My Car Credit

My Car Credit, car finance broker in Chesterfield

My Car Credit is a trading name of Evolution Funding Ltd, a company registered in England and Wales with number 11354996 and authorised and supervised by the Financial Conduct Authority (FCA) with reference number 823324. The company presents itself as part of Evolution Funding, which it describes as the UK's largest motor finance and technology provider, and claims to have the broadest lender panel of any UK broker. Its activity is credit broking: it does not lend money directly, but introduces the customer to a limited group of lenders with which it works.

How the application works

The process is organised in three steps. First, an instant online decision is obtained with a soft search of the credit file, which according to the company does not initially affect the applicant's score. Then, the customer chooses a new or used car at any dealership, whether their own or one from the list of approved dealers. Finally, all documentation is signed online, without the need to visit the dealership. The company warns that, if the application progresses, some lenders may perform a hard search on the credit file.

Products and customer profiles

The website's catalogue includes finance for new and used cars, finance for customers with poor credit history and a balloon payment option. It also offers a finance calculator where you enter the loan amount, the term (three, four or five years) and an assessment of the credit profile. The company classifies applicants into five levels — excellent, good, fair, poor and bad — and describes for each circumstances such as home ownership, length of time on the electoral roll, defaults, CCJs (county court judgments) or membership of a debt management plan. Finance with poor credit history is presented as welcome.

Interest rates and representative example

The website advertises rates from 9.9% APR, with a representative APR of 10.9%. The example published by the entity itself is based on a loan of £7,500 at that representative APR, with a fixed annual interest rate of 10.87%, 47 monthly payments of £191.50 and a final payment of £201.50, which includes an estimated £10 option to purchase fee, with no deposit. The total cost of credit amounts to £1,702 and the total amount payable to £9,202. The company states that this is an illustrative example.

Terms and commission model

My Car Credit expressly defines itself as a credit broker and not as a lender, and does not charge the customer fees for its services. However, it explains that it receives a commission from the lender for the introduction and that it pays a part of that commission to the provider or partner that refers the customer to it; the amount may vary depending on the lender and affects what the applicant pays. The entity declares that it is not impartial, that it works with a limited panel of preferred lenders and that it does not offer independent financial advice or recommendations: it is the customer who must decide whether the product is right for them. Finance is subject to approval, terms and conditions and a possible requirement for a guarantor, and is limited to those over 18.

Customer service and specialists

Each applicant has their own car finance specialist, who supports them throughout the process. The company presents this support as part of its service and rejects aggressive selling. The entity's staff can be contacted by email and telephone.

Awards and editorial activity

Evolution Funding, the brand's parent company, has received the Best Broker award at the Car Finance Awards for ten consecutive years, according to the company itself. The website also maintains a help and advice section with content on how to check finance without affecting your credit score, the documentation required, finance options, access to credit with poor credit history, approval times and the age and mileage requirements for used cars.

Location and contact

Evolution House, Smeckley Wood Close, Chesterfield, S41 9PZ · Phone: 01246 458 810 · Email: enquiries@mycarcredit.co.uk