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Car Finance Expert Q&A

Hi, I'm Edwin and I'm here to help you!
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Edwin Miles. Underwriting Manager

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I want to buy my mums Hyundai i20 for £3000. Would I be able to get it on finance?

Hello there Edwin,
My mum is selling her i20 for £3000, and I would like to buy it but would need finance. I have a excellent credit history and earn £25000pa, but I’ve been told if I get finance I need to buy a new car from a dealer! Is this correct?

Posted by Karen C on


Dear Karen, thank you for your question,

As you have excellent credit history and a healthy regular income, you may actually qualify for a personal loan. Do you think you meet these criteria? If you are approved for a personal loan, your loan is not secured against the car, so you can also use it to cover your insurance and road tax, and purchase whichever car you like. We have a number of lenders that are able to offer competitive rates for personal loans.

If you are approved for a Hire Purchase or PCP loan, you can choose a car from any reputable dealership in the UK. It doesn't have to be a brand new car, but it may help you secure finance if the vehicle is no more than 10 years old at the end of your contract. If this isn't the case however, we do have some lenders that are flexible in this sense as well!

Please make an application when you are ready, and we will try our best to help you. Kind Regards, Edwin

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