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.
Car finance from Creditplus
No broker fees
Free car history and value check
Buy any car from any dealer
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.
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.
Personal contract purchase (PCP)
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.
What are the benefits of using Creditplus to find car finance?
Creditplus aims to find the most affordable finance package for its customers from over 90 lender products.
No broker fees.
Buy any car from any dealer or private owner.
If you buy through Creditplus it will deliver the car to your door using its “find, fund and deliver” service.
How it works
The first step is to find a car you would like to buy. You may have already found the right one for you – whether it’s through a dealer or private seller – or Creditplus can help you find one from its database of 60,000 cars.
You will then need to fill out the online application form on the Creditplus website. This should take around three minutes. You will be asked how much you need to borrow and what deposit you have, if any. You will also be asked to enter your personal details as well as information about your income and financial situation.
Creditplus will perform a soft search, which means no footprint will be left on your credit file, and aims to give you a decision on your finance options within two minutes.
Once Creditplus knows which lenders will provisionally accept you, a customer advisor will give you a call. They will then propose you to the most suitable lender who can give you the best deal. This involves a full credit search, but because of the previous soft search you are unlikely to be declined at this stage.
Creditplus aims to have the money transferred to the seller within 48 hours.
How much will I pay?
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.
Long-term finance. Generally, if you choose a longer repayment period, you’ll pay less each month but more in total.
Short-term finance. Paying back your loan over a shorter period will usually mean that you pay more each month, but less in total.
Deposit size. Paying a larger deposit will cut your monthly repayments and the total amount of interest you pay.
Credit rating. A better credit score will mean you have to pay less in interest.
What criteria must I meet?
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:
Be aged over 18 and under 75.
Have lived in the UK for more than three years.
Have a UK bank account.
What are the pros and cons of Creditplus?
Credit scores. Creditplus works with a panel of lenders that are willing to consider financing individuals with poor credit scores. Whatever your background, Creditplus says it will do its best to match you with a lender.
Working out your budget. Creditplus has a car finance calculator on its website which makes it simple to find out the value of the car you could afford to finance.
Quick responses. Once an application form has been submitted, most customers will be contacted within a few minutes.
Not just cars. Creditplus also provides finance for a range of vehicles including motorbikes, motorhomes, classic cars and vans. Its range of lenders includes several specialist providers that work with these types of vehicles.
Peace of mind. Every car sourced by Creditplus comes with an RAC BuySure package, including six months’ warranty.
Added sales. When you take out an agreement with Creditplus, you will be offered a range of products which come at an additional cost. This includes specialist insurance for tyres, alloy wheels and keys, paint protection, gap insurance and extended warranties. You may decide that some of these products will benefit you, but be prepared to research what you are being offered before you commit.
Frequently asked questions
Creditplus has a dedicated page on its website to help those with poor or bad credit scores who need to access car finance. If you have a good deposit or car to part exchange, this will make it more likely that you will be accepted.
Yes, Creditplus is able to process joint car finance applications. If you’re unsure about how the process differs from a normal application, or want to know more about how it works, you can visit its dedicated joint applications help section on the website. In some circumstances, such as if you have little credit history, you may be required to have a guarantor on your car finance application.
Creditplus is able to keep most offers open for around 30 days, dependent on the lender. However it’s advisable to contact your personal customer advisor for more detailed information. If you’re having trouble sourcing a vehicle yourself, Creditplus can find it for you and even have it delivered to your door.
Once a lender has accepted your application for a car loan, you’ll need to fill out a few documents before the finance can be completed. You will be asked to complete a Creditplus “customer pack” as well as lender documentation. To validate your finance offer you’ll be required to provide supporting documents, including a copy of your full UK driving licence. You may also need to provide proof of your income (most recent payslip), your address, and bank details. Your customer advisor will confirm what documentation is required from you as different lenders will have different proof requirements.
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
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