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The Best Cheap Car Loans

Apply today with Oink Money to find the best car loans available to you from our large panel of reputable UK lenders. We are a licensed credit broker and not a lender.

Car Finance - What you need to know

As the name suggests, car finance is money you can borrow to help you buy a car. They are usually offered by car dealers but you can also get them from other finance companies, so it is best to look around before you commit. We've taken the hard work out of shopping around for the best deal, tailored to meet your requirements - use our form to apply for a car loan with Oink Money today.

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There are different types of car finance loans available, depending on your needs and current situation. They can be either general or personal loans depending who you take out a loan with, and some lenders will ask to guarantee the funds against the value of the vehicle. You may not always be able to borrow the whole amount required to purchase the vehicle as the lender may only wish to loan you what they think the car is worth. Most loans run from around 1 to 5 years but it can vary depending on your needs and individual providers may offer different products.

Use our simple car finance calculator to work out the likely cost of borrowing for your new pride and joy.

Why are the benefits of car finance?

This type of loan is great for those that wish to change their car often. They offer a chance to avoid paying a lump sum for a car, that many cannot afford to do. You can get flexible car finance loans depending on the kind of loan you decide to take out. They offer a feasible way to purchase or lease a car for as long as you need. Oink Money can help you find the best car loan deal available to you.

What funding options are available when looking to finance a car?

Cash

While not a loan, cash is the most cost effective way to pay for your new car. It means that you will not have any interest added to your purchase, although this isn't often a viable option.

Personal Loan

A personal, unsecured loan is a great option for purchases between £1,000 to £25,000 and is the type of lending usually offered by a bank or building society. It’s a useful way to pay for your car because you can take the loan out for a number of years, often over a period which is longer than dedicated car finance. Monthly repayments can be quite high but you will own the car outright and the repayments tend to be lower than if you had borrowed using other means. Your credit rating will be assessed and this could affect your chance of securing the funds.

Hire Purchase

Usually, with hire purchase (or HP), you will pay around 5-15% of the total cost of the car as a deposit. You will then pay an agreed monthly payment towards the car until you have reached the final payment. Only then will you own the car.

Personal Contract Purchase

A personal contract purchase (PCP) is the loan offered by a car's manufacturer. You will enter into a contract with this company and pay a monthly amount for a predetermined period of time. At the end of the contract, you will be able to renew or buy the car outright, depending on your own preference.

Personal Contract Hire

Similar to PCP, personal contract hire (PCH) is an agreement made with the manufacturer to lease the car for a certain period of time. At the end of the agreement you will not have the option to buy the car and you never own it. PCP is more flexible because you decide if you would like to keep the car at the end of the agreement. These agreements are ideal for people who change their car frequently, however this often comes at a slightly higher price and charges can apply if you return the car in poor condition.

Who is eligible for a car loan?

Most people are eligible to apply for a car loan but the deal you get will vary depending on credit rating. Poor credit rating can affect your application and may result in a higher interest rate or hinder your chance of receiving a car finance loan altogether. If you have a lower score then there are still bad credit car loans available. We compare the available deals across a number of popular lenders in the UK, ensuring you get the best deal available to you. Be sure to check the APR of any deal that you are thinking to enter into, so you are fully aware of all costs.

What is a Log Book Loan?

A log book loan is credit secured on your vehicle. Technically, the lender owns your motor until you have made all of the repayments. The amount you can borrow depends on the value of your car, with some lenders only lending up to 50% of the value. They're called 'logbook loans' because the lender will ask for your V5C vehicle registration certificate, which is also known as your log book. The lender will become the registered owner of the vehicle so that should you miss one or more repayments, they can use the motor as collateral.

The interest rate can be more costly than secured lending, however a log book loan may be available to you if you have a poor credit history. You should also consider that with this type of lending, you may not have the same rights as you would with a Hire Purchase agreement or other type of car finance.

What should you look out for when getting a car loan?

Points to consider are: