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What types of car finance loans are there?

Car finance generally comes in three different types:
Car Money

Hire Purchase

A Hire Purchase agreement or HP is where you borrow a sum of money over a set period of time from a finance company (lender), to buy a vehicle. You will pay monthly installments back to the lender until the term is completed and the finance is paid in full. Once you have completed the installments you will then own the vehicle. HP is one of the most popular types of finance as it is more affordable in the long run as it does not incur having to pay a GMFV (Guaranteed Minimum Future Value) at the end of the finance agreement.

Unsecured Personal Loan

An unsecured personal loan is where you borrow a sum of money from a finance company (lender) over an agreed period of time. This is different to a HP agreement as you can spend the money you have borrowed on whatever you want. If you were to use the funds to buy a vehicle you would be the owner straight away.

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Personal Contract Purchase

Personal Contract Purchase, or PCP, is a variation of a Hire Purchase agreement. The key difference is the value of the car at the end of the contract. This is calculated at the start of the agreement and is usually referred to as the Guaranteed Minimum Future Value (GMFV) or balloon payment. This figure is based on how old the vehicle will be at the end of the agreement and how many miles it is expected to have covered. Because you pay the GMFV at the end of the agreement, this means that your regular monthly payments are lower than those on a HP agreement over the same term.

A PCP agreement also gives you the flexibility to decide whether you would like to own the car outright at the end of the agreement by paying the GMFV, or returning the car to the lender and entering into a new car finance agreement.

How do I get the best deal on car loans?

Quick Car Finance works with the most reputable car lenders in the UK and our customers have access to over 48 different tiers of car finance when they apply. You can start by telling us the amount you would like to borrow and how long for – and we search the whole of the market to provide you with a list of instant quotes. Set up in 2017, we are passionate about transparency and will always show you the lowest prices possible, which are based on your credit status and affordability.We cross-check everything along the way, including the car loans providers, the vehicle and the dealership – to ensure no overcharging or issues along the way.

How do car loans work with Quick Car Finance?

A car loan allows you to purchase your dream car and choose a flexible payment option – which may involve paying a deposit, monthly payments and the option to own the vehicle outright. Once you have asked for a quote and found the right deal for you, there will be some final checks carried out. When you are fully approved, the funds are transferred to the car dealer of your choice (or one we recommend) and they will be able to complete on your car purchase within 24 to 48 hours. We have personally approved a list of car dealerships across the UK and can confirm which ones have passed our rigorous checks of being honest, fair and affordable. This means that you can purchase any car of your choice in the safest way possible, including BMW, Mercedes, Ford, VW, Toyota or any other brand.

You can check your eligibility is less than 5 minutes – you can get a quote by entering a few details and we will provide you with a list of car finance options and pair you with the right lender.

We require a few basic details to provide you with a competitive quote, including:

  • Your budget
  • Your credit status
  • Type of vehicle
  • Type of driver’s license
  • Employment details
  • Monthly income
  • Address

Yes, if you are self-employed, this will not impact your ability to access a car loan – and you will be treated the same as every other customer. You will be provided to show proof of income and affordability further along the application.

Yes, we are willing to take a view on all credit histories and this includes car loans for people with bad credit.

Every customer is put into a category based on their credit status and affordability and you are guaranteed the best price possible – and not an over-inflated price from a broker or dealership.

You will typically require a 10% deposit for a car loan, for products like Personal Contract Purchase (PCP) and Hire Purchase (HP).

We also have no deposit car loan options available where you do not need to make a deposit at all. This may require you to part exchange your existing vehicle or the cost is reflected in your fixed monthly repayments.

Yes, our car loan companies and car dealers are usually willing to take a view on part exchange. So if you are looking to trade in your existing car, you may be able to use this to pay for either full or part of your deposit for a new vehicle – and lower the price of future monthly payments.

Quick Car Finance provides instant quotes when you compare car loans and if you wish to continue, the final checks are usually completed on the same day.

The funds are transferred to the car dealer of your choice usually within 24 to 48 hours.

Our entire application process is completed online and requires just a few quick questions to determine your budget and affordability.

You will get a list of instant quotes on the screen and can proceed with the deal of your choice.

There are no fees for applying and it will not impact your credit score. Simply click on ‘get a quote’ to get started today.

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Automotive Online Ltd is an authorised credit broker, not a lender, registered in England, company registration number 07968386, data protection registration number ZA458903. Automotive Online Ltd is authorised and regulated under the Financial Conduct Authority (reference number 764855). The registered office address is Walton House 56-58 Richmond Hill, Bournemouth, BH2 6EX.


Automotive Online Ltd can introduce you to a limited number of finance providers depending on your credit rating and affordability . Automotive Online will receive commission for any introductions. There is no fee charged by us for arranging the car financing but some lenders may charge a fee. All finance is subject to status and income. Written quotations are available on request.


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