A personal car loan allows you to borrow a lump sum that you’ll usually receive in one go.
You’ll then need to pay the money back in monthly instalments for a set time period. Depending on the type of personal loan you have, this could be a fixed amount every month or it might vary depending on current interest rates.
There’s no deposit needed, but the lender could ask you to pay an arrangement fee upfront or as part of your monthly payments.
The thing that really makes personal loans stand out from the car finance crowd is that the finance company won’t own your car – it’s all yours as soon as you pay the seller. That means no restrictions. You can sell the car, go on an epic road trip or even take it off-roading – as long as you keep up with your repayments, anything goes.
Bear in mind though that if you opt for a restricted use personal loan, it may be specifically intended for car buying and could come with extra terms and conditions. Check the small print to be sure.
You’ll need to pass a credit check to qualify for a personal loan although no score will guarantee that you’re approved.
Next, you’ll need to decide whether you’d like a fixed or variable rate loan and how long you want to have to pay the loan back. Typically, the longer you have, the lower your monthly payments will be. Remember though that your APR could mean you end up paying more overall.
Always check your agreement for any restrictions but buying a car with a personal loan could work for you if:
For us, used car finance is all about helping people improve their everyday lives.
Whether it’s sorting out the school run, getting that big boot for the big shop, or just the car you’re proud to park outside the office, we work to get the right personal loan deal for you.
With our panel of lenders, we can look to find personal loans for people with good credit, bad credit and somewhere-in-between credit.
Plus, you’ll have a dedicated account manager on hand to help you through the process.
Whether you’re looking for a Peugeot on PCP, a Honda on HP, or a personal loan for a Land Rover, we could help!
It starts with a quote. If you’re approved in principle, your account manager will give you a call to talk through your options. No strings attached. They can answer any questions you have and grant you access to our car search – a treasure trove of over 125,000 used cars ready and waiting to find a home. Found a car somewhere else? We can still help – just let your account manager know.
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* The UK's number one online car finance broker by unique users to the website. Based on Hitwise data – 1,746,657 to CarFinance 247 vs. 666,020 for nearest competitor. January to December 2019.
96% of our customers recommend us: † Based on feedback left on independent review site Reviewcentre. May 2019.
CarFinance 247 is a trading name of CarFinance 247 Limited, a credit broker and insurance intermediary, and 247 Money Group Limited (247 Money), a lender. Both companies are part of the 247 group of companies.
CarFinance 247 is authorised and regulated by the Financial Conduct Authority under reference number: 653019. Registered office: Universal Square, Devonshire Street North, Manchester, M12 6JH. Registered in England. Company registration no. 06035525. Data Protection Registration Number Z1897658.
247 Money is authorised and regulated by the Financial Conduct Authority. Registered office: Universal Square, Devonshire Street North, Manchester, M12 6JH. Registered in England. Company registration no. 10989530. Data Protection Registration Number ZA456831.
All finance is subject to status and income. Written quotations on request. CarFinance 247 can introduce you to a limited number of finance providers, including 247Money, based upon your credit rating and will receive commission for such introductions.
† We do not charge a fee for arranging the finance, however some of our lenders may charge a fee. Your account manager can provide more information on this