Car Finance

The future of car finance

Cruise through car shopping with Carmoola. Take control of your finance with flexible monthly payment plans to suit you. Coming soon to an app store near you

Why Buy Your Car With Carmoola?

There’s no waiting around with Carmoola. Get an instant decision on how much you can spend, and be ready to buy your car in minutes.

We care about you, and helping you access fair car finance. We’re passionate about making your journey amazing. We use the latest technology to improve your experience.

Looking for information about car finance? You've come to the right place!

The right car finance deal for you

Car finance often has a couple of different payment options, so we thought it best to explain the difference between them. Don’t forget, if you decide to borrow with Carmoola to buy your next car, you’ll always deal directly with us, and we’ll be with you throughout the journey. If you're unsure about whether you can get finance or not, check out this handy article.

We are passionate about ensuring you have a great experience, and can easily get in touch with us for help if you need it. If you want to get a feel for how much you can borrow check out the car finance calculator.

Is car finance worth it?

This is a great question! It's important to understand that taking car finance is a commitment, but one that can give you a lot of freedom, and loads of great benefits too. Spreading the cost of your car can mean that you can afford to drive a much safer, newer (and cooler 😎) vehicle. But it's important to understand the different types of car finance in a bit more detail, so you can choose a finance option that works best for you. If you're new to car finance, we have kept a record of the most commonly asked questions about car finance, which you might find helpful. So we think yes, it's worth it!

Zero deposit car finance deals

With Carmoola, we offer you the chance to get a 0 deposit finance deal. This means that you'll borrow 100% of the cost of the car - no savings needed! It can be really convenient for some car buyers, because zero deposit agreements don't require any upfront payments, meaning you can finance you car and buy it instantly.

Car finance with zero deposit works best for used cars, and will usually be given on a Hire Purchase agreement. You can read more about that below.

Car finance rates in the UK

Interest rates for car finance can vary from one provider to another, but also will depend heavily on your credit profile, and credit rating. When applying for car finance, the interest rate you'll be offered will depend on the lender's assessment of your creditworthiness and affordability. The better your credit file and likelihood of paying back the loan, the lower the APR you can access. Check out our handy article for everything you need to know about car finance.

Hire Purchase (HP)

HP is a car finance plan that helps you to spread the cost of your next car by making monthly payments over an agreed length of time. You’re likely to pay higher monthly payments than a Personal Contract Purchase (PCP) agreement, but when you come to the end of the agreement you’ll own the car outright. Often, there are no annual mileage limits to worry about, so you can drive as much as you like!

Personal Contract Purchase (PCP) - Coming soon!

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. At the end of the contract, you’ll have three options to choose from. Option 1 is to hand the car back to the finance company (it needs to be in good condition and you’ll need to have kept under the agreed mileage, otherwise there may be additional fees to pay). Option 2 is to part-exchange it for another car, and start a new agreement for that car (subject to status). Option 3 is to pay the final balloon payment, and you’ll own 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.

Personal Loans - not available through Carmoola just yet...

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.