FINANCIAL comparison website KnowYourMoney.co.uk has launched its revamped platform for consumers to find car finance products.

With around 90% of new cars in the UK bought on finance there is huge demand for personal loans, Hire Purchase (HP) and Conditional Sale Agreements.

KnowYourMoney.co.uk’s new platform allows consumers to 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.

Genevieve Watts, Senior Channel Manager for car finance at KnowYourMoney.co.uk said: “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.

“We were already witnessing more than 40,000 visitors per month to our old car finance comparison platform.”