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By starting a finance check, a 'soft search' against your credit file will be performed, however, this won't be visible to lenders and won't affect their decision.
By starting a finance check you agree that CarShop may/will pass your details on to a third party lender or broker, and they may wish to contact you by phone, post, SMS, or other electronic means.
Car Shops Limited is directly authorised by the Financial Conduct Authority (FCA) with a Limited Permission for credit broking. Our Firm Reference Number (FRN) is 447727. Details of our FCA permissions (and our trading names) can be checked via the FCA register (via this link https://register.fca.org.uk/s/). We are a credit broker and not a lender. To assist you with your vehicle purchase, we can introduce you to two lenders (and their finance products), both of whom we have a pre-existing relationship with (we do not source the whole market). In the event both lenders choose not to provide credit, we will refer you to a broker to attempt to source credit for you. Note however, the available terms from this broker may well be inferior to the two lenders we initially introduced you to. We act as an agent on the lenders behalf when making this introduction. We are not an independent financial advisor and therefore, no advice or recommendation will be made. You must decide whether the finance product you choose is right for you. We do not charge you a fee for this introduction but we will receive a commission from the lenders we work with (either a fixed fee or a fixed percentage of the amount you borrow). The lenders we work with could pay commission at different rates. Some lenders may also provide preferential rates to us for the funding of our vehicle stock and also provide financial support for our training and marketing. For regulated agreements under the Consumer Credit Act 1974, if you would like more information on the commission payable prior to you entering into the agreement, please email your request to fcacomplianceteam@sytner.co.uk. For your reassurance, the amount of commission we receive from a lender does not have an effect on the amount that you pay to that lender under your credit agreement.The lender will always set this. Finance is subject to credit acceptance to UK residents (excluding the Channel Islands) aged 18 or over. All finance is subject to status. Guarantees and indemnities may be required. Terms and conditions apply.
helping you with the finance bit.
Hire Purchase (HP).
Get your next car by paying monthly over terms that suit you.
- Pay a fixed amount for a fixed number of years
- No need to estimate mileage
- At the end of the agreement you own the car
Personal Contract Purchase (PCP).
Want a tailored and flexible finance plan with three final payment options?
- Pay an agreed amount across a pre-agreed term
- Set mileage limits so you don't incur extra costs
- At the end of the term, you can buy the car, return it or use it as a part exchange
things we often get asked.
Getting your car on finance allows you to spread the cost of your car over a number of months or years. It can be quite complex, so we’ve put a list of the questions together we get asked most.
Should I buy a car on finance?
There are benefits to buying a car on finance, but the decision all depends on your own finances and your preferences.
When you take out a finance agreement, you are forming what is referred to as a ‘tri-party' agreement. That means you, the manufacturer and the finance company each has a vested interest in the car until your agreement ends, regardless of how big a deposit you've paid. This can be useful if there are any problems, as the finance company are likely to fix them.
Taking out a finance agreement as opposed to buying a car outright also means you don’t have to fork out one big lump sum for the car. But bear in mind you will be paying monthly payments.What's the difference between PCP, HP and a personal loan?
To demonstrate the differences between the three types of car finance, we've listed each one's unique features below:
Unique features of PCP- You can easily swap to a new car at the end of your PCP agreement
- The monthly payments tend to be lower
- You can encounter additional charges for going over your mileage allowance or damage
- If you want to keep the car at the end of your contract, you'll have to pay what's referred to as a “balloon payment”, or a “minimum guaranteed future value” – this is the remaining sum owed on your agreement
- You don't own the car (unless you choose to buy it at the end of your agreement) - you're technically renting it
- You own the car at the end of the agreement after the final payment
- You have a fixed rate of interest, and fixed payments for the duration of the agreement
- You don't always need a deposit
- Personal loans for cars tend to be less easily available - you'll need a good credit history to obtain one
- You can't terminate the arrangement
- You'll need to visit the bank to arrange the loan
Can you apply for car finance to be in joint names?
If you’re applying for car finance, it must be in your name only.Can car finance be paid off early?
It all depends on your finance agreement, just speak to one of our business managers.Can car finance be transferred to another car?
No it can’t, refinancing is available though if you owe more than what your car is worth.Will a car finance application have an impact on my credit rating?
Applying for car finance will require what's referred to as a ‘hard search' of your credit report. This is likely to show on your credit score, and if you have several hard searches on your report in quick succession, it can have a negative impact.
At CarShop, our pre-approval process lets you check whether or not you're likely to be eligible for car finance by conducting what's referred to as a 'soft search' of your credit report. This doesn't affect your credit score, as the trace it leaves on your report can't be seen by potential future lenders.
The pre-approval process simply helps you to work out what you're eligible for, without damaging your credit score.
Speak to one of our Business Managers if you'd like to find out more about this.Can I part exchange my current car?
Yes. To find out more about part exchanging your car, head to our part exchange page.Can I get car finance if I have bad credit?
It depends on your individual circumstance. But what we can say for sure is that we work with a variety of lenders to find the right deals for our customers, and they specialise in offering options to those who have had credit issues in the past. If you’d like to find out more, get in touch.Can you buy used cars on finance?
You sure can, find out about our different car finance options above.What are the accepted forms of Driving Licence to apply for finance?
Currently the accepted forms of license are as follows:
- Full UK license holders.
- EU license AND EU passport holders.
- International license holders if they have been in the UK less than 12 months.
more advice about choosing car finance.
Don’t worry if you’re still undecided on what your best option is, there’s loads more information to help you decide right here in our guides.
Car finance options
The best car finance option for you will vary depending on your circumstances and needs. Read our guide to choosing the right option.
how does HP work?
If you’re considering a Hire Purchase agreement, read our handy guide and get clued up on the particulars.
what is PCP?
Find out if a Personal Contract Purchase could be the right choice for you by reading our guide. You’ll find all the details you need to know about PCP.
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