What is a Car Loan?

An autoloan is essentially a personal loan, wherein the loan amount can be used to purchase a car. The carloan will enable you to pay the dealer or the seller of the car in full. You will, therefore, own the car from the very first day.

How Much Can I Borrow?

When you opt for a carloan, you can expect to borrow an amount ranging from a minimum of £1,000 and a maximum of £15,000 from the lender based on your credit score and your repayment affordability. The maximum repayment period for this loan type is 84 months.

Can I Get a CarLoan with Bad Credit?

While it is difficult to get a carloan with a bad credit history, it is not impossible. You must understand that only a select few lenders would be willing to offer you the loan, thereby limiting your options. In addition, you may also be charged a higher interest rate.
In case you do get approved for the loan, make sure you repay it on time and in full. This will ensure that your credit score gets a much-needed boost.

How Can I Get a CarLoan?

The process is fairly simple and hassle-free. All you need to do is follow the below-mentioned steps and get an instant car loan.

  1. Tell Us About You

Fill in the online application form with personal and professional details such as – date of birth, contact number, email address, current employment status, bank account details, residential address, and the loan amount you need and for how long.

  1. Get the decision

Our lenders will verify the information provided by you. They will also assess your loan eligibility to evaluate your creditworthiness. They need an assurance that you will be able to repay the money to them, without fail. The decision made by them will be displayed on the screen within a few minutes.

  1. Loan disbursal

If the lender approves your loan application, the amount will be disbursed by the lender to your bank account. The time taken for the disbursal depends on the lender you’ve chosen and your bank.

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FAQs on Car Loans

When you apply for a car loan via Loan Broker, our lenders will verify the information provided by you. Next, based on your ability to repay the amount and your creditworthiness, they will make a decision regarding your loan approval. Their decision will then be displayed on your screen within a few minutes.
Unfortunately, your application for a car loan does not guarantee that your loan will be approved. If your credit history is poor, and/or your repayment affordability is not as per the lender’s standards, your application may not be approved.
You can either purchase a new car or upgrade your existing one using the loan. You can also set aside some money for managing other vehicle-related expenses such as Insurance, Tax, MOTs, and Maintenance. You cannot use your autoloan amount for illegal purposes, or to buy stocks and shares in or outside of the UK.
One or more missed repayments can severely damage your credit score. It is, therefore, very important, that you only borrow an amount that you can repay without much hassle. In case, you are unable to make repayments, your ability to secure a loan in the future will be jeopardized. Hence, make sure to have a financial plan for monthly repayments in place before opting for a loan.
Yes, you can repay your loan earlier than the stipulated date. However, before doing so, do check with your lender to see if there is an ‘early exit fee’. If there is, then you might want to check if the early repayment is worth incurring the additional fee.

Find Car loan – With Loan Broker

Loan Broker is an FCA registered credit broker that operates across the major cities of the UK. All the lenders associated with it are also authorised by the financial regulator. The mission is to promote responsible lending and hence, our lenders perform soft credit checks to offer initial quotes. Soft credit checks are safe as they do not leave any footprint on your credit report and doesn’t even harm your credit report.

We do not charge any upfront fees to our consumers. We offer an array of unsecured loans such as – debt consolidation loans, self-employed loans, to help borrowers get back on their financial track. As a credit broker, we help our borrowers to find the right lender by considering their requirements. With Loan Broker by your side, you can choose no obligation loans. We are loan brokers, committed to extending a true hand of help for borrowers seeking hassle-free, and affordable loans despite bad credit rating.

Borrow responsibly and repay timely.