When you want to get a loan against a car, at Personal Loans Now we can help get you the funds you need. We can offer up to £50,000 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. Click apply now today, and we’ll find you a car loan that works for you.
What is a Loan Against My Car?
A personal loan against a car is an unsecured loan that will provide you with funds to purchase a vehicle. Whether you want a second-hand car or a brand-new model, we can 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 with most of our lenders, you’ll need to meet the following 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 note that the above eligibility is a minimum requirement, not a guarantee of loan approval. You’ll need to pass credit and affordability checks during your application. This is 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 and have clicked apply now, you’ll need to supply a few personal details. This includes your date of birth and employment details. The application should take just 3 minutes to complete. 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 available, including logbook loans. Apply with just one application and all without a credit check needed to see the offers. You can see all the options in a personalised loan table without affecting your credit rating. You’ll only need a search of your credit file once you’ve chosen a lender.
Can I Get a Loan Against a Car with Bad Credit?
We understand not everyone has the perfect credit score. This is why our lenders look at your affordability as a whole. If you have disposable income to cover payments, even with bad credit, they may be able to approve your loan. We’ll show you a personalised table of offers that match your circumstances. If you have bad credit like a CCJ, we cannot guarantee you’ll 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. They may also have a higher rate of interest or repayments for a higher monthly amount. You’ll need to consider if applying for a personal loan against a car is right for your current situation. If you have bad credit, this is even more important to consider.
Why Choose Personal Loans Now for a Loan Against a Car?
At Personal Loans Now, we take the confusion and effort out of looking for a loan against a car. We provide many benefits, including:
- Fully Online Application – you can apply fully online for a personal loan against a car. All 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 find low-rate loans.
If you know how much you want to borrow and how long for, click apply now. We can start finding you the best deals available. If you’re unsure how much you want to borrow, use our loan calculator to see how much you could apply for. You’ll see what the repayments and interest rates will be for the loan amount you choose.
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 would be to spread the cost of a vehicle that you cannot pay for upfront in full. A personal loan against a car can provide a low rate of interest and manageable monthly repayments. This will help to make owning your next vehicle that much easier. Being able to budget monthly for motor finance is much more convenient. If, 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 if approved, it can help build up your credit rating. This is especially beneficial if your credit rating is currently poor. This means, once the loan is settled, you’ll be in a much better position to apply for larger amounts in the future.
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Loan Against a Car FAQs
Is it Safe to Apply for a Loan Against a Car Online?
Yes, absolutely. We use a secure connection to ensure that your personal details are kept safe. We will only share this with the lenders you want to apply through. We are an authorised broker, and all the direct lenders we connect you with are fully regulated as well. You can rest assured that we’ll use your data carefully and ensure your online experience purchasing car finance with us 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 £50,000 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 £50,000, we can offer secured loans that can help. With a secured loan, you may able to borrow up to £250,000 if it is secured against a property or a vehicle of high enough value. This way, you can borrow a much higher amount to cover a more expensive vehicle purchase. Like any of our loans, the amount you can borrow is subject to status. It will depend on if you pass your lender’s credit search and affordability assessments.
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 have a poor credit score, a guarantor can help you receive a better rate of interest and repayment terms. If you want a loan against a car with good credit, you can get a loan against a car without a guarantor. If your credit rating is bad, then we recommend looking at our other options. Guarantor loans will help you 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, depending on your lender. With this quick turnaround, you’ll be able to purchase your ideal vehicle in no time. Depending on the time of day you apply for a loan against a car, you may receive the funds the next working day. If you apply outside of regular working hours (9-5 PM) you’ll need to take this into consideration.
Can I Apply for Multiple Loans Against a Car at Once?
Whilst we’re happy to help our applicants obtain credit, you’re only able to apply for one loan at a time with us. You may find other companies are willing to process multiple applications, but applying for many forms of motor finance in a short space of time can have a negative effect on your credit score. Your chances of being declined are increased if a lender can see you’ve made many applications for credit. It’s best to apply for the amount you need in one go, rather than risking multiple declined applications.