Scared that your dream car may not be affordable? Think again. All Purpose Loans works with over 40 specialist lenders who offer some of the best car finance options available in the UK, including those with no deposit or for people with bad credit.
Applying through a specialist broker like All Purpose Loans means that it is significantly cheaper than applying through your local car dealership. With our low APRs and full market comparison, you could save as much as £1,000 on your car finance than if you went through a dealer. This is because you are paying a premium when speaking directly to the dealer – and when you have successfully been approved for your car loan, you can simply transfer this to purchase the vehicle of your choice.
Starting from around 3% APR, you can apply for a range of car loans that you can use to buy your dream BMW, Land Rover, Mercedes or any car for that matter. The car loan companies we work with typically offer finance over 1 to 7 years, allowing you choose the most flexible option for you.
Use our free car finance calculator to see how much you could borrow and how much you could be repay each month and overall. To get a free and no obligation quote, click on the button below. We require just a few basic details and can help you compare rates tailored to your requirements. We carry out a soft credit check so that applying online will not impact your credit score and there are no fees for using our service.
There are a few different options when using a loan to buy a car – and they typically involve making monthly payments until the car has been paid off. You have the option to put down larger deposits, make balloon payments or choose whether you want to own the car at the end or not.
Also known as PCP, this is a very common type of car loan where you pay an initial deposit and then monthly payments for a set period e.g 3 years, 5 years etc. The higher the deposit you make, the lower your monthly payments will be, since you will essentially own more of the car. The monthly repayments are typically lower than using other forms of car finance.
At the end of the loan term, you can decide if you want to make a ‘balloon payment’ which covers the cost of the vehicle and transfers ownership from the car finance company to you. If you do not wish to keep the vehicle, you can give it back, or start a new PCP deal and get a new car (which is very common).
With hire purchase or HP, you are paying a monthly fee to the finance company (over 1 to 7 years) until you have fully paid for it and then you will own it outright. Accordingly, you are paying to rent the car each month but eventually you will own it. You will be required to pay a minimum deposit of 10% at the start and again, the higher the deposit you make, the lower your monthly repayments will be.
A personal loan is very simply a loan in order to buy the car – and by keeping up with monthly payments, you will own the car fully at the end. Unlike hire purchase or personal contract hire, it is a car loan with no deposit. The loan is unsecured, so your eligibility is based on your income and credit status and you do not risk losing the vehicle if you cannot keep up with repayments.
When applying online, we simply need your basic details to apply including your name, age, address, income and monthly expenses. Upon receiving instant quotes, in order to proceed, you will need a copy of your driving license and in some cases proof of address (utility bill or bank statement) from the last 3 months.
Once you are presented with a list of options, you can compare the best rates and right product for you. Our team of advisors are always on hand if you have any further questions and would like some assistance. Some other things to consider include whether you would like to own the car outright at the end (hire purchase) or prefer to get a new car after the loan term of 3 or 5 years (PCP).
Start your application with All Purpose Loans today and get an instant quote in less than 5 minutes. We believe in keeping things simple, so there are no set up fees or hidden charges – you will only pay the interest rates that are presented to you and we take a small introductory fee from the car finance companies.
The rates offered may vary depending on your credit status and income, which is why it is important to compare the different offers to find the right product for you.