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New car finance

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What is new car finance and how does it work?

New car finance is a form of credit extended to consumers looking to purchase a new vehicle. Often seen as an alternative to paying for a car outright, this option allows you to spread the cost over a series of payments. Lenders assess your creditworthiness and provide a loan for the car purchase, which you pay back over a set period.

The process of acquiring new car finance involves an application where you provide personal and financial details. The lender assesses this information, including your credit score, to determine the amount they are willing to lend and the interest rate applicable. It’s essential to understand the terms and conditions of the loan agreement before signing.

Our new car finance process

Are you seeking to evaluate various new car finance offers? Our platform, Car Finance Saver, together with Monevo, offers a service to help you sift through and compare options that best suit your requirements.

Kick off the procedure by filling out a designated application form for Monevo’s scrutiny. Based on your unique requirements, Monevo pairs you with suitable lenders. After selecting your preferred offer, the chosen lender will handle the rest of the application process.

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Frequently asked questions

New car finance involves a loan arrangement that helps you buy a new car without making a large one-time payment. Instead, you make regular payments over time, which makes it more manageable for your finances. It’s like borrowing money specifically to buy a new car or a motorhome.

To apply for new car finance, you typically need to fill out an application with the lender or through an online platform. The application will ask for information about your income, employment, and personal details. You may also need to provide documents like proof of identification and bank statements.

The requirements for new car finance vary depending on the lender and your financial situation. Generally, lenders consider factors such as your credit score, income, employment stability, and your ability to repay the loan. Some lenders may have specific requirements regarding minimum credit scores or income levels.

Car Finance Saver, in partnership with Monevo, helps facilitate the new car finance process by connecting you with a network of lenders. They provide an online platform where you can compare loan offers from multiple lenders and choose the one that suits you best. This saves you time and effort by simplifying the loan search process.

During the new car finance process, lenders consider various factors to determine your eligibility and loan terms. These factors typically include your credit history, income, employment stability, loan amount, loan term, and the specific car you intend to purchase. Lenders use this information to assess the level of risk and determine the interest rate and repayment terms.

Once you select your preferred lender for new car finance, you will need to complete their application process. This usually involves providing additional documentation, such as proof of income and identification. The lender will review your application, perform a credit check, and evaluate your financial situation. If approved, they will provide you with the loan terms, including the interest rate, repayment schedule, and any applicable fees.

The duration of the new car finance process can vary depending on several factors. Typically, it can take anywhere from a few days to a couple of weeks. The time frame includes submitting the application, the lender’s review process, gathering and verifying documents, and finalising the loan agreement. It’s important to note that providing accurate and complete information and promptly responding to any lender requests can help expedite the process.

New car finance is generally applicable to most new cars, including popular makes and models. However, specific eligibility criteria and loan terms may vary among lenders. It’s essential to check with the lender or the new car finance provider to ensure that the car you intend to purchase qualifies for financing.

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Is new car finance the right option for me?

When purchasing a new car but lacking immediate funds, new car finance offers an effective solution. By spreading the cost over time, it becomes more manageable, minimising the impact on your financial stability. This option proves beneficial in case you don’t have the total amount available upfront, allowing you to make the purchase while maintaining financial balance and flexibility.

Your decision regarding new car finance also relies on factors such as your financial situation, credit score, and personal preferences. It is crucial to carefully evaluate the interest rates, repayment schedule, and the overall cost of the loan. Seeking financial advice, if necessary, is highly recommended to ensure that you make an informed decision that aligns with your specific circumstances and goals.

Advantages & disadvantages of new car finance

Advantages of new car finance

New car finance offers several advantages. Firstly, it allows you to make manageable payments spread over time, eliminating the need for a large one-time payment. Moreover, it often provides the benefit of fixed interest rates, simplifying budgeting and providing financial stability. Additionally, having a finance agreement in place can give you leverage to negotiate a better deal on the price of the car, potentially saving you money. These advantages make new car finance an attractive option for those looking to purchase a new vehicle while maintaining financial flexibility.

Disadvantages of new car finance

While new car finance offers benefits, it also comes with some disadvantages. Firstly, the accumulated interest can result in higher overall costs over time. Moreover, failing to make repayments on time can negatively impact your credit score. Additionally, many finance agreements impose mileage restrictions, and exceeding them or failing to maintain the car in good condition may lead to additional charges. It’s important to consider these potential drawbacks before opting for new car finance to ensure it aligns with your financial situation and preferences.

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