Skip to content

Car Finance Expert Q&A

Hi, I'm Edwin and I'm here to help you!
image description

Edwin Miles. Underwriting Manager

Car Finance Calculator

Calculate your loan immediately

close

How can I help you?

Do you have a question about Carfinance247 or its services? If so, please complete the form below for a response within 1 working hours. I have over 7 years experience working for Carfinance247 and have the responsibility to answer all questions asked.

Can i have a car loan if i already have a personal loan?

I have taken out a £15000 personal loan for home improvements. But i need car finance to get a car. I am keeping to all my repayments on my current loan. Can i obtain car finance?

Posted by Sandeep on

Answer.

Hi Sandeep, yes - this is completely possible. If anything the personal loan will strengthen your credit rating if you keep all the payments up to date.

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, Edwin

Posted by on
5/5

Rate Edwin’s advice.

image description

Question.

This comment is awaiting moderation.

Posted by Mariam sharifrazi on

Do you have a question on this topic?

Ask a question or leave a comment on this topic below

Back to Car Finance Expert Q&A

Back to top