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Overview
In the UK every year, around 250,000 new cars are purchased,
as well as a great many more used cars. These purchases
have to be funded somehow. For the lucky few, the car
may be paid for in one go out of savings or spare cash,
but for the majority of car buyers, a loan is the option
used to finance the deal.
Car loans are typically secured loans, but are available
to non-homeowners since the loan is secured on the car
itself rather than your home. This means that car loans
are accessible even if you are a tenant or living with
someone in shared accommodation.
There is usually a maximum of £25,000 offered
to borrow, but this is of course dependant upon your
circumstances. In many cases it may be much less than
that, and only occasionally will it be more.
You then pay back the loan over a set period of time,
with each payment consisting of both the portion of
original amount borrowed and also the interest that
has been agreed.
Section Guide:
- This section will tell you everything
you need to know when it comes to thinking about taking
out a car loan.
- There are many different types
of car loans available, and we aim to explain each
in detail and hopefully help you to choose which is
best for you.
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Any further questions? Browse through this page to
have them answered.
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A quick guide to all of the terms and words often
associated with loans, and will help to find the meaning
behind the sometimes complicated wording.
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Car
Loan Guide
