Compare Car Loans
| Glossary of Terms | Company / Product | Headline Rate APR | Loan | Online Decision | More Info | Apply | |||||||||||||||||||||||||||||||||||||||||||
  | Company | Min | Max | Min Term | MaxTerm | ||||||||||||||||||||||||||||||||||||||||||||
 | Alliance and Leicester Loan (Semi-Exclusive) | 7.9% | £1,000 | £20,000 | 1year | 5years |  |  |  | ||||||||||||||||||||||||||||||||||||||||
Alliance & Leicester Personal Loans are provided by Santander UK plc | |||||||||||||||||||||||||||||||||||||||||||||||||
 | Barclays Barclayloan Plus (Existing Customers Only) | 10.9% | £5,000 | £25,000 | 2years | 5years |  | | | ||||||||||||||||||||||||||||||||||||||||
Only available to Barclays Customers who have held a current account with Barclays for more than 12 months, paid... more | |||||||||||||||||||||||||||||||||||||||||||||||||
 | Halifax Internet Loan (Existing Customers Only) | 9.9% | £7,000 | £15,000 | 1year | 7years | | | | ||||||||||||||||||||||||||||||||||||||||
Existing Halifax customers only | |||||||||||||||||||||||||||||||||||||||||||||||||
 | Nationwide Personal Loan | 7.6% | £7,500 | £25,000 | 1year | 5years | | | | ||||||||||||||||||||||||||||||||||||||||
Existing customers only and must have a monthly credit turnover of at least £750 (excludes internal transfers)... more | |||||||||||||||||||||||||||||||||||||||||||||||||
 | Bank of Scotland BOS Loan (Semi-exclusive/Existing Customers) | 11.5% | £1,000 | £13,000 | 1year | 7years | | | | ||||||||||||||||||||||||||||||||||||||||
Existing Bank Of Scotland customers only | |||||||||||||||||||||||||||||||||||||||||||||||||
 | Provident Personal Credit Provident Loan (Cash) | 272.2% | £50 | £500 | 8months | 14months | | | | ||||||||||||||||||||||||||||||||||||||||
 | Bank of Ireland BOI Direct Personal Loan | 9.5% | £1,000 | £25,000 | 6months | 5years | | | | ||||||||||||||||||||||||||||||||||||||||
To apply, you must have had a Bank of Ireland Current Account in Northern Ireland or GB for the last 6 months. | |||||||||||||||||||||||||||||||||||||||||||||||||
| Bank of Scotland BOS Internet Loan (Existing Customers Only) | 10.9% | £7,000 | £25,000 | 1year | 7years | | | | ||||||||||||||||||||||||||||||||||||||||
Existing Bank Of Scotland customers only | |||||||||||||||||||||||||||||||||||||||||||||||||
 | Black Horse Loan | 8.9% | £500 | £15,000 | 1year | 5years | | | | ||||||||||||||||||||||||||||||||||||||||
 | The Co-operative Bank The Co-op Personal Loan (Internet) | 8.9% | £2,000 | £25,000 | 1year | 7years | | | | ||||||||||||||||||||||||||||||||||||||||
 | First Direct Personal Loan | 8.9% | £1,000 | £25,000 | 1year | 7years | | | | ||||||||||||||||||||||||||||||||||||||||
Only available to existing First Direct customers. | |||||||||||||||||||||||||||||||||||||||||||||||||
 | First Trust Bank Personal Loan | 9.9% | £3,000 | £15,000 | 1year | 5years | | | | ||||||||||||||||||||||||||||||||||||||||
Loan only available to First Trust Bank (NI) customers. | |||||||||||||||||||||||||||||||||||||||||||||||||
 | Furness Building Society Furness Personal Loan | 8.9% | £2,000 | £25,000 | 1year | 7years | | | | ||||||||||||||||||||||||||||||||||||||||
 | Great Universal Home Shopping PF loan | 18.9% | £1,000 | £25,000 | 1year | 7years | | | | ||||||||||||||||||||||||||||||||||||||||
You need to be a GREAT UNIVERSAL catalogue customer to apply. | |||||||||||||||||||||||||||||||||||||||||||||||||
 | M&S Personal Loan (Internet) | 8.7% | £1,000 | £25,000 | 1year | 7years | | | | ||||||||||||||||||||||||||||||||||||||||
 | NatWest Personal Loan | 11.4% | £1,000 | £25,000 | 1year | 7years | | | | ||||||||||||||||||||||||||||||||||||||||
Existing customers only. | |||||||||||||||||||||||||||||||||||||||||||||||||
 | Northern Bank Personal Loan | 9.4% | £1,000 | £25,000 | 1year | 5years | | | | ||||||||||||||||||||||||||||||||||||||||
 | Norwich & Peterborough Building Society Norwich & Peterborough Personal Loan | 8.99% | £1,000 | £25,000 | 1year | 7years | | | | ||||||||||||||||||||||||||||||||||||||||
Only existing N&P customers can apply for this personal loan online or via phone. If you're a new customer, you... more | |||||||||||||||||||||||||||||||||||||||||||||||||
 | Post Office Personal Loan | 9.9% | £2,000 | £25,000 | 1year | 7years | | | | ||||||||||||||||||||||||||||||||||||||||
 | RBS Internet Loan (Existing) | 11.4% | £1,000 | £25,000 | 1year | 7years | | | | ||||||||||||||||||||||||||||||||||||||||
Loan available to all RBS customers | |||||||||||||||||||||||||||||||||||||||||||||||||
 | Edit Selected Products Remove All Products | ||||||||||||||||||||||||||||||||||||||||||||||||
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Car Loans Explained
If you're looking to upgrade to your dream car but need to borrow a little extra, we explain your options.
A new car can be an expensive purchase, with finance plans offered by car dealers often charging extortionate rates of interest. However, by financing the purchase of a new car through an independent car loan specialist, you are likely to be offered a more reasonable interest rate with repayments spread over a term of your choice, enabling you to upgrade your vehicle affordably.
There are two main types of loans which can be used to purchase a new car; specialist car loans (where the loan amount is secured against the car rather than your house) and regular personal loans (where you simply choose to spend the borrowed funds on a new car).
The majority of companies offering regular secured or unsecured personal loans will be willing to lend funds to contribute towards the purchase of a new car. However, specially tailored car loans are also available and these are often accompanied by a degree of repayment flexibility and other features which are more beneficial to the purchase of a car. These features may include the ability to defer repayments (giving the option of lower initial payments followed by a lump sum payment at the end of the loan term), cashback on the vehicle, direct payment to the car dealer and enhancements such as vehicle checks or breakdown service membership.
Whether you choose a specialist car loan or a regular personal loan the monthly repayments are likely to be based on a percentage of the total loan amount spread evenly over the loan term coupled with interest payments. The interest rate applied will be dependent on your personal circumstances, the amount borrowed and for specialist car loans, may depend on the vehicle being purchased. Additionally, just as homeowner loans are secured on the borrower's property, car loans may be secured on the vehicle purchased and if repayments aren't met it may be reclaimed.
The majority of car loan specialists do not place restrictions on the dealers or type of car purchasable with the loan funds, however it is always best to check as some impose restrictions specifying that you are only eligible for a car loan if you agree to purchase the car from a particular source. It is also important to check whether payment protection insurance or gap insurance is automatically included with the monthly loan amount or whether they are optional extras.
Payment protection insurance is designed to cover the loan repayments if you are unable to meet them due to sickness or unemployment, whereas gap insurance is designed to pay out if the amount granted by your insurance company in the event of your car being stolen or written off in an accident is not sufficient to replace the car. Both types of insurance can be useful accompaniments, simply to provide reassurance that if the unforeseen did happen you would not loose your car, however they do usually come at an additional cost.
By comparing the features and monthly repayments offered by different car loan specialists as well as checking whether there are any arrangement fees imposed, regardless of your circumstances you should be able to borrow an amount sufficient to purchase your new vehicle, with repayments that suit your lifestyle.
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