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Car Loans

There are a number of options you may wish to consider if you are looking for a car loan.

A loan from your bank may be the traditional place to start but you should consider all the banks and personal loan lenders out there if you want a straight forward loan.

Car finance hire purchase is taken out against a particular car.  The rates can be higher than a personal loan but as the car is used as a form of security the pass criteria may be easier than for an unsecured loan.

Personal contract hire.  Allows you to drive a vehicle of your choice without owning the vehicle.  You hire the car usually on a 12 -60 months contract and you pay a fixed month charge. You will normally have to pay a small deposit equivalent to 3 months monthly payments.  Advantages are that you simply hand the car back at the end and it's their problem to dispose of it.  Road fund license is normally included and for a little more each month your routine servicing maintenance costs can be covered.  Disadvantages are that excess mileage or damage not caused by wear and tear may be payable.

Personal contact purchase.  Similar to above with the option to buy the car outright at the end of the agreement.

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