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Magnitude Finance is a UK car finance broker. The company helps people find loans for cars. There are many loan options to pick from. This includes Personal Contract Purchase (PCP), Hire Purchase (HP), Lease Purchase, and plans made just for you. They work with several lenders. This way, you can get some of the most competitive rates. The application process is digital and easy to use. Magnitude lets you get flexible terms for new and used cars. You can do all of this before you go to the dealership.

What Is Magnitude Car Finance and How Does It Work?

Magnitude is a credit broker, not a lender. They let you compare quotes from their team of expert lenders. You can find and get car finance deals that work for you. It does not matter if you want a £15,000 hatchback or a £100,000 luxury SUV. You can get a quote online. You also can talk to them using WhatsApp or Live Chat. All the documents can be completed online too.

Representative APR: Starts from 6.9%. The normal Representative APR is 8.9%.

Loan Types: You can pick from PCP, HP, Lease Purchase, or some other plans that are made just for you.

The application process is all online. You can get help from an advisor if you want.

Commission Model: The customer does not have to pay any fees. The lender gives a commission.

What Car Finance Products Does Magnitude Offer?

Magnitude has many finance choices for you. These are there for the many ways people buy things. They fit all kinds of budgets. You can use them for different types of vehicles, too.

Finance Option How It Works
PCP Lower monthly payments, balloon at end; return or keep car after term
HP Fixed monthly payments, you own car after final payment
Lease Purchase Similar to PCP, but balloon tailored to car value; available on high-value cars
Bespoke Packages Custom finance deals for unique circumstances or business use

Each loan option gives you competitive financing options and flexible terms. You can get help that fits your needs.

Magnitude Car Finance Loan Example

Car Loan Amount Term (months) APR Monthly Payment Final Payment (PCP)
BMW 3 Series (used) £33,000 48 8.9% fixed £496.83 £18,590.00
Audi A5 (new) £40,000 60 7.5% fixed ~£615.00 N/A (HP)

Based on personal contract purchase and hire purchase examples. Subject to status.

How Much Can I Borrow for a Car?

The amount depends on your:

  • Credit score and the full credit history
  • Bank account details and savings account info
  • Vehicle purchase price
  • Deposit size
  • Preferred monthly payments

Use Magnitude’s car loan calculator to see how much you will pay before you ask for a car loan. This tool lets you check your payment amount, so you know what to plan for. It is a good way to get ready before you take a car loan.

How Much Can I Borrow for a Car

What Affects the Cost of Borrowing?

Magnitude checks the interest rates and loan terms from different lenders. Here is what can make the total cost go up or down:

  • Credit rating – If you have a better credit rating, you can get a better deal. You will also pay less in the cost of borrowing.
  • Loan amount – A bigger loan amount may let you get a lower rate. But the monthly payments will be higher.
  • Loan term – A longer loan term brings down your monthly payments. But you will pay more interest in the end.
  • Vehicle type – The car’s age, mileage, and price can change if the lender will give you a loan.
  • Deposit – A bigger deposit lowers your monthly payments and the APR you pay.

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Is the Magnitude Application Process Easy?

Yes, Magnitude lets you apply online quickly and safely. The application process is open, clear, and easy to follow. You can:

  • You can see if you get credit approval in just a few minutes.
  • You can use your mobile or desktop to apply.
  • You only have to sign the documents online.
  • You get to see lender quotes right away.
  • You can get your car financing finished before you go to the dealership.

You can also talk to their team with Live Chat, WhatsApp, or by phone if you need help or support.

Who Can Apply for Magnitude Car Finance

Who Can Apply for Magnitude Car Finance?

To be eligible, you must:

  • You need to be 18 or older.
  • You must have a UK bank account and a proof of ID that is valid.
  • You have to be employed or have a steady way to get money.
  • You need to pass the affordability checks set by the lender.
  • Your credit history must be fair or clean.

People with good credit often get better loan deals. But Magnitude can help many people get finance, no matter what their credit is like.

What Cars Can I Finance Through Magnitude?

You can finance most cars, including:

  • You can get both new and used cars from places that sell them.
  • Some lenders let you get classic cars.
  • There are high-value cars you can choose, like the Range Rover, Porsche, BMW, and Tesla.
  • You can also get electric vehicles, or EVs.
  • There are other cars too, like specialist or imported vehicles.

Magnitude can help you with private sale car finance. The company also gives support if you want to buy a car from approved third-party sites.

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Can I Use a Car Loan Payment Calculator?

Yes. Magnitude has a simple car loan payment calculator. This tool helps you get an estimate for:

  • Monthly payments
  • APR and interest rate
  • Final balloon payments (PCP)
  • Total cost of borrowing

These are the main things to look at when you want to get a loan. You should know what your monthly payments will be, what the interest rate is, and if there will be a large final balloon payment, like with PCP. Make sure you find out the total cost of borrowing. This way, you will not get any surprises later on.

This tool helps you plan your budget before you buy a vehicle. It makes it easy for you to see what you can spend before you make any vehicle purchase. You can feel good knowing what your budget is ahead of time.

Is My Data Safe With Magnitude?

Yes. Magnitude Finance complies with:

  • FCA regulation (FRN: 649675)
  • ICO data protection
  • Cyber Essentials certification
  • ISOB compliance for data security

Your confidential information, credit history, and payment options are safe.

They do not ask you, the customer, to pay for their services. Instead, they get a commission from the lender. You will always know about this. They tell you all about it before you go ahead.

Is My Data Safe With Magnitude

Magnitude Car Finance vs Other Brokers

Feature Magnitude Typical Broker
FCA authorised Yes Varies
Credit check Soft search for quotes Often hard check upfront
Commission disclosure Fully transparent Often not shown until late stage
Application process Online, live chat, WhatsApp Mostly phone or email based
Loan types PCP, HP, Lease Purchase Often limited to PCP or HP
Loan calculator Yes Varies
Paperwork 100% digital May require physical paperwork
Private sale or classic cars Supported Rarely supported
Support Dedicated advisor Shared agents

Why Choose Magnitude for Your Car Finance?

  • You can check quotes from several lenders.
  • There is no pressure. You get your credit approval before you visit any dealers.
  • There are flexible monthly payments and several terms for paying back the loan.
  • There are loan options for a new car, used vehicles, and top models.
  • All credit scores are considered. If you have strong credit, you can get a better deal.
  • The security policies are clear, and you sign digital contracts.
  • The online process helps you save time and do less paperwork.

FAQs About Magnitude Car Finance

Magnitude only gives you ways to pay for cars. These are PCP, HP, and Lease Purchase. If you want a personal loan, you will have to get that by yourself.

Yes, but the approval and the interest rate will look at your full credit history. You may still be able to get a good offer.

No, Magnitude does not ask the customers to pay any fees. They get a commission from the lender.

Yes, there are some lenders on their panel who can help with private sale finance. You must set this up with your Magnitude advisor.

You can get a quote and soft credit approval in just a few minutes. Full credit approval will take one or two business days, based on the lender.

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Correct as of 01 August 2025

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Page last updated on: 08/08/2025

Page reviewed by: Andrea Troy

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