Car Loans

Car loans allow borrowers to fund one of the most important aspects in their life. That is mobility and the ability to get from one place to another. Loans are there for emergency repairs or if a new vehicle is needed.

Requirements

You generally have to be over 18 to get a car loan. Lenders will often have their own specific requirements, which you can find on their sites. Discover more also by contacting them directly, by phone, email, or post. On our site we make clear requirements when taking out a loan.

Take our no obligation quote first to get an idea of what you are likely to be offered. Not all are accepted for loans, so it is important to take this into account before proceeding.

Planning

A car loan can be used in a number of circumstances. Ensure you are comfortable borrowing the funds and making the repayments. A loan can help with an urgent repair. Many rely on their vehicle for their job or simply to get around. Alternatively you may want to use a loan to purchase a new vehicle, as they may provide better value in the long term. Once you’ve located a vehicle you wish to buy, you’ll know the amount you want to borrow. This is based on the price of the car minus any deposit you have in savings.

Process

With a car loan you borrow a fixed sum. you then it in fixed monthly payments, over a period of anywhere from a month to five years. Rates vary depending on how much you’re borrowing, and your own credit score and circumstances. Rates are what are known as ‘representative’ APRs. This means only 51% of people accepted for that loan need get that rate. The other 49% can, and often do, get given a higher rate. Rates and total repayment totals will be made clear to you before you commit to a loan. Read the terms and conditions and ensure you are happy before going ahead.

Advantages Of Car Loans

Online loans could not be easier. They are simple to arrange and understand. The whole application process can be completed in minuted and funds sent within the day. Loans are flexible, with repayment periods from a month to 5 years. Generally, the longer the term, the more interest you’ll pay).

Receiving funds quickly means you can obtain the car as soon as you’ve transferred the cash to the dealer. As a cash buyer, you may be able to haggle the price down during the sale. Unless you can get 0% finance from the dealer, personal loan rates tend to be cheaper than dealer finance.