Personal loans – regularly referred to as car loans – are not secured on the vehicle you buy, meaning you own the vehicle from the start and can choose whichever vehicle you can afford. You borrow the money from a finance provider and use it to buy the car. You then pay the finance provider back over an agreed period.
Typically, you need a good credit rating to get a personal loan with a good APR.
Key details: Most personal loan agreements offer fixed monthly repayments, it’s important to check this as some lenders may have varying repayment terms. The loan term can vary, typically between 12 – 60 months but can be longer, and this will depend on how much you wish to borrow and can afford to pay back each month.
To find out if a personal loan is suitable for you go to our Car Finance Explained guide.
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