Apply for Car Finance
Find the right car finance today with a quick decision in minutes without impacting your credit score
- No deposit car finance options
- Competitive finance rates
- Large panel of lenders helping us cater to all credit scores
car finance options
Large panel of lenders helping us
cater to all credit scores
How does car finance work?
Take a look at our car finance calculator for a representative quote and then start your finance application online.
Apply online in 2 minutes
Apply online and we'll find you the best car finance deal from our panel of lenders with a quick decision.
Drive away happy
Confirm your finance deal and pay your deposit then choose to collect or have your car delivered.
Our Finance Lenders
Types of car finance
When it comes to choosing car finance, you have plenty of options. Hire Purchase (HP) and Personal Contract Purchase (PCP) are the most popular finance options flexible to suit you but each has selling points and aspects you should consider.
Difference between HP & PCP
The key difference between PCP and HP is with HP, you own the vehicle at the end of the agreement whereas, with PCP, you don’t own the car until your final payment is made. With PCP, at the end of the contract, you can pay off the remaining finance balance, return the car or take out another deal.
Hire Purchase (HP)
Hire purchase car finance lets you “hire” your vehicle from your finance company for a monthly payment over a set period. Once you make the final payment, you own the car outright.
With a hire purchase agreement, the cost of your car is spread across the contract. HP comes with more attractive terms and conditions and usually with no mileage conditions. However, you should be aware that the loan is secured against the vehicle so if payments are missed, the vehicle could be repossessed.
- You own the vehicle at the end of the agreement following the last payment - no lump sums or balloon payments
- Payments and interest rates are fixed
- Additional protection compared to PCP and customer coverage against the satisfactory quality of your vehicle
- No mileage and damage limitations
- Rebate of future interest if you settle your agreement early
- Your car finance agreement is secured against the vehicle so if you don’t keep up with the payments, your vehicle may be repossessed and impact your credit score
- A hire purchase agreement will likely cost more overall than buying outright and payments will be higher than PCP
- If your car is stolen or written off, you may be vulnerable to a shortfall in the amount your insurance pays out and the remaining finance balance.
Personal Contract Purchase (PCP)
PCP or personal contract purchase is a popular car finance method which involves a low initial payment, fixed monthly instalments followed by a final payment (if you want to purchase the car). You set the contract length and annual mileage allowance when taking out the agreement.
PCP deals are suited to people who are likely to change their vehicle more frequently or haven’t decided what they’d like to do at the end of the agreement. The finance is secured against the vehicle and comes with a set annual mileage allowance.
- Low initial deposits and monthly payments
- Flexibility at the end of the contract to purchase, return the vehicle or take out another deal
- A Guaranteed Minimum Future Value (GMFV), protects you against market fluctuations
- You have no depreciation concerns at the end of the agreement
- If purchasing the car, you may be able to refinance with an Optional Final Payment
- If you exceed the anticipated annual mileage there may be an excess mileage charge at the end of the contract
- The load is secured against the vehicle as such if you miss payments then the vehicle may be repossessed
- If you want to purchase the vehicle, the final payment can be expensive
How to apply for car finance online
Applying for car finance is quick and simple with a decision in minutes when you choose Peter Vardy.
Check if you’re eligible
First, choose the amount you’d like to borrow based on your affordability to see how likely you’ll be to be accepted without impacting your credit score. You’ll also be able to see a representative example of your expected payments.
Apply for car finance online
Once you know how likely you are to be eligible, apply for your car finance. You’ll need the following information when you apply for our lending partners, to carry out the necessary credit checks:
- Driving license with the correct address
- Personal information
- The deposit you’ve chosen to put down
The initial finance application can take place in several minutes. At Peter Vardy, we aim to have your finance approval secured on the same day.
There are several checks that our finance lenders will carry out, including:
- Proof of identity
- Address and address history
- Proof of income and outgoings
- Credit score
A credit score gives you an indication of how companies view you when applying for credit. A score is a three-figure number which is the equivalent of "Excellent" to "Very Poor". A higher score would increase the chances of acceptance.
Lenders calculate credit scores differently and criteria may vary, however, the same rule applies across all lenders: a higher score increases the likelihood of acceptance and a better finance rate.
A soft credit search can be conducted before the application process is finalised. It filters out lenders you are unlikely to be accepted for, whilst listing probable lenders and determining allowances.
To reduce the chances of affecting your credit score, you should undertake a soft credit search before a hard credit search. Whilst a soft credit search is not a guarantee of acceptance, it will provide a good indication of likelihood.
Finance applications are assessed through a hard credit check which will be present on your file for 12 months. Hard checks can affect your credit score, especially if you’ve applied for several credit products in a short space of time. We recommend reviewing your credit score before you apply for car finance and completing a soft search.
We know coming face to face with your dream car is exciting, and luckily you don't have to wait too long for a response to your application. Usually, it takes up to 2 working days for a car finance application to be reviewed and accepted.
It is possible to get declined for car finance, in this instance the lender can refuse you finance. Customers might feel more comfortable undergoing a soft search before applying for finance, to reduce the chances of a declined application and further negatively impacting your credit score.
Lenders will frequently request a guarantor to protect themselves if you fail to make your monthly payments. A guarantor is usually a family member or friend who agrees to pay if you cannot pay the remainder of the loan.
Advice on debt problems
StepChange offers advice on how to deal with your debt issues. Based on your circumstances, you’ll be recommended the best option for you moving forward and get support through to the resolution.
Phone - 0800 138 1111
Website - www.stepchange.org
Citizens Advice Bureau offers free advice on financial and non-financial matters - Citizens Advice
Other financial support
- For further advice on managing your money, claiming against any insurance policies and to check you have applied for all the benefits and entitlements available to you, visit Benefits calculators - GOV.UK (www.gov.uk)
- Money Helper can be contacted on www.moneyhelper.org.uk 0800 138 7777
- Money Saving Expert provides a range of advice and offers to help save you money
- National Debt Line – www.nationaldebtline.org 0808 808 4000
- Business Debt Line – www.businessdebtline.org 0800 197 6026
- Entitledto and Turn2us can help you to understand if you are receiving all the benefits you are entitled to. You can use their free benefits calculator online
Personal support for you
- The UK's leading bereavement charity Bereavement Support can be contacted here Home - Cruse Bereavement Support 0808 808 1677
- Mind offers free and confidential mental health information and advice
- Samaritans are available to talk to you any time you like, in your own way, and off the record about whatever’s worrying you
- NHS Choices and Live Well NHS offer help and support for coping with addiction, bereavement, and a range of other areas of personal support
- Relate offers counselling and support services for couples, families, and young people
- If you're experiencing domestic abuse, talk to the National Helpline
Other useful organisations that can help you
If you need help urgently, call the National Domestic Abuse Helpline for free on 0808 2000 247 (24 hours). Or call the police on 999 if you or someone else is in immediate danger.
Modern technology gives abusers ever-growing ways to control those using the tools of everyday life. If you need help and support with how to secure your tech visit Refuge’s tech safety website.
Surviving Economic Abuse is a charity dedicated to raising awareness of this type of abuse and improving the support that is available for those experiencing it. You can visit the Surviving Economic Abuse website where you will find additional support, and information on next steps that you might take.
Your car finance application will take a few minutes to complete. Peter Vardy aims to cut the wait and secure your car finance on the same day.
Once you apply for car finance, the following checks are carried out by the finance lenders:
- Proof of identity
- Address and address history
- Proof of income and outgoings
- Credit score
Car finance is a way of accessing a new car by paying fixed monthly payments for a set period with no and low deposit options. There are different types of car finance but PCP and hire purchase are the most popular options.
Before taking out a car finance agreement, you should consider your budget and the affordability, the interest rate, the duration of your agreement, the mileage for PCP agreements and other factors.
This will depend on the finance agreement you have with the lender but in some cases, you can pay off your car finance agreement early.
This will depend on your finance company but usually, with Peter Vardy, you can part exchange your current vehicle when taking out a new car finance deal.
We know coming face to face with your dream car is exciting, and luckily you don't have to wait too long for a response to your application. Usually, it takes up to two working days for a car finance application to be reviewed and accepted.
It is possible to get declined for car finance, in this instance the lender can refuse you finance. Customers might feel more comfortable undergoing a soft search before applying for finance, to reduce the chances of a declined application and further negatively impacting their credit score.
Peter Vardy offers no and low deposit options but your specific deposit will vary based on your car finance agreement including factors like the value of the car, interest rate and more.
Lenders can request a guarantor to protect themselves if you fail to make your monthly payments. A guarantor is usually a family member or friend who agrees to pay if you cannot pay the remainder of the loan.