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Personal loan for car purchase

Hi there, I am looking into purchasing a car on finance in the near future. My credit score is around 828 - I rent a house and have direct debits going out of my bank for my credit agreements.

I'm not too worried about getting the finance sorted but me and my girlfriend are wanting to get a personal loan soon for around £5k. Would this ruin my changes of getting a car on finance?

Asked by Richard C

Hi Richard, a great question and apologies for the delayed response.

Are you thinking of applying for the personal loan and hire purchase at the same time? You seem to have a good credit score so as long as you can prove your income showing that you can afford both loans then i don't see the personal loan as being an issue. What will the personal loan be used for?

Also how much are you looking to finance when purchasing your next car and do you have a deposit or a part exchange? Please make an application and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

Tim Carpenter
Answered by Tim Carpenter Car Finance Expert Edited on

Liked by 17 People

£
4 Years
Best available rate XX% APR
Total cost of credit £ XXX.XX
Total repayment £ XX,XX.XX
48 monthly
payments of
£ 245 98

Representative example: borrowing £7,500 over 4 years with a representative APR of 25.4%, an annual interest rate of 25.4% (Fixed) and a deposit of £0.00, the amount payable would be £239.77 per month, with a total cost of credit of £4,008.96 and a total amount payable of £11,508.96


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