Used car finance to suit your budget

No. When you get a quote through us, we will carry out a soft search on your credit file. Soft searches are not used in credit score calculations. 

When you apply for any type of credit, a hard search will be carried out on your credit file. It’s best not to make multiple applications in a short space of time, as this can damage your credit score.

Although applying for car finance may cause a temporary dip in your credit score, it should recover quickly if you always make your repayments on time.  

The lender may also ask for documents and information such as:

• proof of your identity (e.g., your driving licence)
• proof of your income
• your address history 

Good news, there’s no set credit score you need to get car finance.

We take all credit histories into account, and we’ll search for the most suitable option you’re eligible for from a wide panel of lenders. 

Yes, it is possible to get car finance with a thin or poor credit history. Whether you have a good or less-than-perfect credit score, we can look at options that best suit you. We may even be able to help if you’ve been declined for credit or finance in the past. 

Yes, there is the option to trade in your car and use it as a deposit for a new one through Ocean. This can help to reduce the amount you need to borrow. Though, you need to make sure that any outstanding finance is cleared on your current car first. Simply click ‘Get a quote’ to get started! 

The amount you pay each month will depend on a few factors, like the:

• size of your deposit
• loan amount
• loan term
• interest and charges
• type of agreement

Remember, while extending your loan term can lower your monthly repayments, it can also increase the amount you repay in total. The larger your deposit, the lower your repayments will be. 

APR (annual percentage rate) represents the total cost of borrowing to the customer over a year. It’s shown as a percentage and includes all interest and charges, for ease of comparison.  

Mileage allowance is the maximum number of miles you can cover in your car over a year, as per your car finance agreement. If you go over the limit, charges will apply. Mileage allowances apply to PCP agreements, not HP finance or personal loans. 

While you’re still paying towards your HP or PCP agreement, the finance company is the legal owner of the car. You are classed as the registered keeper. The loan is secured against your car, which means the finance company could reclaim your vehicle if you miss loan payments.

You become the legal owner of a car on HP once you’ve made the final payment (and any ‘option to purchase' fee). And you don’t own a car on PCP unless you make an optional ‘balloon payment’ at the end of your agreement.

If you use a personal loan to buy a vehicle outright, you will be the legal owner from the start. Personal loans aren’t secured against your car, so there’s no risk to your vehicle if you miss your repayments. But your credit score will be negatively affected if you don’t pay on time, every time. 

You can’t sell your car while there is outstanding finance on your PCP or HP agreement. This is because the lender is classed as the legal owner until the full balance has been cleared. (This includes any ‘option to purchase' fee on HP and the optional ‘balloon payment’ on PCP). 

Yes, you can pay off your car finance early. Whether or not it’s a good idea depends on your individual circumstances and affordability.

To pay off PCP car finance, you will need to contact your finance company to request a settlement figure. This will be valid only for a certain period. Note, this may include an early repayment charge.  

To pay off HP car finance, you will need to request a settlement figure from your finance company. This may include a fee for clearing your balance early if you’re repaying over £8,000.

Once you’ve paid the settlement figure on HP or PCP, you will become the legal owner of the car.