Car finance allows you to spread the cost of a vehicle over time across a set of monthly payments, normally between 24-48 months. You pay these monthly payments, often with interest added based on your credit score, until the agreement ends.

There are four types of car finance product available:

• Hire Purchase (HP):
  Fixed monthly payments where the total cost including the interest is divided across the length of the agreement. At the end of the agreement, you own the vehicle.
• Personal Contract Purchase (PCP):
  Generally lower monthly payments and you have three options at the end of the agreement: return the car to the dealer, pay a final 'balloon' payment if you choose to buy the car, or you can trade the car in and use the value you have accrued as a deposit for a new finance agreement.
• Personal Contract Hire (PCH):
  Essentially a leasing product where you are “hiring” the car rather than owning it during the length of the package. At the end you return the car to the dealer.
• Personal Loans:
  This is an unsecured loan used to purchase the car outright.

To be eligible for car finance, you generally have to:

• Be at least 18 years old.
• Be a UK resident with at least 3 years of address history.
• Have proof of income and a valid UK driving licence.

Typically, you'll need:

• Proof of identity (e.g., driving licence).
• Proof of address (e.g. utility bill, council tax, driving licence).
• Proof of income (e.g. payslips or bank statements).

Creditplus can help you find a finance package for cars, motorbikes, vans and commercial vehicles, motorhomes, and even classic cars.

You can choose a vehicle from any UK dealer when you choose car finance with Creditplus. We’ll do all the checks needed to ensure the vehicle is as described and the dealer is a genuine motor trader, so you can focus on choosing the ideal vehicle for you.

We do have no deposit options available, however this will depend on your personal circumstances. Paying a deposit can help reduce your monthly payments and can improve your chance of being approved.

Applying for car finance with Creditplus does not affect your credit score, as we conduct a soft search to check your eligibility.

If you decide to take out a car finance package, making your repayments on time can help improve your credit score. But if you miss payments or default on your agreement, this can negatively affect your credit score.

Creditplus works with a wide panel of different lenders, including those who specialise at working with those who have bad credit ratings. We will compare over 90 lending options to find the best possible deal available to you based on your personal circumstances.

In most cases you can pay off the balance of your car finance agreement early. This normally requires paying an early settlement fee, but you will save money on interest payments.

Car finance is available to those self-employed or on benefits, but you will need to provide additional proof of income, such as tax returns or bank statements.