annual Percentage Rate, represents the interest rate you pay on borrowed money. It encompasses the actual interest rate, along with any additional fees or charges associated with the loan. This figure provides insight into the total cost of borrowing. When a rate is advertised as the representative APR, it indicates that at least 51% of applicants will receive this rate. However, individual rates may vary based on factors like creditworthiness.
      • How quickly can I get a car finance deal?
        The time it takes to get approved for a car loan varies. It can range from a few minutes to a few days, depending on the lender, loan type, and the car you're purchasing.
      • Can I sell a financed car?
        You cannot sell a car that is still under finance until you have paid off the finance in full. Once the finance is paid off, you will own the car outright and can then sell it if you wish to do so.
      • What is a good car finance interest rate?
        A good car finance interest rate for used cars in the UK is typically around 8-9%.
      • How can I lower monthly repayments?
        To lower your monthly car finance payments, there are a few effective strategies you can consider. Firstly, extending the loan term can spread out payments over more months, making each payment more affordable. However, keep in mind that this may result in paying more interest overall. Secondly, increasing your initial deposit or trade-in value can reduce the loan amount, thereby lowering your monthly instalments. Lastly, shopping around and comparing different lenders can help you find competitive interest rates and finance deals that offer lower monthly payment options.