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Below you will see information on Car Loans.



For a large number of people, deciding to buy a car is one of the biggest decisions and purchases that they will ever make in their lifetime. Whether you are looking for a brand new or used car, prices can vary greatly. Aside from the purchase price are other costs to consider, including tax and insurance.

There are various ways of financing a car, including:

'Cash' purchase

A cash purchase means any payment that takes place in one go. It doesn't mean you have to pay in cash (notes and coins). Make sure you check that all the paperwork is genuine and above board before you hand over any money.

Hire purchase

Lots of dealers offer their own arrangements, most commonly the Hire Purchase (HP). Another form of dealer arrangement is the Personal Contract Plan (PCP). They are types of loans, and will carry an APR rate make sure you take into account fees and charges as well as the rate when you work out if this option is worthwhile.

Car Loan, other personal loan or Credit Card

You can get a range of loans and credit cards these days, to help pay for a significant purchase such as a car. Today, you can tailor your loan search by getting a Car Loan from a specialist provider. There are many available who offer an easy online application process and they usually cater for people regardless of credit history.

What is a Car Loan?

Unlike a hire purchase where the car company technically owns your car until your final instalment has been paid off, a specialist Car Loan can give you the chance to buy your car outright and pay back the loan over time.

Car Loans are provided by companies who offer a quick, user-friendly service. Generally, you can apply online and are rarely turned down. In fact, most specialist car loan providers highlight that they are willing to take on customers regardless of their credit history. This makes them especially appealing to people who have been turned down elsewhere.

Who is Eligible for a Car Loan?

Most car loans ask for your driving licence, passport, proof of address and they might ask for a few bank statements. They might ask that you are at least 21 years of age. A credit check might be carried out and this could affect the amount that a customer is then offered but a poor credit history won't necessarily mean that an applicant is turned down. In many cases, even self-employed people will be able to get a car loan.

Do Car Loan Companies Sell Cars?

Rarely. Unlike a hire purchase deal from a car dealer, car loan providers are purely providing a financial service they are not selling cars.

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