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Car Loans UK

If you are looking to fund the purchase of a vehicle, you can choose from a secured or and unsecured loan.

A secured loan will require you to provide an asset (such as a property) for the duration of the agreement, to protect the car loan lender should you fail to make the monthly repayments or meet with the any of the other terms and conditions of the agreement.

An unsecured loan does not require you to provide security, but because this poses a bigger risk to the car loan lender, the repayment interest rates offered tend to be less competitive.

There are many ways to apply for a car loan. You can apply over the phone, in person, by post or over the internet.

Internet Car Loans are often the best deals, because the lenders have much lower administration costs and so offer bigger discounts and incentives for borrowers who apply this way. As a borrower, you will benefit from comparing lenders online, allowing you to find the best deal to fit with your individual circumstances.

Typical car loan interest rates vary, but are usually between 6.7% and 7.9%. Car loan companies offer repayment terms from between 1 and 10 years (sometimes more), depending on whether the car loan is secured or not.

Should you struggle to meet your repayments, you should get in touch with your car loan company and explain your situation. You will often be able to negotiate new repayment terms that will suit you better.