What do you need for a new or used car loan?
Working out exactly what you need will help determine how much you need to borrow and which type of car loan will be best for you. For example, when thinking about new or used car loans you must think about whether you:
- Are buying a new or used car - some car finance is not available for used cars
- Want to buy a specific manufacturers' make and model?
- Want to buy a car privately?
- Have a car you want to trade in?
- Need to pay for vehicle repairs?
- Just want to pay to have the use of a car for a fixed period of time without the costs of repairs and servicing?
Your financial circumstances will also determine which type of car loan will be suitable for you, for example, do you:
- Own a home which could be used to secure a car loan?
- Have a good credit history, which will be checked if you don't have anything to secure your car loan against.
- Have a cash deposit or do you need to borrow the full purchase amount?
- Have an existing mortgage or personal loan you could top-up to buy the car?
- Have a fixed budget?
When borrowing you need to be sure you can afford to make the repayments - depending on your circumstances car loans can range from £1,000 to £25,000 and upwards, use our loan calculator to see what the repayment amounts would be for different loan amounts to help you work out how much you can afford to spend on a car.
Download the Car Loans PDF Guide here - see our other free PDF guides here
What are car loans?
What do you need for new or used car loans?
What's the difference between car loans and car finance?
Things to think about when considering new or used car loans
Applying through a car lender or car finance company
Car Loan FAQs - eg. bad credit car loan
More helpful car loan links
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