WARNING: LATE REPAYMENT CAN CAUSE YOU SERIOUS MONEY PROBLEMS. RATES FROM 45.3% APR TO 1575% APR FOR HELP, GO TO MONEYADVICESERVICE.ORG.UK

Online loans £50 To £2000

The Best Loans In Then Market

How much?

Representative 277.5% APR Representative Example: Borrow £700 and pay £111.27 per month for 12 months at an interest rate of 140% per annum (fixed). The total charge for credit is £635.24 The total amount repayable is £1335.24. Representative 277.5% APR (variable). Your APR rate will be based on your circumstances.

Why Choose MoneyFall

Quick and Easy Process to the money you need. The most reliable lenders from across all the UK

Loan amount
1,500 - 25,000
Loan term
1 - 5 Years
CUSTOMERSCORES
Excellent
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Loan amount
500 - 25,000
Loan term
1 - 5 Years
CUSTOMERSCORES
Gold Trusted Service - feefo
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Loan amount
500 - 25,000
Loan term
1 - 5 Years
CUSTOMERSCORES
Gold Trusted Service - feefo
Apply Now

Show More ▼

Loan amount
500 - 25,000
Loan term
1 - 5 Years
CUSTOMERSCORES
Gold Trusted Service - feefo
Apply Now

Show More ▼

Representative Example:
305.9% APR. £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)

Cheap Car Loans

Purchasing your first car may be one of the happiest days of your life. It’s one way to know that you’re doing well at adulthood. But what if your savings are not enough to cover the vehicle you want. Thanks to cheap car loans from a bank, your dream is one step away.

It is true that many dealers are offering auto loans almost everywhere but still, it’s best to stick with a bank, especially with the ones you are with for a long time. Most dealers charge a higher rate since they are working as the middle person between you and the bank. Aside from the extra charge for their service, they are also earning commission for every successful transaction. You may be enticed with the promos and freebies that they are offering, but you should always watch out for hidden charges.

If it’s your first time to buy a car, it’s a must to look for cheap loans so you will not surprise yourself with a hefty monthly repayment. Below is a quick guide on how you can you apply for a car loan.

Basic Requirements for Cheap Car Loans

Every personal lender has their own set of criteria to be qualified but the typical requirements for cheap car loans are the following:

  • You need to be at least 18 years old and no older than 60 or 65 years of age for some upon loan maturity.
  • You must reach the minimum monthly household specified by the lender.
  • You have to be a resident or citizen of the United Kingdom.
  • You have to be a regular employee of a reputable company for at least 6 months or two years.

It’s best to contact the cheap car loans provider first to find out the exact requirements they need. This will save you time and effort and you can prepare the prerequisites ahead of time. In case you’re certain that you meet the minimum requirements, you can proceed with your finances. Organize your budget and make sure that you make a room for emergencies or unexpected expenses. It’s crucial that you are honest and realistic with your financial capability before you make a commitment to apply for a car loan. Come out with an estimate of how much extra cash you can spare for the loan repayments and remember to stick with your budget plan.

why choose cheap car loans

When applying for an auto loan – or other loan options – your credit score will play a huge part in the lender’s decision. More or less, it will determine whether you’re approved or not. If you have outstanding debts or have multiple payments behind your credit card expenses, the bank is less likely to provide you the car loan you need – and it’s for your own sake, too. If you want to have a glimpse of your fate with car loans, you can try taking online pre-approval tests to know your chance of getting approved.

Find Out The Car You Can Afford

Before actually submitting the requirements for cheap car loans, create a list of all your needs and wants in terms of the type of car. Are you aiming for a brand new car or a used one? Have you thought about the car’s fuel efficiency? Do you need a large SUV or a smaller car like a sedan? Most of all, what brand of auto do you want? These factors are crucial as you can use this when coming up with a research. You can also create a list of top car brands or type you have in mind in case things don’t work out as planned. You may want to pursue your dream car but think about its affordability first. Does it fit the payday budget you created earlier? If not, then it’s best to look for a new one. Also, be sure to leave extra cash for other necessary car expenses such as the insurance, registration, gas expenses, maintenance, repairs, etc.

Using Online UK Car Loan Calculators

If it’s not your first time to take out a loan, you probably know how beneficial loan calculators are. Most bank and lenders website offer this tool to find out the overall cost of the cheap car loans you’re planning to take. Although they only provide an estimate, and the loan’s actual offer may vary after you completed the application, loan calculators are still beneficial before you agree with the loan. It helps in structuring the kind of loan option and repayments you can have to reduce the cost and it’s a perfect data when you are comparing cheap car loans among banks.

Some of the key features you can consider when using a loan calculator is the loanable amount, down payment, and the repayment term. Brand new cars usually have a lower down payment compared to used cars. In terms of the down payment, releasing a lower amount suggests cheaper cash paid upfront; however, a bigger down payment will help you save money in the long run as it often comes with a lower interest rate.

Meanwhile, the repayment term – or the duration of the car loan – affects the overall cost. Most car loans have terms that range from one year up to 5 years. Like other types of the loan even for those that have bad credit, the shorter the repayment, the lesser the interest charged; the longer the repayment period, the higher the interest applied. So, choose wisely.

Once you’re done inputting these in the loan calculator, it will generate a draft of your monthly amortization – or the fixed monthly amount you will settle to the bank or the lender until the loan term ends. It’s a combination of the principal rate, interest, and other charges involved. Your monthly repayment is influenced by the down payment and the loan term. If you’re thinking about having short-term repayments, be sure that your household budget and other expenses will not be affected. On the bright side, this means that it won’t be long until you finish repaying the loan.

Whatever your choices are, it’s important that you study the loan structure that will benefit you the most. It’s also necessary to consider a structure that won’t put a strain on your budget or burdens with exorbitant rates.

why get cheap car loans

5 most recent personal loan reviews

Review of Bridge Finance

This is my second loan with Bridge Finance and both times they have been very helpful and informative. Explained everything to me and made sure I understood the process and what would happen. I would recommend Bridge to anyone.

Review posted by Charlotte Ashton

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Wesleyan Bank

Wesleyan loans are a financial institute which is excellent for applying for loans. It looks at all your circumstances and provide loans to people who are refused elsewhere. They are fast and honest. I would recommend Wesleyan loans to anybody who needs a loan.

Review posted by Zafrullah Khan, Slough

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Logbook Loans

Really happy with my experience with Logbook. Most of the process was done online from the convenience of my own home. Really friendly customer services too! Highly recommended.

Review posted by Bethany Holcombe, Cirencester

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money
All reviews are sourced from Trustpilot.com for authenticity.