Car loans

The Car Loan Site will help find you the best finance package to suit your circumstances.

We can find you the lowest rates, even if you have no deposit, bad credit, or have been refused finance in the past. Whether you're a first time buyer or out to purchase the car of your dreams, we can help you make the right choice. However there are more things to consider than simply getting the lowest rate, so here are a few things to think about before committing to a loan:

Are there any hidden costs?

Many companies offer a low rate but they make up for this by charging arrangement fees or an early repayment fee.

Is the loan secured?

Some loans particularly ones for large amounts will be secured on assets such as your home. It's always best to get an unsecured loan if possible, just be very clear that if you have a secured loan that you can't pay you could lose a lot more than your car. A good safe guard on secured loans would be to take out repayment protection insurance.

Is the rate fixed?

Cheap rates may be variable which means they can go up as well as down, for a short term loan a fixed rate is easier to budget for as you will be debited the same amount every month until it's paid.

Am I eligible?

Many loans will incorporate exclusions to lower their risk. For example unemployed, first time drivers or the elderly may be considered a higher risk and so may have to provide additional information to qualify.

Can I afford it?

Before even considering a loan for any purpose work out your income and expenditure so you know what you can afford each month, and be realistic. Once you have this figure you can calculate how much you can afford to borrow over what period. Many sites have a useful payment calculator to make this easier.

Now you know some of the pitfalls you are better equipped to find the right car loan for you.