Personal loans for a car purchase

Taking out a personal loan for a car can be a great way to help spread the cost of owning your next vehicle. Personal loans are paid directly into your bank account and you can use them to buy anything you want! if accepted, you pay back your personal car loan in monthly instalments with added interest till the end of the finance term. Our page below explores how personal loans for car finance work and if they could be the most suitable option for you. 

applying for personal loans

A Personal Loan is another way to buy a car. You can take out a personal loan by borrowing money from a bank, building society or another lender. A personal loan is more often referred to as a car loan or motor loan, but it is not secured against the vehicle in any way. This is a great option for low-interest rates and if you want to own the vehicle straight away, you generally need a good credit score to borrow money from a bank or building society though.

Personal loan for a car:

✓ No vehicle, mileage or age criteria

✓  Money paid into your bank account within 24 hours

✓ Generally cheaper interest rates – we can offer as low as 9.9% APR

✓ May require a guarantor for higher risk customers

✓ Not secured against your car

Bad Credit Personal Loans

If you have poor or bad credit and wish to take out a loan then we can help you. We specialise in finance for people with bad credit and have a dedicated team to find you the right lender. A guarantor loan can be a brilliant option if you are looking for bad credit loans, giving you a safety net should you worry about making your repayments.

Car Finance vs Personal Loan

If you’ve never taken out finance in the past, you may be wondering which form of financing is best for you. Some people think that a personal loan is the simplest way to borrow money for a car. But, personal loans can have higher monthly payments than other options too. Car finance deals such as hire purchase can spread the cost of owning your car and then you have the option to own the car at the end! It’s worth looking into both options and discussing them with our car finance experts to see which is best for you. 

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