This car finance eligibility service is provided by Carbon Finance.
When you click Check my eligibility, you will be directed to Carbon who will help you find personalised finance deals.
The data you supply will be directly submitted to Carbon and be used to generate loan quotes from Carbon's panel of lenders.
Carbon's service only uses "soft searches" meaning there will be no impact on your credit score. Carbon is a trading name of Carbon Finance Limited and is registered at 6 Worcester Close, Lowdham, Nottingham, NG14 7WH and is authorised and regulated by the Financial Conduct Authority
Zopa Car Finance FAQ
Who are Zopa?
Zopa is a peer-to-peer lending company that was founded in 2005 with the aim of helping people to access loans and investments. Based in London, Zopa offers loans for cars, home improvement, weddings, and debt consolidation, as well as providing a platform for individuals looking to invest. In 2020 Zopa Bank was launched after receiving their full banking licence, so expanding the range of financial services they can offer.
What car finance does Zopa provide?
When applying for Zopa car finance you can choose from an unsecured personal loan or a Hire Purchase agreement. With a personal loan you will own the car from the moment you buy it, whereas with Hire Purchase you won’t own the vehicle until you have made all the repayments.
Hire Purchase means the loan is secured against the car, which means Zopa could repossess the car if you default on the loan.
How much can I borrow from Zopa car finance?
The amount you can borrow from Zopa will depend on whether you choose the personal loan option or the Hire Purchase option.
You can choose a loan term that is most affordable for you and that will best suit your situation. The APR on each loan will vary from customer to customer, according to their own unique circumstances and credit history.
Who is eligible for Zopa car finance?
UK residents aged 20 or older are eligible for Zopa car finance. Individuals will need to be employed, self-employed, or retired with an income over the minimum requirement set by Zopa.
Applicants will also need a good credit history and be able to show they have paid other debts and bills on time.
How does Zopa make a decision on car finance applications?
Zopa will look at your credit rating and previous history of paying off debts and bills. They will also consider your personal information and current financial situation, including income, to judge whether you can afford the repayments.
If you apply for a Zopa Hire Purchase loan, your chosen car and dealer will need to pass Zopa’s checks before they approve the payment.
Can I pay off my Zopa car finance early?
Yes, customers should be able make extra repayments towards their car loan without paying any added fees, but always check the details of the agreement in advance.
Is Zopa trustworthy?
Zopa is regulated by the Financial Conduct Authority (FCA), in addition to the Prudential Regulation Authority.
Where can I find Zopa car finance reviews?
Independent review sites like Trustpilot will have Zopa car finance reviews from previous or existing customers.
Services offered by this provider may change over time. Always check Ts&Cs.
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