Representative example: borrowing £7,000 over 5 years with a representative APR of 21.9%, the annual interest rate of 21.9% (Fixed) and a deposit of £0.00, the monthly would be £178.52, with a total cost of credit of £3711.20 and a total amount payable of £10,711.20. Rates may differ as they are dependent on individual circumstances'. Rates from 9.9% APR: the exact rate you will be offered will be based on your circumstances, subject to status. Quick Car Finance are a broker not a lender.
Get a decision on car loan in minutes
- No mileage restrictions
- Own the vehicle straight away
- No deposit needed
- Quick turnaround
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What is a car loan?
How it works
- Complete Apply Form Tell us a little about what your looking for and who you are.
- Length of term How long are you looking to take finance out for?
- List of comparisons We will provide you with a list of competitive rates that suit your personal needs.
- Shop our best deals We will help you shop around to find the best deal that is available to you.
Why choose a car loan
- Payment terms that works for you
- Quick Turnaround
- Most credit scores are considered
A car loan is a common way to buy a used car. The car loan is made up of 3 key elements.
- Loan Term If you choose a longer term, it will usually mean lower monthly repayments. Naturally this may mean paying more interest over the term of the agreement.
- Loan Amount How much you want to borrow affects the interest (APR) you will have to pay.
- APR The lower your interest rate is the less interest you’ll have to pay across the term of the loan. The better your credit is, the better chance you have of getting a lower interest rate.
What this means for me
A car loan is a great option for many people. Especially if:
- No Restrictions You don't want any mile restrictions on your vehicle.
- Immediate You want to own the vehicle straight away.
- No Deposit You don't need a deposit to buy the car with a car loan as you borrow the money you need.
Personal contract purchase (PCP) finance agreements may have mileage restrictions, which means you agree to limit the number of miles you drive the vehicle during the term of the agreement.
How to Get a Car Loan FAQs
- What matters most when applying for a car loan?
Several factors are crucial when applying for a car loan. These include: Creditworthiness: Your credit score and credit history are among the most significant factors. A higher credit score often leads to more favorable loan terms, including lower interest rates. Income and Employment: Lenders assess your income to ensure you have the means to make regular payments. Stable employment and a reliable income source can positively influence your application. Down Payment: The amount of money you can put down as a deposit can impact your eligibility for a car loan. A larger down payment can often lead to more favorable loan terms. Loan Amount and Term: The total amount you're seeking to borrow and the length of the loan term are crucial considerations. Be sure that the loan amount aligns with your budget and that the term provides manageable monthly payments. Debt-to-Income Ratio: Lenders evaluate your debt-to-income ratio to ensure you can comfortably handle additional debt. This ratio reflects the proportion of your income that goes towards existing debts.
- Are car loans difficult to get?
The ease of obtaining a car loan can vary depending on individual circumstances. For individuals with a good credit history, stable employment, and a reasonable debt-to-income ratio, getting a car loan is typically not difficult. Many lenders, including banks, credit unions, and specialized auto finance companies, offer financing options for purchasing a car. However, if you have a lower credit score, limited or unstable income, or a high debt-to-income ratio, securing a car loan may be more challenging. In such cases, you may still be able to obtain a car loan, but you may face higher interest rates or need to provide a larger down payment.
- What can affect getting car finance?
Several factors can affect your ability to secure car finance: Credit History: A strong credit history with a higher credit score generally leads to more favorable loan terms. A lower credit score may result in higher interest rates or stricter lending criteria. Income and Employment Stability: Lenders want to ensure you have a reliable source of income to make monthly payments. Stable employment and a steady income can positively impact your application. Down Payment: The amount of money you can put down as a deposit can influence your eligibility for car finance. A larger down payment can lead to more favorable loan terms. Debt-to-Income Ratio: Lenders assess your debt-to-income ratio to determine if you can comfortably manage additional debt. This ratio represents the percentage of your income that goes towards existing debts. Loan Amount and Term: The total amount you're seeking to borrow and the length of the loan term are important considerations. Ensure the loan amount aligns with your budget and that the term provides manageable monthly payments.
- How long does it take to get car finance approved UK?
The time it takes to get car finance approved in the UK can vary depending on the lender and your individual circumstances. In some cases, you may receive a decision within minutes if applying online with a lender that offers instant approvals. However, for more comprehensive applications or if additional documentation is required, it may take a few days to a week to receive a final decision. It's important to note that being prepared with all necessary documentation, having a good credit history, and providing accurate information can expedite the approval process. Additionally, some lenders may offer expedited or same-day approval options for qualified applicants.