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Personal car loan finance

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What are personal car loans and how do they work?

A personal loan is a type of borrowing that allows individuals to borrow money for a period of time and repay it with interest. Personal loans typically involve an agreement in which a fixed amount is borrowed and repayment terms are agreed upon. Personal loans can be used for many different purposes, including buying a car.

With personal car loans, you borrow the money before buying a car. Unlike a lot of other types of car finance, you’ll instantly own the car once it’s purchased. You will then need to pay the loan back to the lender with interest on top.

Securing personal car loans

With Car Finance Saver, you’ll find the right personal car loan in an instant. We’ve partnered with Monevo who can provide you with access to dozens of lenders with tailored and competitive finance deals. It won’t be long before you’re in your new set of wheels!

To find personal car loan quotes, fill out the application form and answer the simple questions provided. This will help to assess your eligibility, without affecting your credit score. Once you’ve completed the application, you’ll receive a list of personal loan lenders. Your chosen lender will then deal with your application.

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Frequently asked questions

A personal loan is a type of unsecured loan that can be used for any purpose. Personal loans don’t require collateral, like a car or house, and are often used for large purchases or to consolidate debt. These loans are typically paid off over time with fixed monthly payments, making them easier to budget for.

A personal car loan is a type of personal loan that can be used specifically towards the purchase of a vehicle. You are given the loan to help purchase the car.

In order to apply for a personal car loan, you will usually need proof of identity such as your driver’s licence or passport, proof of income, proof of residence, and information about the vehicle you intend to purchase including make/model/year, price, mileage etc. Application details will vary between lenders.

The amount that you can borrow with a personal car loan will depend on your credit score and financial situation. Always ensure that you can comfortably make the monthly payments before agreeing to a loan.

Having bad credit does not mean you will automatically be denied a loan; however, having poor credit may make it more difficult to find lenders willing to provide you with good rates and terms. Applicants with bad credit may be offered higher interest rates than those who have better scores because lenders view them as higher risk borrowers. If you’re applying for car finance with bad credit, you may benefit from a lender specifically tailored towards this.

Related personal car finance guides

Is a personal loan the right option for me?

When considering whether a personal loan is the right option for you, there are several things to consider. Firstly, how much money do you need to borrow? Terms and conditions will vary between lenders, depending on how much you wish to borrow. This may include interest rates, repayment periods and additional fees associated. Secondly, what is your current financial situation? Personal loans are generally unsecured loans that require no collateral or security deposit; however, some lenders may require higher credit scores or more secure forms of income in order to approve a loan application.

As with any type of loan, it’s important to do your research when considering a personal loan for your car purchase. Shopping around for different lenders with us will help ensure that you get the best possible deal for your needs. Read through all of the fine print before signing any documents, and don’t hesitate to ask questions if there’s something that isn’t clear. Doing this ensures that taking out a personal loan is the best option for your individual situation.

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Advantages & disadvantages of personal car finance

Advantages of personal car finance

Unlike traditional secured loans, personal car loans do not require any form of collateral from borrowers. This means that if you are unable to make repayments on your loan for any reason, you will not put any assets at risk as there is no security attached to the loan.

Disadvantages of personal car finance

The interest rate on personal loans is typically higher than with other types of borrowing due to the larger risk involved for lenders. The repayment period may also differ depending on the amount borrowed and how much can realistically be managed by the borrower.

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