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Here are some frequently asked questions about car loans. Have a different question? Contact us today.
What affects car loan rates in the UK?
Car loan rates are determined by several factors, such as your credit score, yearly income, current debts, the loan amount, and loan term you wish to borrow for.
Generally speaking, the higher your credit score is, the lower your car loan interest rate can be. Lenders also look at your debt to income ratio to make sure that your payments are reasonable based on your monthly income.
What can you do to save on car loans in the UK?
You are already taking the first steps to saving on car loans. When you apply with Ratewise, we automatically match you with the best deal for your situation.
What types of car financing are there?
Personal loan – Also known as a car loan, it is a very common way to finance a new car. A lender approves you for a loan and when you buy the car, you’ll get ownership and pay back your loan afterward.
Personal contract purchase (PCP) – With this option, you make a deposit (usually 10%) and you make fixed monthly payments, like a mortgage. The car will belong to the lender during the contract. Due to the down payment, your monthly payments tend to be lower than with a car loan. When the loan period ends you can pay the remaining value of the car to keep it or return or exchange the car.
Hire purchase (HP) – This option requires a deposit and fixed monthly payments. The car is owned by the lender and you’ll own the car after you’ve made the final payment.
Car leasing – This option involves renting the car for a period of time while making monthly payments. You won’t have the option to buy the car at the end of the contract. But some people like this option because they can get a new car every few years.
What should I look for in a good car loan deal?
Ratewise will help you find the best car loan deal for your situation. Apply for free online and you’ll be matched with a certified lender who can offer the best car loan deal for you.