If you’re looking for the best motor finance options on the market, here at Personal Loans Now we can provide you with motor finance options that will cover the costs of a new or used vehicle. With motor finance available from £2,000 up to £25,000, you can fully cover the costs of a brand new vehicle purchase through us. Apply today and we’ll show you over 40+ direct lenders who can look to finance your next purchase.
What is Specialist Motor Finance at Personal Loans Now?
It’s an exciting time purchasing a new vehicle, whether it’s a brand new model fresh off the production line or a reliable used vehicle that has a few miles on the clock. Here at Personal Loans Now, we want to help you get the vehicle you want by providing you with various different motor finance options available. With a wide range of loans available for motor finance, you’ll have plenty of choices when looking for the best deals available. You’ll be able to spread the cost of your next vehicle purchase easily with manageable monthly repayments that won’t put a strain on your monthly expenses. You can use our loan calculator to see how much you can borrow, the repayments and interest to be charged, so that you can make the best decision for you.
How Can I Apply for Motor Finance?
It’s easy to apply online for specialist motor finance through Personal Loans Now. You only need to fill in one application to have access to the whole market, so click apply now and with a few details, you could be minutes from having motor finance approval. To be eligible to apply for motor finance through us, you will need to meet the following minimum eligibility requirements:
- You must be aged 18 years or older
- You must be a UK resident
- You must have a valid bank account
- You need a regular source of income
If you meet the above, then you can apply today, but please note these are the minimum requirements and not a guarantee you will be approved for specialist motor finance. As an FCA authorised lender, we will need to conduct relevant credit and affordability checks to ensure you can meet repayments without any issue. You will need to provide us with some personal details, such as your date of birth, address and employment details, as well as choose the amount of motor finance you wish to borrow and the number of repayments. Once you have provided your details, we can work quickly to provide you with an instant decision in just 90 seconds; click apply now to see what we can do for you.
Why Should I Choose Personal Loans Now for Motor Finance?
There are many great reasons to apply for motor finance through us, including:
- Fully Online Application – Complete your application for specialist motor finance fully online, with no waiting for paperwork needed.
- Instant Decision – An application for motor finance will take just 3 minutes to complete, with a decision taking just 90 seconds.
- One Application for All – You only need to fill in one application for credit through us to get access to 40+ direct lenders.
- Full Range of Finance – You can borrow anywhere between £2,000 and £25,000 unsecured.
- High Acceptance Rates – We are proud to have helped 50,000 people just like you get the finance they need and are willing to approve more.
- Low APR rates – We scan the market to show you the best rates on motor finance available, finding real-time interest rates that work for you.
Specialist Motor Finance Even With Bad Credit
We are proud of our high acceptance rates here at Personal Loans Now, offering affordable finance options for the many. We look at your affordability in general, not just your credit rating, before making a decision to approve a loan. This way, we can look at what you can afford each month and consider this even if your credit rating is poor. We understand that not everybody has a perfect credit score and it can be difficult to build this up from a bad score quickly. If you have bad credit, we can show you what’s available without conducting a search of your credit file. Using our credit on demand system, with just a few details, we can show you what’s available to you and provide a personalised table of offers. Then, only once you have decided on the lender you want to continue with, a credit search will be performed as part of your application. So, don’t be put off if your credit history is poor, we may still be able to help you.
Please note, we cannot guarantee an application for motor finance will be approved if you have bad credit. Like any form of borrowing, you will need to undertake a search of your credit file to be able to receive the motor finance you’re looking for. If we cannot approve your application as a direct lender, we will show you the available lenders who are best placed to help. You may find that if you have bad credit, the offers available may have a higher rate of interest or will only be able to offer you a maximum of £7,500. You will need to carefully consider if motor finance is the right option for you whilst having bad credit.
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Direct Lenders of Motor Finance at Personal Loans Now
If we can approve your application directly, we will happily credit your bank account ourselves. As a direct lender, we have approved many applicants already even if you have bad credit. If for some reason we cannot approve your application for motor finance ourselves, that doesn’t mean the end of the road; we will show you a personalised table of offers from over 40+ direct lenders who can look to help instead. We cannot guarantee your loan will be accepted, but we do have high acceptance rates and aim to help as many people as we can with our low APR motor finance options that a traditional motor finance company will find difficult to match.
Motor Finance FAQs
How Do I Get the Best Rates on Motor Finance Loans?
Understandably you want the best deals available on motor finance, and we can help you find them. To stand the best chance of getting the best motor finance rates, you will need to have a good credit score. Having a good credit rating will show to the lender that you have a history of credit that has seen repayments made on time, providing trust that there is a low-risk of lending to you. This will mean the interest rates available will be much lower than if you have a poor credit rating.
Additionally, you will be able to borrow more money if you had a good credit score, as without one, you will be capped the amount you can apply for. With a bad credit score, you will be able to borrow a maximum of £7,500, so with good credit, you will find your options increase up to £25,000 unsecured.
Can I Get Motor Finance for More than £25,000?
You can borrow up to £25,000 unsecured with our motor finance options as long as you have a good credit rating and affordability. If you’re looking for higher amounts for a higher value vehicle purchase, we can help you with secured loans to get the amount you want. With our secured lending, you can borrow between £25,000 and £100,000 with affordable payments and great rates of interest available. With a secured loan, you will need to offer something as collateral, such as your new vehicle, so if in the event there are any problems with repayments or you default on the loan, your vehicle will be used to help settle this debt. We cannot offer more than £25,000 unsecured due to the high amounts of borrowing available as this would not follow responsible lending guidelines and is designed to protect you as well as the lender.
Can I Use Motor Finance for Anything other than a Vehicle Purchase?
Whilst motor finance is a form of borrowing and it is up to you what you decide to use the borrowing to pay for, if you’re looking for funding a different type of purchase, we have other options available. Our personal loans and guarantor loans will provide a suitable way to borrow money for anything you want to pay for, including home improvements, a dream holiday and much more.
What Happens if I Miss Repayments on Motor Finance?
If you are in a position where you cannot make repayments, you will need to contact the lender directly at the earliest opportunity. Speaking to your lender about the situation may help to agree on a suitable timeframe to payback and discuss what you can pay. It’s advisable to speak with the lender rather than ignore a missed repayment, as the lender can take legal action as per your credit agreement if they cannot make arrangements with you.
I’m Having Financial Difficulties, Can I Still Apply for Motor Finance?
If you are currently in financial difficulty you will need to carefully consider if taking out further borrowing is the best solution. We do not recommend using short term borrowing to pay for other borrowing, as you can get into a cycle of lending without fully addressing your situation. We highly recommend that you complete an income and expenditure form to see exactly what your disposable income is before applying for any finance options. If you need further advice, please speak to one of the free organisations, such as the Money Advice Service, who can provide impartial financial advice when you need it most.