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
May 6, 2012

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

My monthly budget is

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Rates from 8.9% APR. Representative APR 19.9%

My monthly budget is

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Rates from 8.9%: the exact rate you will be offered will be based on your circumstances, subject to status.

Representative example: borrowing £10,000 over 5 years with a representative APR of 19.9%, an annual interest rate of 19.9% (Fixed) and a deposit of £0.00, the amount payable would be £255.50 per month, with a total cost of credit of £5,329.80 and a total amount payable of £15,030.

We look to find the best rate from our panel of lenders and offer you the best deal that you're eligible for. We earn a commission for providing our services, but this does not influence the interest rate you’re offered in any way.

Amount to borrow

To pay over

5 years

Assuming your credit profile is:

Total cost of credit	£ 2000
Total repayment	£ 2000

48 monthly
payments of

£ 245 98

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Rates from 9.9%: the exact rate you will be offered will be based on your circumstances, subject to status.

Representative example: borrowing £25,000 over 48 months, £3,750.00 deposit, on PCP, with annual mileage of 8,000pa, and a representative APR of 11.9%, an annual interest rate of 11.9% (Fixed), the amount payable would be £394.51 per month, an optional final payment of £7,194.33, with a total cost of credit of £9,912.36 and a total amount payable of £28,444.33.

We look to find the best product from our panel of lenders and will offer you the best deal that you’re eligible for. We earn a commission for providing our services, but this does not influence the interest rate you’re offered in any way.

Personal loan related questions

Hi again, well we are wanting to get the loan now for home improvements and then get the car Finance around September time. I will be looking to get a car for £5500 and should have £700 deposit to put down. We can prove our income as well & between us we

Asked by Richard C
May 6, 2012

Hi Richard, from what you've said we'd be able to help with no problems at all. As long as you're paying the personal loan monthly payments off on time before applying for car finance that'll look good on your credit profile to be honest and shows lenders that you're a "safe bet" when lending large amounts of money too. I look forward to your application in the future. Regards, Rachel

Hi
I'm thinking of a car finance. I would like to spend £6000 because my job now requires me to drive around to visit clients. My credit score is currently 765. What are the options?

Asked by Lamine kaba
May 6, 2012

Hi Lamine, thank you for your question.

You have very good credit and a regular income which is an excellent start. We may be able to help you!

Please make an application when you're ready and if approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

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