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Can I Apply for a Unsecured Personal Loan?

Tim Carpenter, Dedicated car finance expert
Written by Tim Carpenter
Edited on

Once limited to your high street bank or building society, personal loans are nowadays offered by many different lenders.

Thanks to our partnerships with a wide range of such providers, we are able to offer competitive rates on unsecured personal loans – loans which allow you to buy a car outright, for your immediate ownership, and without your borrowing needing to be secured against the vehicle itself.

But not everyone’s financial circumstances are the same. If you have had trouble managing your debts, received county court judgments (CCJs) against you, entered Individual Voluntary Arrangements (IVAs) with your creditors, or ever been bankrupt, your credit score is likely to have been negatively affected. That is when it might prove more difficult to obtain a personal loan – especially since the borrowing is unsecured. If you believe your credit score has been negatively affected by previous issues with your borrowing, we may still have an unsecured finance option available for you, which is that of a guarantor loan.

The good news is that at CarFinance 247 we have car, motorbike, van and motorhome finance options suitable for those with credit scores ranging from poor to excellent. So while you may find that a personal loan isn’t quite right for you, you may find that one of our hire purchase agreements is much more suitable.

At CarFinance 247, you can choose a vehicle from any reputable dealership in the UK! If you do have good credit and opt for a personal loan agreement, you are then also given the option of using the funds to finance a private sale too, should you find your perfect vehicle being advertised privately.

Get a quote No impact on your credit score

Rates from 6.9% APR. Representative APR 27.4%

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Tim Carpenter, Dedicated car finance expert
Tim Carpenter Car Finance Expert
5 Years
Total cost of credit £ XXX.XX
Total repayment £ XX,XX.XX
48 monthly
payments of
£ 245 98

Rates from 6.9% APR: the exact rate you will be offered will be based on your circumstances

Representative example: borrowing £6,500 over 5 years with a representative APR of 27.4%, an annual interest rate of 27.4% (Fixed) and a deposit of £0.00, the amount payable would be £188.74 per month, with a total cost of credit of £4,824.37 and a total amount payable of £11,324.37

Rates may differ as they are dependent on individual circumstances. Subject to status.

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