Explore car financing with Carki

Are you looking to finance your next vehicle purchase but find yourself puzzled by the process of car financing? We are here to simplify car financing for you. With more than a decade and a half of experience in this field, we’ve mastered the art of making car financing straightforward.

At carki.co.uk, we team up with multiple lenders to bring you deals that are a perfect match for your requirements. Our dedicated team is available at every step of the process, from the onset to completion. We don’t just facilitate car financing; we assist in finding a vehicle that fits your financial capacity and suits your unique needs.

What's more, there isn't just one type of car finance available, there are three primary types we deal with - hire purchase (HP), personal contract purchase (PCP), and personal loans. We’re also well-equipped to serve self-employed individuals, customers with no deposit, or those seeking car finance with a less-than-stellar credit history.

Dive in directly if you’re ready, or simply read further if you're interested in understanding more. Don't hesitate to contact our team if you wish to discuss your options.

Hire Purchase (HP)

This is a highly favoured type of car finance. With hire purchase, you make monthly payments until the end of the agreement. Once completed, you become the car's rightful owner. Simple, right?

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Via HP, you essentially 'hire' the vehicle from the finance company and make regular monthly payments. You can reduce the monthly repayment amount by paying an upfront deposit and borrowing the remaining balance over a predetermined period. Interest is paid on the outstanding balance. The repayment period usually ranges between 12 and 60 months. Once you've made all the payments (including fees and interest), the vehicle is yours.

Personal Contract Purchase (PCP)

Under this agreement, you make monthly payments based on the car’s depreciation, and you have the choice to pay a balloon fee at the end of the term and fully own the car.

PCP is ideal for; Those who prefer fixed monthly repayments, those who wish to own the car once all repayments are made.

With PCP, you finance the car's depreciation value instead of the entire price. This means your payments are based on how much the car's value is expected to decrease during your agreement term. You may need to provide a deposit, but you could end up borrowing less than with HP, as you only finance the predicted depreciation.

At the end of the agreement, you have three options. You can return the vehicle, pay a lump sum (or 'balloon payment') to purchase the vehicle outright, or trade the car in and start a new agreement with a different model.

A PCP agreement is a good fit for; Those who like to change cars frequently, those who do not mind not owning a car outright.

Used Car Finance

Our personalised quote for used cars will help you find the right vehicle within your resources. Financing used cars can be an ideal solution if you’re looking for value-for-money preowned vehicles.

No Deposit Car Finance

Worried about hefty upfront deposits? Worry no more. Many of our affiliated lenders can get you on the road without any deposit, with the cost spread over manageable monthly payments.

Electric Car Finance

If the thought of moving to electric has crossed your mind, we're here to assist. We collaborate with lenders who offer finance for new and used electric vehicles, making the switch to green driving more financially accessible.
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Personal Loan

The only car finance type not secured against the vehicle, a personal loan is borrowed from a lending institution to pay for the vehicle. You'll then make regular loan repayments plus interest over an agreed term. Bear in mind that selling the vehicle does not exempt you from making these repayments.

Accessing a personal loan generally requires a good credit score, and it doesn't offer the same protection level as other types of car finance since it's not secured against the car.

A personal loan works well for:

- Those who wish to sell or make modifications to the car.

- Those wanting to buy an older or high-mileage vehicle.

- Those who wish to own the car from the start.

Benefits of Car Financing

Car financing brings far more to the table than just making car payments affordable. Here are additional advantages you can leverage:

Practicality: Financing allows you to acquire the car you've been eyeing without having to make a significant one-time payment, helping you balance your finances and manage your monthly expenses better.

Convenience: The availability of online applications ensures a hassle-free process, allowing potential borrowers to arrange their finance even before visiting a dealership. This way, you know what budget you're working with, streamlining your new car purchase.

Discover the simplicity of car financing with carki.co.uk today, and embark on your journey to owning your dream vehicle!

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