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Carmoola Car Loan Calculator, Interest Rates & Overview

Carla Soto
Carla Soto
Updated 13 Oct 2023
Fact checked

Carmoola car finance overview

Carmoola car loan

Carmoola can help you secure your dream car in a matter of minutes, from any approved dealership, whether you’re purchasing a car or refinancing. Carmoola’s car finance options come with competitive rates and flexible monthly payment options that suit you, enablingyou to finance a wide range of used cars from any of the 7000+ approved dealerships

Want to see what a Carmoola car loan will cost? Try the Carmoola car loan calculator All you have to do is enter your desired loan amount and term to see an estimate. You can use the calculator to adjust your loan amount and term to see how it might affect your monthly repayments.

Key features

  • Minimum loan amount: £2,000.
  • Maximum loan amount: £40,000.
  • Interest rates: 6.9% to 24.9% APR. Representative 14.8% APR.
  • Loan terms: 1 to 5 years.
  • Loan fees: £1 option to purchase fee, other fees may apply if you miss or do not make agreed payments.

Carmoola car finance options

Hire purchase

Carmoola offers financing with low interest rates for a variety of vehicles. Rates start as low as 6.9% APR with a representative APR of 14.8%. You can finance your car for up to 5 years, too. But keep in mind that Carmoola doesn’t work with private sellers.

Carmoola car loan calculator

Provider
Product Information
EST Monthly
Repayment
Interest
Rate
Repayment
Period
Loan
Amounts
Sort loans by

Loan Amount

£20,000

Term

60 months

Change
Carmoola

Car Hire Purchase

Car Hire Purchase
EST Monthly Repayment
£474 Inclusive of fees
EST Monthly Repayment
14.80%
APR
EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£2,000
to £40,000
GO TO SITE
Carmoola's rates start as low as 6.9% for loans of between £2k - 40k over one to five years. Representative APR: 14.8%. Buy your dream car in minutes with Carmoola's virtual card, with a £0 minimum deposit. Carmoola is an entirely digital, app-based lender. No sales calls or paperwork! Take control and manage your loan in-app.
Featured
Carmoola

Car Hire Purchase

EST Monthly Repayment
£474 Inclusive of fees
Interest Rate
14.80%
APR
Repayment Period
12 months
to 60 months
Loan Amounts
£2,000
to £40,000
GO TO SITE
Carmoola's rates start as low as 6.9% for loans of between £2k - 40k over one to five years. Representative APR: 14.8%. Buy your dream car in minutes with Carmoola's virtual card, with a £0 minimum deposit. Carmoola is an entirely digital, app-based lender. No sales calls or paperwork! Take control and manage your loan in-app.

BestLoanRates.co.uk provides factual information in relation to financial products. While BestLoanRates.co.uk attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and, to the best of our knowledge, is correct at the time of publishing. The information published on BestLoanRates.co.uk is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product, you will be dealing directly with that provider and not with BestLoanRates.co.uk. BestLoanRates.co.uk recommends that you read the relevant product disclosure statement or product guide before taking up any financial product offer. For more information, please see BestLoanRates.co.uk's Terms of Use.

Minimum and maximum loan periods vary between 1 month and 10 years. APR varies between 2.80% and 71.30% p.a. Total interest repayments vary between £435 and £1,019 over the life of the loan. *APR is based on an unsecured loan of R£15,000 for a term of 3 years. WARNING: This APR is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different APR. These rates can change without further notice. All rates quoted are per annum.

How to apply for a Carmoola car loan

Eligibility criteria

  • 18 to 75 years old
  • Live in mainland UK
  • Have a full driving licence
  • Buying a used car
  • Borrow between £2K to £40k

It’s also a great idea to check your credit score before applying for car finance at Carmoola. This will give you an idea about your eligibility and if you need to improve your credit history. Remember that a high credit score can help you better qualify for lower interest rates and better payment options.

What you’ll need to have ready

Personal details

When you apply for auto financing with Merck Sharp & Dohme Federal Credit Union, you’ll be asked to provide personal information such as:

  • Full legal name
  • Birthdate
  • Contact details
  • Residential address
  • Email address
  • Employment information
  • Income details

Documents

You may need to provide Carmoola with additional documents to complete your loan request. These documents may include your driver’s licence, proof of income (such as bank statements), and or share your transaction history via Open Banking.

To refinance your PCP balloon payment, Carmoola will also need a letter from your current PCP provider. This should indicate the registration, balance, and bank details.

Ways to apply for a Carmoola car loan

Additional Carmoola car loan details

  • Automatic payment: Available.
  • Loan approval times: Under 60 seconds for the majority of customers.
  • Repayment frequency: Monthly.
  • Late payment fees: £15 fee for any repayment that is not paid by the Payment Date. Fees may be incurred if customers need to be traced or cars repossessed.
  • Prepayment penalty: Interest will still be charged for the duration of the settlement quote (28 days) and an additional one month’s interest.
  • Joint application: Not allowed.
  • Co-signers: Not allowed.
  • Hardship program: Undisclosed.
  • Continuous payment authority (CPA), bank transfer, and one-off payment by credit card.

Vehicle restrictions and limitations

  • Maximum vehicle age: Less than 12 years old by the end of your agreement.
  • Maximum vehicle mileage: 100,000 miles.
  • Other vehicle restrictions: Vans, motorbikes, and brand new cars are ineligible. Only diesel EU6+, petrol EU5+ vehicles eligible.

PROS AND CONS

Pros

  • Competitive rates.
  • Easy online application.
  • Quick financing approval.
  • Fixed monthly payments.
  • Upfront deposit not always required.
  • Recurring payments available.
  • Purchasing and refinancing offered.
  • Own the car after completing the repayments.
  • Electric, hybrid, automatic, manual, diesel EU6+, petrol EU5+, and second hand vehicles eligible.
  • 7,000+ approved dealerships across the UK.

Cons

  • For UK residents only.
  • Can’t finance vans, motorbikes, and new cars.
  • Other financing types, such as Personal Contract Purchase (PCP) or Personal Contract Hire (PCH) are unavailable.
  • Limited to approved dealerships.

FREQUENTLY ASKED QUESTIONS

How do Carmoola car loans work?

You can apply for car finance or refinance your existing car loan. Then, Carmoola will run a soft credit check to determine if you’re eligible. You can then purchase your car from an approved dealership. Prior to completion of the full application, a hard credit check is required, but you will be notified about this beforehand.

Are Carmoola car loan interest rates fixed or variable?

Carmoola offers car financing with fixed interest rates.

How much interest does Carmoola charge on car financing?

Carmoola’s used car loans begin as low as 6.9% APR with a representative APR of 14.8%.

Can I apply for a Carmoola car loan online?

Yes. You can apply through Carmoola’s mobile app.

Can I use Carmoola to refinance my current loan?

You can refinance your existing loan for lower rates or monthly payments.

Can I pay off my loan early?

You will be due an interest rebate if you pay off your car finance early. Remember though that you will still be charged interest during your settlement quote and one additional month’s interest.

What information do I need to provide when applying for a Carmoola car loan?

You need your personal details, like your name, address, and birthdate, to finance your car. Carmoola will require details of your income, and full driving licence, too.

Video: How should I prepare for a car loan?

Carla Soto
Carla Soto

Carla is a skilled copywriter at BestFind with a background in marketing and communications. She specializes in reviewing personal loan and finance products to help readers navigate the complex world of personal finance.

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Bestloanrates.co.uk provides factual information in relation to financial products. While Bestloanrates.co.uk attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the produc provider or publicly available information and to the best of our knowledge is correct at the time of publishing. The information published on Bestloanrates.co.uk is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with Bestloanrates.co.uk. Bestloanrates.co.uk recommends that you read the relevant product disclosure statement or product guide before taking up any financial product offer. For more information please see Bestloanrates.co.uk’s Terms of Use and Services Guide.

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