The most popular method of financing a car purchase is a personal loan, which is used by approximately one third of car buyers.
There is a bewildering choice of car finance: Hire Purchase, Personal Contract Purchase (PCP), Personal Contract Hire (PCH), dealer finance or personal loans.
Why are personal loans so popular? A personal loan gives you instant vehicle ownership and provides the best value if you keep your car for a longer period of time. And if you don’t want annual mileage restrictions. You can seek out the most suitable finance for your circumstances, comparing interest rates and time periods. You will then have cash in your pocket to drive a hard bargain to buy the car you really want!
If you are highly creditworthy you may be able to borrow using an unsecured personal loan. But maybe your credit score isn’t so good and you want to borrow over a longer time period to keep the monthly payments down? If you are a homeowner you can apply for a secured vehicle loan on your property.
We’ve put together some frequently asked questions to help you make an informed decision. Click on the links below for more information.