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How to get car finance

How to get car finance

How to Finance a Car

Need a new motor but don't have a lump sum of cash lying around? You're not alone. It's a common issue and one that thousands of British drivers are currently facing.

Instead of forking out their entire life savings, many motorists choose to buy their new or used car on finance, allowing them to spread payments out over time and ease the financial burden that a new set of wheels can present. But how can drivers go about getting car finance? Here's a quick drive through.



Find out what's available

So you've found the car you want but don't have the money. You might think that you'll need to borrow money from a bank or a questionable money lending firm in order to get the cash for your car, but actually you needn't put yourself into this situation.

While there's never a one-size-fits-all solution, it's incredibly likely that you could benefit from car finance from a car dealership. For example, Carbase offers low-cost monthly payment plans, fixed interest rates, and a flexible and bespoke service to make things as convenient as possible for each customer.


There are three main types of finance available from dealerships:

1. Hire purchase

By far the most popular, hire purchase finance deals let you pay a deposit (usually 10%) and then spread the remaining cost of the car over 24-60 months.

2. Personal contract

A variation of hire purchase, personal contracts are very similar but you're paying for the cost difference between the car's sale price and its resale price back to the dealer, rather than paying for the car outright.

3. Tailored finance deal

Tailored options for finance include a business manager securing lines of credit when a customer has a low credit score, as well as Buy Now Pay Later arrangements where a customer can drive away that day and not pay a penny for three months.


Speak to a car dealership

Knowing what's available will put you in the driving seat when it comes to arranging getting your hands on the keys, but if there's anything you're unsure of you can rest assured that a quality car dealership with dedicated staff will be on hand to answer any queries.

For example, recently there have been several changes in the regulation of the consumer credit industry passed from the Office of Fair Trading (OFT) and the Financial Conduct Authority (FCA). This has a big impact on the way financial products are sold, and it's something your car dealer should be on top of. To keep ahead of the curve, Carbase's methodology for its sales process has had to evolve, whilst staying true to its mantra that the customer comes first. Have a look at what else has changed since the FCA regulations came into effect.


Apply now

There's no time like the present. To find competitive car finance deals you should collect quotes, evaluate your options, and then apply. As soon as your application has been submitted, your car dealer will get to work on securing you a great deal tailored to your requirements.


For a more in-depth look at the types of car finance deals available, and for greater insight on the benefits that buying a car on finance presents, check out our guide to buying a car on finance.


Sub-prime finance is not guaranteed and may cost more than finance provided by a prime lender. We will try to obtain finance for you but there is no guarantee. It may be from a sub-prime lender, and if so, the cost of finance may likely be at a higher rate than prime lenders offer.


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