Car Finance Guides and Advice for Newcastle Drivers
Trying to figure out how car finance works? You have come to the right place. Below, you'll find our guides to car finance. There's no jargon or sales pressure, so you can do your research and make an informed decision.
At Zoomo, we have helped people with all sorts of credit situations, from spotless records to missed payments, get the car they need. These guides break things down in plain English, step by step.
You will find honest answers on car finance options UK drivers use every day. Start with the basics, or go deeper if you want. Either way, you'll leave with a better idea of what you want from your next car purchase.
How Car Finance Works: Read this simple walk-through of how it all works, from application to driving away.
Bad Credit Car Finance: Get straight talk on securing a car with bad credit and what lenders look for.
CCJ Car Finance: Find out what a CCJ means for your chances of finance approval and how people still get the funds they need for their next car.
IVA Car Finance: Learn about the options available to you if you are in an IVA and need a car for daily life.
Bankruptcy Car Finance: Discover what changes after bankruptcy and how to get back behind the wheel.
Self-Employed Car Finance: Get an idea of how lenders view income when you work for yourself, and how that impacts your ability to get car finance.
Student Car Finance: Learn about finance solutions for students with part-time income or limited credit history.
Car Finance on Benefits: Get honest car finance advice UK drivers on benefits can use to make an informed purchasing decision.
Improve Your Credit Score:
Follow these simple steps and boost your chances of approval before you apply.
Ready to take the next step after doing your research? Find out what you could borrow today.
Subject to status. UK residents aged 18+.
Frequently asked questions
What types of car finance are available?
There are two main types of car finance available: HP and PCP.
If you go with HP, you'll likely pay a deposit. Then, you'll make fixed monthly payments. At the end of the agreement term, the car is yours.
If you choose PCP instead, your monthly payments will be a little lower. If you want to own the car when the agreement is up, you'll need to pay a lump sum.
Each option has pros and cons, depending on your budget and plans. Explore both options for car finance in Newcastle before deciding which one is best for you.
Can I get finance with bad credit?
Yes, you can. Bad credit doesn't automatically mean your application will be rejected. At Zoomo, we've helped people with missed payments and CCJs get the car they need.
Our specialist lenders look at more than just your credit score. Income, affordability, and recent history can strengthen your application. So, even if you have been refused elsewhere more than once, there might still be options.
It's always worth checking, especially with our panel of lenders who see these situations every day.
Sub-prime finance is not guaranteed and may cost more than finance provided by a prime lender. We will try to obtain finance for you but there is no guarantee. It may be from a sub-prime lender, and if so, the cost of finance may likely be at a higher rate than prime lenders offer.
What is the difference between HP and PCP?
HP is about ownership. You pay for the whole car over time and own it at the end.
PCP is about flexibility. You pay for part of the car’s value, which means lower monthly payments. Then, you decide what to do at the end. That could mean paying a final amount, handing the car back, or part exchanging it.
If you want a simple finance solution, HP usually works well. If you'd like more options at the end of the agreement, learn more about PCP.
Does checking eligibility affect my credit score?
In most cases, no. At Zoomo, we use a soft search first. That means lenders can review your details without affecting your credit file. You get an idea of what's possible before making any firm decision.
A full credit check only happens if you choose to go ahead with a formal application. That way, you can explore your options without worrying about your score taking a hit.
What should I do before applying?
Before you apply, work out what you can afford each month and think about how long you want the agreement to go for. It helps to have an idea of the type of car you want, too, but you don't need to pick one straight away. Looking at your credit report can also help avoid surprises.
When you are ready, you can apply for car finance and find out what lenders will offer you.
