Used car finance

Lending decisions offered in minutes

AutoMoney Motor Finance is a specialist lender of used car finance.

Get our help with financing a used car, you could have a lending decision in minutes and same day completion on hire purchase car finance.

Our finance solutions are transparent and are tailored to each borrower. What’s more, our friendly and knowledgeable customer service team offer world class customer service.

Our company is built on strong values that puts our customers and business partners first in everything we do.

Why choose AutoMoney Motor Finance?

We are authorised and regulated by the Financial Conduct Authority (under Firm Reference Number: 912573), which means that we must meet certain standards and follow rules to make sure that you’re treated fairly, you’re protected, and the products and services you’re offered are suitable.

We are also members of the Finance and Leasing Association and comply with its Lending Code, which sets high standards for our conduct and practices.

Used car finance for business partners

If you are a broker or dealer looking for a trusted used car finance lender, who can give your clients a lending decision in minutes and same day completion, we’d love to work with you.

New partners

Used car finance for car buyers

If you are an individual looking for used car finance, we’d love to help you. Apply to us direct for a lending decision in minutes and same day completion. Get started online.

New customers

Financing used cars

Financing a used car can be a great choice for many people. It has many benefits over paying for a car in full, upfront.

Firstly, financing a used car can help you manage your money more easily. Instead of spending a large amount of your savings all at once, HP car finance lets you spread the cost over time. This way, you can drive away in your chosen car without putting a strain on your finances.

With our same-day loan completions, you can get the car you need quickly and without delay.

Another big benefit is that used cars are generally cheaper than new ones. This means your monthly payments could be lower and more affordable than if you were buying a brand new car.

You might even be able to afford a better model, or a more reliable brand within your budget. Plus, with HP car finance, you will own the car outright once you’ve made all the payments, giving you long-term value.

Financing a used car with us means you get fixed interest rates. This means your monthly payments will stay the same throughout the loan period, making it easier to plan your budget. You won’t have to worry about changing rates affecting how much you pay each month.

What’s more, our friendly customer service team will be here to help you at every step. Get started with an application right now!

  • Borrow from £4,000 - £20,000
  • No deposit needed
  • Get a lending decision within minutes
  • Completion is possible on the same day you apply

Representative example

You could borrow £10,000 over 60 months with an initial payment of £490.66 (including £199 Admin Fee) followed by 58 monthly payments of £291.66 with a final payment of £490.66 (including optional £199 Option to Purchase Fee).

Total amount repayable will be £17,897.60.

29.3% APR, annual interest rate (fixed) 24.7%.

This example uses the representative APR. This is the rate at least 51% of customers are expected to get.

Lending is subject to status and additional affordability checks. Rates quoted are subject to change and will depend on lending amount and personal circumstances.

FAQs

All sorts of people use car finance to buy used cars and new cars. The good thing about using car finance is that you don’t have to find all of the money to buy the car, on the day you want to buy it. Instead you can borrow the money and pay it back each month over a set amount of time.

What you have to be careful of is whether used car financing is appropriate and affordable for you. This is because you must keep up with your payments, if not, the car could be taken from you by the lender to cover your debt.

When you take out car finance it makes sense to understand if there will be a “hard” or a “soft” credit search. In some instances you can apply and there will be a soft credit search, which if you go ahead and take out the loan will become a hard credit search.

It’s not a good idea to have lots of hard credit searches, one after the other, in a short space of time. This is because it can look like you are trying to borrow money from many lenders, but are being turned down. If another lender you talk to sees this on your credit profile they may be less likely to lend to you.

However, remember that having a credit profile is a positive thing, because if a lender can see you have credit and are keeping up with payments, they will know you are reliable. This is a good thing because this positive credit behaviour can improve your chances of being approved for future credit.

The length of time you take out a car finance loan for will affect the monthly payments. Each lender will have their own terms and conditions. Some lenders will allow you to borrow for up to 96 months, other may allow you to borrow for up to 84 or 60 months.

Think about why you are looking for a long borrowing term. Whilst this can make monthly payments smaller, it is likely that the overall amount you repay will be more, because of the interest you pay each month.

Consider the age and mileage of the used car you are looking to buy. Older cars with higher mileage are more likely to require repairs, especially over a longer loan term. This could lead to additional expenses that should be factored into your budget.

Additionally, remember that cars lose value over time. This means that by the end of a long loan term, the car might be worth a lot less than what you paid for it. This decrease in value should be considered when deciding on the loan term.

Make sure you are not over stretching yourself. If you cannot afford to repay a car in, say, a maximum of 60 months (5 years), think about whether the car you are looking at is really affordable for you.

Your circumstances could change along the way and make it hard to keep up with payments, and the longer the term, the harder it is to anticipate how your life and finances could change. You could pick an alternative car that is cheaper, but still a good option for you.

When you apply for car finance, the lender will want to be confident it is affordable for you and that you are going to keep up with payments. They will ask for documents that confirm who you are, for example your driving licence. They will check your income to make sure the loan is affordable and sustainable for you.

Whenever you borrow money a trustworthy company will also always check your credit profile. This because organisations who lend money are required by law to make sure they lend responsibly.

Any lender will look at your circumstances. They will want to see that 1) you have a good track record for paying debts back and 2) that the amount you want to borrow will be affordable and sustainable for you.

Car finance can easier to be approved for than a personal loan, because the loan is secured against your car. This means you are using the car as security where a personal loan has no protection for the lender if you don’t pay.

With car financing, if you don’t keep up with payments, the lender has the legal right to take the car from you and sell it to cover your debt.

Paying off new or used car financing early does not typically hurt your credit profile. In fact, some lenders may view it positively because it demonstrates that you are capable of repaying your debt ahead of schedule.

It is important to understand that when you repay car financing early, you save on the interest that you would have been charged over the full term of the loan. Interest is the way a lender makes money from lending.

However, many car finance lenders may charge a fee for early repayment to compensate for the loss of interest they would have earned. Typically, this fee is equivalent to about 56 days of interest.