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  • Get the best available rates on balances from £10,000 – £250,000
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  • Rates from 8.9% APR with representative APR of 8.9%*

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Compare Cheap Car Finance Deals

Whether you are looking to finance a new family car or are looking for the best car finance deals you can find for that sporty motor you’ve got your eye on, Quotezone.co.uk is here to help.

Whether you’re planning to buy a Porsche or a Skoda, a Ford or a Ferrari, it can be a time consuming and confusing task to find the right low APR finance deals for the vehicle you want to buy. The complexity and quantity of car finance options means that you can sometimes have a hard time finding a deal that’s right for you. 

That’s why Quotezone.co.uk has teamed up with Magnitude Finance, to take all the hassle out of finding the best Personal Contract Purchase (PCP) and Hire Purchase (HP) car finance deals for your new set of wheels. Who are Magnitude Finance?  They are a UK business that has been helping people get the cars of their dreams for over 30 years and have arranged over £500 million of loans each year. No matter what deal you are searching for, we are here to help you with your car finance comparison.

Car Loan Comparison
How does Car Finance Work?

Car finance is essentially a credit plan used for purchasing a car. You pay off the value of the vehicle with monthly repayments, therefore spreading the initial cost and making it easier to manage.

When buying a car on finance, the total cost of the loan will depend on how much the car costs as well as the interest rate charged. There are various aspects that will affect the term and the interest rate of the loan, including:

  • Your credit score – Although you may have a good credit score and are able to borrow a larger amount, this does not mean that you will be able to afford the repayments. You need to calculate all of your outgoings and be confident that all repayments can be made on time for the full term of the credit agreement.
  • Your income – Income will be one of the most important criteria when applying for a loan. Having a full-time job reassures the lender that you will be able to make your payments on time every month. However, the size of your pay packet is not the only factor. Having a regular salary could make it easier to secure a loan rather than being self-employed.
  • Your preferred term – The longer the term of the loan, the greater the interest that will be paid on it. Terms can range from 36-72 months and interest rates vary depending on the length of the term. Ultimately, choosing a term will come down to how much you can afford to pay monthly. If you can afford higher instalments, the term will be shorter and the total interest paid will be lower.
  • The deposit – You should put down the biggest deposit that you can. In general, a higher deposit will mean lower monthly repayments. You should also be aware of any additional charges, such as an early repayment fee, as this will have an effect on the total cost of the loan.
Are there different types of car finance agreements?

There are several different ways to finance the purchase of a car you want to own. You could take out a personal loan, for example. However, the usual and most simple way is through hire purchase. You will usually pay a deposit with 10%, and then make fixed monthly payments over an agreed period. You should remember that the car does not belong to you until you have made the final payment, as the loan is secured against the car. 

What are the different types of car finance options in the UK?

There are several ways you can get finance on your car in the UK, here are the most popular.

  • Hire Purchase (HP) – With hire purchase you’ll make regular payments over a typical fixed period of 1 to 5 years or 12 to 60 months. With this finance option, the owner of the car will be the financer until such time as the final payment is made and ownership is transferred to the borrower. Therefore if you miss payments, you could lose the car.
  • Personal Contract Purchase (PCP) – This popular method of finance involves you making regular repayments over a fixed period of time but instead of buying the car you are essentially renting it. You will have the option to purchase the car for the remaining amount after the end of the fixed period or simply return it to the lender.
  • Personal Loans – This type of finance involves you borrowing a lump sum of cash for the purchase of a car and then you will make regular payments over the fixed term until the loan is repaid. 
  • Lease – A lease works in a similar way to PCP where you essentially rent a car for a fixed period of time whilst making regular payments. After the end of the lease you’ll return the car to the financer.

The best thing to do is to compare multiple lenders in order to ensure you get best deal for your car finance.

How do car finance comparison sites work?

Quotezone.co.uk has teamed up with Magnitude Finance to help you compare car finance deals from a range of different lenders and choose the loan that’s right for you.

When searching for a car finance deal you will be asked to provide your personal information and the details of the car you want to buy on finance, and the site returns to you the details of several providers with their quotes organised by order of best value. You can then choose the one which best suits your needs and which is affordable in your circumstances.

What are the benefits of using a comparison site when I’m financing a car purchase?

By using our car finance comparison service you could:

  1. Save money

Checking quotes from hundreds of lenders and sorting them by price allows you to select the cheapest option. As well as the more well-known lenders, a price comparison site will usually include many lesser-known lenders, you may find a deal from a smaller company that saves you a significant amount of money.

  1. Save time

Getting a number of loan quotes all in one place is a huge timesaver, saving you the time of searching many individual websites. A comparison site will also let you create an account and save your list of quotes, preventing you from having to re-enter your details if you return to the site at a later date.

Is it possible to find car finance even if I have a bad credit history?

Lenders understand that a poor credit score doesn’t automatically mean someone should be barred from being able to access car finance. Because of this there are some car finance options available to people with bad credit histories so we’d still recommend comparing car finance options even if you have a history of missed payments or CCJs.

Is there anything else I need to consider before I do a car finance comparison?

You may want to part-exchange your old vehicle. If you are short of cash, you may be able to part-exchange your current car against the deposit. Or you could part-exchange against the transaction itself, reducing the monthly payments. Either way, this is a good way of offloading your old car, as it removes the time and effort of selling it yourself.

Compare car finance with Quotezone.co.uk

No matter what car you are looking to finance, Quotezone.co.uk can help you find the right deal for you. Simply enter a few basic details about yourself and start comparing your options today.

*Representative Example – Personal Contract Purchase: Cash Price £15,000.00, Deposit £500.00, borrowing £14,500.00 over 4 years at 8.9% Representative APR (fixed). 47 monthly payments of £228.99 followed by a final payment of £7,560.00. Total cost of credit of £3,832.53 and total amount payable of £18,832.53. Based on 8,000 miles per annum, excess mileage charges will apply if this is exceeded. Finance subject to status 18+ only. We are a credit broker and not a lender. Magnitude Finance is a trading style of DSG Financial Services Ltd. DSG Financial Services Ltd is a company registered in England & Wales with a company number 02313903. Our VAT registration number is 511678843. DSG Financial Services Ltd is authorised and regulated by the Financial Conduct Authority under firm reference number 649675

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