Financial comparison website KnowYourMoney.co.uk has launched its revamped platform for consumers to find car finance products. Around 90% of cars in the UK are bought on finance. Consequently, there is huge demand for personal loans, Hire Purchase (HP) and Conditional Sale Agreements.
The feedback from the UK motor trade press right now is that consumers are driving fewer miles as working from home replaces comuting, so leasing agreements with a typical 8K mileage, featuring a low miles used 2-3 year old prestige car, are very hot property right now. It means you can rent a luxury car on beer and chips money basically.
Manufacturers are expected to offer scrappage incentives of £1500-£3000 for the September plate this year too, which will help boost demand on new car leasing.
KnowYourMoney.co.uk’s new platform allows consumers to easily check their eligibility for car finance and compare the products on offer from different lenders.
The car finance comparison tool has been launched in partnership with Carbon Finance, which provides the smart search solution specifically for car finance products.
Users enter information about themselves, the amount they are looking to borrow and over what period. Powered by Carbon Finance’s search tool, requests are sent to car finance providers’ Application Programming Interfaces (APIs); users are then presented with a list of lenders, types of finance, chances of acceptance, monthly costs, and exact interest rates (APR).
The platform is free to use, compares many of the leading market lenders and creates personalised quotes. It can be accessed here: https://www.knowyourmoney.co.uk/car-finance/
Genevieve Watts, Senior Channel Manager for car finance at KnowYourMoney.co.uk, said: “We are delighted to launch our new and improved car finance comparison platform. Car finance has become the go-to option for the majority of car-buyers across the UK, so it was imperative that we had a fast and easy-to-use tool so motorists can find the best possible deal.
“Providing transparent and useful information to help consumers make sound financial decisions is KnowYourMoney’s goal – Carbon Finance share this objective, which makes the partnership a natural fit for both parties. We were already witnessing more than 40,000 visitors per month to our old car finance comparison platform. Thanks to the upgrades we’ve made with Carbon Finance, we are excited to welcome even more car-buyers to our platform in the months and years ahead.”