When you want to get a loan against a car, here at Personal Loans Now we can help provide you with the funds you need, offering up to £25,000 unsecured borrowing online. It’s easy to use our online application, taking just a few minutes before we can give you instant approval. One application will give you access to the full market of over 40+ direct lenders we can connect you with. Hit the apply now button today and we’ll find you a loan against a car that works for you.
What is a Loan Against My Car?
A personal loan against a car refers to a form of unsecured borrowing that will provide you with funds so that you can purchase a vehicle. Whether you want to purchase a second-hand car or a brand new model, we help finance it with a loan against a car. With flexible loan terms and affordable monthly repayments, a loan against a car can be the ideal solution. To be eligible to apply for a personal loan against a car, you will need to meet the following eligibility requirements:
- You are aged 18 years or over
- You are a current UK resident
- You have a UK bank account
- You have a regular source of income
If you can meet the above, then you are on the first step to get a loan against a car through Personal Loans Now. Please be aware that the above eligibility is a minimum requirement and not a guarantee of loan approval. You will need to pass a credit and affordability check during your application to ensure you can meet the required repayments as part of the approval process.
Get a Loan Against a Car Instantly Online
Once you have met the eligibility requirements and have clicked the apply now button, you will need to supply a few personal details, including your date of birth and employment details. The application should take just 3 minutes to complete, then once done, we can provide you with an instant decision within 90 seconds. The great thing about our application process is that you can see all the loans you have available with just one application and all without a credit check needed. This way, you can see all the options in a personalised loan comparison table without affecting your credit rating, only needing a search of your credit file once deciding to apply.
Can I Get a Loan Against a Car with Bad Credit?
We understand not everyone has the perfect credit score, which is why we look at your affordability as a whole. If you have enough disposable income to cover repayments, even with a bad credit score, we may be able to approve your loan. If we cannot approve the loan amount ourselves, we can show you the direct lenders best placed to help, showing you a personalised table of offers that match your circumstances. If you have bad credit, we cannot guarantee you will be approved for a loan against a car. You may find that the offers available to you will be for a maximum of £7,500 and may have a higher rate of interest or repayments for a higher monthly amount. You will need to carefully consider if applying for a personal loan against a car is right for your current situation if you have bad credit.
Why Choose Personal Loans Now for a Loan Against a Car?
At Personal Loans Now, we can take the confusion and effort out of looking for a loan against a car by providing you with many benefits:
- Fully Online Application – you can apply fully online for a personal loan against a car without needing to wait for any paperwork.
- Low APR rates – apply for the best interest rates and deals available for you.
- Instant Approval – you’ll get an instant decision within just 90 seconds.
- Same Day Payment – once approved, you’ll receive the funds into your bank account on the same day.
- Bad Credit Welcome – even if you have bad credit, we can still help you with low-rate loans.
If you know how much you want to borrow and how long for, click apply now and we can start finding you the best deals available. If you’re unsure on how much you want to borrow, use our loan calculator to see how much you could potentially apply for and what the repayments and interest rates will be.
Why Should I Get A Loan Against My Car?
There are many reasons you may want to apply for a loan against a car, the main one being to spread the cost of a vehicle that you cannot pay for upfront in full. A personal loan against a car can provide you with a low rate of interest and manageable monthly repayments to make owning your next vehicle that much easier. Being able to budget monthly for a large purchase is much more convenient unless you have the savings to be able to purchase in full in one payment. Another good reason to apply for a loan against a car is that, if approved, it can help you build up your credit rating, especially if it is currently poor. This will mean in future, once you have paid this loan off, you will be in a much better position financially to apply for a larger amount in future.
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Loan Against a Car FAQs
Is it Safe to Apply for a Loan Against a Car Online?
Yes, absolutely, as we use a secure connection to ensure that your personal details are kept safe and are only shared with the lenders you want to apply through. We are an FSA authorised lender, as are all of the direct lenders we connect you with. You can rest assured that we will use your data carefully and ensure your online experience using Personal Loans Now is in line with FCA guidelines.
I Need a Loan Against My Car for a Higher Value, Can Personal Loans Now Help?
Depending on your current circumstances, you can apply to borrow up to £25,000 unsecured for a loan against a car. This is the maximum you can apply for unsecured through Personal Loans Now. If you want to apply for larger amounts above £25,000, we can offer secured loans that can help. With a secured loan, you may able to borrow up to £100,000 directly if it is secured against a property or a vehicle. This way you can borrow a much higher amount to cover a more expensive vehicle purchase if this is an option for you. Like any of our loans, the amount you can borrow is subject to status and will depend on if you pass a credit search and have the demonstratable affordability.
Do I Need a Guarantor to Apply for a Loan Against My Car?
It is not necessary to have a guarantor co-sign a loan against a car, however, it may help your chances for approval. If you currently have a poor credit score, having a guarantor co-sign your application may help you receive a much better rate of interest and repayment terms. If you can afford to apply for a loan against a car and have a good credit rating, you’ll be able to apply for a loan against a car without the need for a guarantor. If your credit rating is bad, then we recommend looking at our guarantor loans for options to apply with a guarantor.
How Quickly Can I Receive the Funds for a Loan Against A Car?
Once you have been approved, you can receive the funds you’ve applied for the very same day into your bank account. With this quick turnaround, you’ll be able to purchase your ideal vehicle in no time. Please be aware that depending on the time of day that you make an application for a loan against a car, this may be the next working day you receive the money if applying outside of regular working hours (9-5).
Can I Apply for Multiple Loans Against a Car at Once?
Whilst we are happy to provide our applicants with the credit they want, you are only able to apply for one loan at a time with us. You may find other companies are willing to process multiple applications, but please be aware that applying for many forms of borrowing within a short space of time can have a negative effect on your credit score. Your chances of being declined for credit are increased if a lender can see you have made many applications for credit recently. Ideally, it’s best to apply for the amount you need in one go rather than risking multiple declined applications.