If you are looking to buy a car then you may need to take out a loan. Car finance loans can be taken out for a duration of up to 25 years, with varying APR rates depending on the lender and your personal situation. In order to save yourself money, and get yourself the best deal, you must first compare your options, as there are many different loans you can apply for to help you finance a car purchase.
You can find out more about the types of car loans available to you in our specialised loans section, where you can use our price comparison chart to help you choose the loan that suits you.
Can I apply?
Depending on the lender, the eligibility criteria will vary. Many banks may require you to already have an account, with access to online banking, with them to qualify for their car loan. However, in general, most banks simply require you to be a UK resident aged at least 18 years old. A good credit score is also a factor that may help your application be approved.
What’s the catch?
There are many different types of car finance, from conditional sale to personal contract hire, and each loan has its own conditions and catches. A conditional sale loan is a secured loan, with the car as the security, meaning that if you cannot pay off the loan in full, then the car is repossessed. Some providers may also stipulate a mile limit on the car, limiting your use. However, if you need assistance with purchasing a car then these loans are the best
How can I apply?
If you wish to take out a car loan with your bank, then you can do this online, or in your local branch. Before you decide which lender to use, look at our car loan section under specialised loans and compare the offers in our comparison chart.