Low Rate Car Finance

At ChooseMyCar we specialise in getting low rate car finance deals for our customers. As experts in the market we are here to help you find the best car finance deal for you, whether you’re going for:

We can help you find low rate cars finance for used cars from all of the major car manufacturers.

Low Rate Car Finance Deals in the UK

If you’re after car finance deals with the lowest rate possible then you’re in the right place. Car finance with low interest rates means that overall you’ll only pay off the value of the car, with as little interest as possible. This means you’ll not be out of pocket for more than you need to be,

To find out what you can afford, try out our car finance calculator, which will help you find the lowest rates for you. Or you can apply for car finance with us today to get a properly personalised quote back on your low rate car finance deal.

For more information, you can read all about car finance in our guide.

Low rate car finance criteria

While there’s no guaranteed way to get the lowest rates for car finance, there are a number of criteria that can help. If you meet these criteria or can aim for them, then you may be able to get a low rate car finance deal.

  • Have a good, very good or exceptional credit score
  • Don’t have a CCJ or IVA on your credit report
  • Have followed the steps to improve your credit score
  • Understand your own credit report
  • Paid off previous debts and ongoing credit agreements in full and on time
  • The amount you can put down as a deposit can also affect your rate. Generally a higher deposit will get you lower rates.

If you are looking for a low rate car finance deal with bad credit, these can still be possible. While the lowest rate is usually reserved for better credit scores, we may be able to help you find a low rate for bad credit.

What car finance rate can I expect? Use our car finance calculator!

The car finance rate will vary depending on the criteria we’ve mentioned above. It will also change depending on the amount you are trying to borrow and the car you want to buy.

We’ve put together a car finance calculator which you can use to find out what you’ll be able to afford. This calculator is based on representative APR and uses the amount you want to borrow, your credit score and the length of time you want to borrow it over to calculate the lowest rate you’d qualify for. This rate is not guaranteed, but we try and get the lowest rate possible for all of our customers.

Once you’ve tried out our car finance calculator you can apply for car finance through us, where you’ll find out the exact rate you will be offered.

What cars can I get on low rate car finance?

All of our car finance deals are available on all of our stock, but some cars and manufacturers may be better for people with different financial situations. Popular manufacturers to buy on finance with Choose My Car include:

Low Rate Ford Fiesta Deals

Low Rate Fiat 500 Deals

Low Rate Citroen C1 Deals

Low Rate Vauxhall Corsa Deals

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Frequently Asked Questions

Generally paying a large deposit upfront can reduce the cost of your monthly repayments. This isn’t the case for every type of car finance however and in many cases no deposit is needed. We’ve put together a guide on no deposit car finance and on how much your car finance deposit should be.

Guarantors will have to undergo a credit check at the same time as the borrower. This is done to make sure that they are in the right situation to be making any repayments if they are called upon, and the lender will want to see that they are reliable.

The length of a car finance agreement will vary for a number of reasons. The overall length of a term is usually measured in 12 month increments. 

These terms usually start with a minimum of 24 months (2 years) upt to a maximum of 96 months (8 years). Generally terms for used cars are shorter than those for long cars. 

While the monthly repayments will likely be lower on a longer term plan, it’s worth working out how much interest you’ll pay if you opt for something over a longer period of time.

The overall cost of car finance will vary depending on the type of car finance that you choose. 

The cost of getting a car on finance will be the overall cost of the car, plus any interest owed over the term agreed. 

For a personal contract hire agreement it’s worked out slightly differently; the amount you pay is calculated by the cost of the depreciation of the car over the term agreed. 

Some types of car finance may also include fees for excessive mileage, any damage to the car or a maintenance cost, so keep an eye out for this. 

If you want to find out what you can afford, check out our car finance calculator.

If you make all of your payments on time on your car finance loan, then it should have a positive effect on your credit rating. This will prove to lenders that you are reliable and will reflect well on you.

However, if you miss or fall behind on repayments it will have a negative effect on your credit rating and remain in your credit history for 6 years.

For more information read our guide on credit scores.

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