Can I Apply for a Car Loan if I Already have a Personal Loan?
October 21, 2012
I take it you have a UK licence and are on the electoral roll at your current address? Also do you have a deposit of any kind and how much are you after? Car finance is very similar to a personal loan anyway. The loan is just secured on the car when you take out car finance.
So, basically if you don't pay your repayments on time the finance company can come and take the "asset" (your car) away. With a personal loan this isn't possible as it isn't secured against anything and you could have used the loan for multiple purposes.
Please make an application when you're ready and email me the reference number. Kind Regards, Rachel