Used car finance
How does used car finance work?
Car finance is a cost-effective way to purchase a used car. With used car finance, you can borrow money from a lender to cover the cost of the vehicle and then repay it in affordable monthly instalments. This allows you to enjoy the benefits of driving a used car while managing your expenses effectively.
Buying a second-hand car is a smart choice for many people because it provides excellent value for money. Compared to new cars, used models are more affordable and depreciate at a slower rate. If you’re interested in buying a used car but struggling to afford the upfront cost, financing options could be your ideal solution.
Are you a first-time car buyer? Read our guide to buying a used car.
How can I get used car finance?
Typically, there are a few ways to buy a used car. Each option comes with its own advantages and disadvantages. The best choice for you will depend on your circumstances.
Hire purchase (HP) is where you make a regular monthly payment for the car with a fixed interest rate – meaning you know exactly how much you are paying every month. The deposit can be flexible or even not required at all.
Personal contract purchase
Personal contract purchase (PCP) allows you to buy a used car through fixed monthly instalments, like hire purchase. PCP tends to have lower monthly payments as you don't have to pay the car's total value. But should you decide to keep the car at the end of the agreement you will need to pay a substantial ‘balloon payment’ to purchase it outright.
A car loan is a financing option where you borrow a lump sum of money to buy a used car and repay it through monthly instalments, but you’ll own the vehicle from the start. While no upfront deposit is required, it’s important to note that the interest rate and monthly payments can be higher than with other car finance options.
Get a great used car finance deal and then use it to find the right car for you.
Oodle has your back for the car you want at a budget that suits you. Let us handle the finance part so you can simply walk into your local car dealership and buy a car at a price that works for you. Say goodbye to uncertainty and hello to car-buying confidence.
Transparent pricing and no hidden costs
We can help you every step of the way – we can even help you find a car
Buy and pay online or in person at an approved dealership
Sort your finance with Oodle and drive away safe. Representative 15.9% APR
How Oodle works
Sort the finance
Set your budget, and we'll pre-approve your finance application within minutes so you're good to go.
Choose your car
Browse thousands of cars online from one of our trusted dealers.
Ready to buy
Once you've chosen the right car – you're ready to buy. Our team will help every step of the way!