Apply for Car Finance
Apply online today and get a quick decision in minutes with no impact on your credit.
- Zero deposit available
- Competitive Rates available
- 96% finance acceptance rate
- Varied panel of lenders to cater for everyone
-
Zero deposit
available -
Competitive Rates
available -
96% finance
acceptance rate -
Varied panel of lenders
to cater for everyone
How does car financing work?
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Get started
Take a look at our car finance calculator for a representative quote and then start your finance application online.
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Apply online in 2 minutes
Apply online and we'll find you the best deal with our finance lenders.
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Drive away happy
Confirm your offer and pay your deposit then choose to collect or have your car delivered.
Our Finance Lenders
What’s the difference between HP and PCP?
Find your perfect car with a realistic budget and repayment plan. Choose from the popular Hire Purchase (HP) and Personal Contract Hire (PCP) finance options below:
Hire Purchase (HP)
This car finance plan is a popular option where you hire your vehicle from a finance company with monthly payments over a set period of time. At the end of the agreement when you’ve paid your final payment, you own the car outright. With hire purchase, the cost of the car is spread out, however, you will be making higher payments than with a personal contract purchase (PCP).
As the lender is keeping the ownership of the vehicle until the end of the agreement, they can offer you more attractive terms and conditions because they keep ownership of the vehicle until you make your final payment.
Hire purchase will be more suitable for you if you don’t want limits on mileage and want to own the car at the contract. However, the loan is secured against the vehicle, therefore if you miss payments on the loan the vehicle may be repossessed
- Once you make your final payment you own the vehicle
- Convenient straightforward application process
- Fixed repayments and interest rates
- Additional protection over a personal loan
- Payments and term to meet your budget
- Keeps existing credit lines free
- There is no need to estimate the mileage at the outset
- Rebate of future interest if you settle your agreement early
- Additional customer protection with regards to the satisfactory quality of your vehicle
- 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
Personal Contract Purchase (PCP)
Personal Contract Purchase (PCP) is a popular method of financing a car. Usually an initial deposit is paid, followed by fixed monthly instalments - the contract length and annual mileage can be determined at initial negotiations but can be adjusted throughout the contract.
With this option, after paying monthly payments over a set period of time you could make a larger final payment if you wanted to own the car. If you didn’t want to own it outright, you could part exchange it for a new car loan.
This plan would be more suitable for you if you’d prefer to change your car when the loan is up or if you’re uncertain whether you’d like to own it. However, if you exceed the anticipated annual mileage there may be an excess mileage charge at the end of the contract. Also, the loan is secured against the vehicle as such if you miss payments then the vehicle may be repossessed
- Low initial deposit
- Low monthly payments
- Flexible options at the end of the agreement
- A specified Guaranteed Minimum Future Value (GMFV), therefore protecting you from market fluctuations
- Ability to change car more regularly – every 2 years
- 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
How to apply for car finance online
Check if you’re eligible
Select the right amount of money you would like to borrow based on affordability and see how likely it is that your application will be accepted before applying.
Apply for car finance online
When applying for car finance with Peter Vardy, you’ll need all of the following information so our lending partners can assess your eligibility. This will help us verify that it is you who is applying as well as carry out credit checks based on your information.
- Driving license with the correct address
- Personal information
- The deposit you’ve chosen to put down
FAQs
Getting a car on finance without employment is possible if you meet certain conditions, it may however be harder. Having an employment history will certainly help in your chances of being approved.
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 3-figure number, ranging from an "Excellent" to a "Very Poor". A higher score would increase the chances of acceptance. Lenders calculate credit scores differently, and lender 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 prior to the completion of your application process. A soft search 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, which can negatively impact your score if rejected. 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.
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. Check out our guide on best practices to improve 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 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.