Understanding car finance

Do you need a good credit score for car finance?

The credit score you need for your car depends on the lender you are applying with. At McCarthy Cars, we work with a range of finance providers to deliver flexible options for a variety of budgets. Contact us today for further information.

What is car finance?

Car finance is a credit agreement made between yourself and your lender, enabling you to buy a car. There are several types and deals available – get in touch with us to find out more.

What are the different types of car finance?

Vehicle finance options include Personal Contract Purchase (PCP), Hire Purchase, lease or personal loan. PCP and Hire Purchase are flexible options requiring a deposit and affordable monthly repayments. To find out more about each solution, contact us at McCarthy Cars today.

How long does a car finance application take?

The length of time your finance application takes depends on a number of factors, such as your credit history, the timely provision of relevant documentation, and the type of vehicle – such as a modern or classic car – that you’re buying.

How do I apply for car finance?

At McCarthy Cars, we help you to find and apply for the best finance package to suit your needs. Speak to our sales team today to discover more about the application process.

What if I can’t repay my loan?

Different lenders have different approaches should you struggle to repay your loan. We recommend contacting the lender as soon as possible to outline you circumstances and following their advice.

Is car insurance included in my car finance package?

Car insurance is not typically included as part of a finance package, but to find out if the solution you’re choosing from McCarthy Cars does offer this, contact us today.

Can I talk to someone about all the options rather than looking online?

Of course. At McCarthy Cars, our advisors will be happy to talk through the options with you and help you select the best solution for your needs.

Why is financing your car a good idea?

Financing your car is a great option if you don’t have the capital available to lay down on the vehicle. It enables you to make a deposit and then tailor your subsequent payments over a number of years according to your budget. You also have the option to keep the car or hand it back at the end of the agreement.

Does a large down payment offset a bad credit score?

A large deposit means the loan you need to take out is smaller, making it less risky for lenders. If you have an unfavourable credit score, you may be able to use a combination of part exchange and cash to provide a bigger down payment, and therefore get a smaller loan approved. Speak to our advisors today to find out what car finance we can offer you.