Creditplus is a credit broker (rather than a direct lender) that aims to use the latest technology to match potential borrowers with the most affordable car finance for their circumstances. Launched in 2004, it now has more than 80,000 customers every year.
Creditplus can provide finance for a car you’ve already found – whether it’s from a dealer or private seller – or help you find a car and even deliver it to your door.
Buying a car on finance requires you to commit to monthly payments, so it’s wise to work out your budget and choose an affordable option. Don’t forget to take into consideration other costs you’ll need to pay out, such as maintenance costs, before making your final decision. Late repayments would damage your credit score, making it harder to source future finance.
Representative Example: Based on an excellent credit rating, borrowing £7,500 on a hire purchase agreement over 48 months, a representative APR of 7.8 and a deposit of £0.00,
the amount repayable would be £182.5 a month, with a total cost of credit of £1,260.00 and a total amount payable of £8,760.00.
Warning: late repayments can cause you serious money problems. See our debt help guides.
Creditplus offers the following car finance options:
This is where you can borrow a set amount of money over an agreed period at a fixed interest rate. The amount borrowed and the total interest is divided across the entire term, meaning you pay the same amount each month. You can also pay off the total early. There are no annual mileage limits but there is an “option to purchase” fee at the end of the agreement.
This allows you to pay monthly instalments that cover the car’s depreciation during the term of the loan. At the end of the loan agreement, you then have three options: return the car, pay a “balloon payment” to keep the car, or use the car as part exchange (deposit) on finance for a new car. This option may suit you if you have a good credit rating and a large deposit.
With this type of car finance agreement you can defer some of the total cost to the end of the term, when you will have to pay a “balloon payment”. Unlike PCP, you are committed to paying the balloon payment at the end of your lease. This option may suit you if you have a poor credit history and would like to own the car at the end of your agreement. However, you must be sure that you can afford the balloon payment before you take out this finance option.
Creditplus aims to find the most affordable finance package for its customers from over 90 lender products.
The cost of your loan will depend on factors including the type of financing you opt for, the length of the contract and your credit history.
Before you take out a car finance agreement through Creditplus you will need to ensure that you can comfortably afford the repayments. You must also:
Almost half of Brits (44%) have a side hustle in 2023. The average income from side hustles is £205.79 per week, or £10,701.24 per year.
Starling launches a money management tool to help you divide up your salary and send funds to different accounts automatically.
Why George Sweeney believes Berkshire Hathaway is one to watch. This week’s share tip. Not financial advice or a recommendation.
Nationwide is planning to give eligible members £100 in June as part of its newly launched Fairer Share scheme.
There’s lots to consider when buying cryptocurrency. Here’s your step-by-step guide.
Your kids’ bank account is often where your child starts their financial journey – here’s how we decide our star ratings for them.
We’ve tested, analysed and scored trading apps to find the 10 best trading platforms in the UK, who they’re best for and the pros and cons.
We’ve tested, analysed and scored trading apps to find the 10 best trading platforms in the UK, who they’re best for and the pros and cons.
We’ve tested, analysed and scored trading apps to find the 10 best trading platforms in the UK, who they’re best for and the pros and cons.
Our guide explains all you need to know about the card reader payment process.