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What are Car loans?

Your dreams come with an expense, and a dream car is not an exceptional case. If you desire to buy a car this year, praise yourself for being bold enough for this decision despite the pandemic wave around. You are really smart in money management if, despite the covid-19 stress, you have the courage to buy a car. Now, the funding part, it is not a difficult thing.

Car loans can fund your money needs and help buy the vehicle, whether it is your first ever car or a used one. QuickLoansLender offers cheap loans for the car across the UK on instant approval decision through the paperless procedure. Irrespective of credit score status, we rely only on your current repaying capacity

Get Ready For Best Car Loan Deals of 2021

Car Loans Details – The Basic Elements of Our Deals

To offer you the best car loans in the UK, we work on every aspect that can ensure hassle-free funding for your car purchase. Some of our car loan details displayed here can explain our concern well.

GET SURE WITH PRE-APPROVAL ON CAR LOANS BEFORE YOU ENTER THE SHOWROOM AND REMOVE THE ANXIETY ON APPLICATION REJECTION

  • Loan amount minimum £1000……………………………..Maximum £50000
  • Loan tenure Minimum 1 year……………………………… Maximum 7 years
  • Up to 90% of the total car value can be offered as a loan, rest is the deposit
  • Representative APR 20.5% and final depends on the car loan amount
  • No obligation of guarantor required, borrow money on the affordability factor
  • NO to the upfront fee, hidden charges, processing fee, arrangement fee
  • Car insurance, through a rich panel that has the best insurance companies

Features and Benefits Of Car Loan

You must understand everything about the personal car loans and take a confident decision on how much you borrow. The features and benefits explain well the nature of vehicle loans.

  • High approval rate of 99%
  • 100% paperless process
  • Same day fund transfer
  • Flexible repayment options
  • Defer repayments for up to 3 months
  • No need to pledge savings against the car loan
  • Pay early without any repayments

New Car Loans Vs Used Car Loans

There is a considerable difference between car loans and used car loans. The physical condition of a vehicle is a big concern while financing a car. Borrowers usually get confused about whether they should buy a new car or should go for a used one. After pandemic, people are positively thinking about used cars simultaneously due to cheaper loans they also gather confidence to buy a new car. The loans against a car for new and the old ones have different conditions, and you should know about them to take a final decision.

New Car Loans

  • These are backed-up with the guarantee of the dealer or manufacturer as the vehicle is new. This makes the funding process much easier.
  • You can get a car loan of about 90% to 95% of the total car value.
  • The tenure goes up to 7 years on the maximum side, but individual circumstances may also add variation. But it is easier to get this last limit.
  • The new cars are constructed according to eco-friendly parameters, and they are according to the latest government rules and thus easy to fund.

Used Car Loans

  • The question of depreciation becomes the prime factor, and the physical condition of the vehicle is extremely important.
  • There is no decided ratio because the final loan amount is decided according to the current performance in mileage and condition.
  • In used cars, it usually is not possible to get a long tenure. It usually is 3 to 4 years. However, if the car is only 1 year or 6 months old, QuickLoansLender may consider you.
  • The used cars are the older models which may not qualify for the latest government concerns on the environment, fuel consumption etc. In that case, the borrower may need to choose another used car for purchase.

Car Loans Calculator – Know the Statistics of Monthly, Annual Cost

Necessary calculations cannot complete without the calculator. You need smart assistance to know the monthly instalments, interest rate, deposit requirement, and affordability status. You can find the best car loans calculator in the UK, with the best artificial intelligence features. Calculate interest rates multiple times according to varied deposit sizes.

We have car loan deals on varied interest rate types. You can pick them and can know the statistics of each type. Let us know which one suit you best, and we will figure out something pragmatic and affordable. All your deals on car loans can be compared easily in a few seconds online.

Interest – Free Car Loans VS Low-Interest Rates Car Loans VS Cheap Car Loans

Before you go and compare car loans on total cost, with incomplete information and take a wrong turn, stop. Here is a comparison between the interest rate versions accompanying the car financing options while taking a loan. You can surely convince yourself to conclude the information attained on the prime aspects of the interest rate. To know about the best car loans available in the circumstances for the lending.

Interest-free car loans

  • In interest-free car loans, you do not pay APR on the borrowed money, but there can be a certain fee amount.
  • 0 interest car loans you a huge amount of money and makes the deal light on the pockets
  • You need to pay bigger monthly instalments because there is no interest rate.

Low-interest car loans

  • The low-interest car loans are not complicated; they are just car loans at a lower cost.
  • It also saves money but not a complete escape from the APR because it is applicable.
  • These loans have longer tenure because of the rate of interest. The initial years usually cover the interest part

Cheap car loans

  • These are like twins to low- interest deals with same function of providing affordable deals.
  • As similar to low-interest car loans, cheap car loans are also the method to save with lower rates and small repayments
  • Similar as of the low-interest rate car loans with light instalments, that you can calculate through cheap car loans calculator.

Types of Car Loans - To offer you a vast choice on borrowing

According to the needs of the borrowers, there are various types of car loans that serve buyers with varied financial backgrounds. QuickLoansLender offers 24x7 car loans for all types of funding requirements with festive offers that deliver special benefits time-to-time.

Long term car loans – The loans taken up to the maximum limit of 7 years are counted as the long-term car loans. The borrowing tenure more than 5 years is called the long-term loans or funding options. The borrower gets more time to repay funds, and also the rate of interest is comparatively low because it spreads over a prolonged period.

Guaranteed car loans – The guaranteed car loans offer you the relief of assured approval that is why the word ‘guaranteed’ is used to express the feature of these loans. QuickLoansLender has the approval rate of 99%, which covers almost every applicant that sends the application. It is the reason behind our vast customer base that could become possible only due to the guarantee we give on loan acceptance.

Bad Credit Car Loans – The car loans for bad credit people make a popular category, especially nowadays because of the prevalent financial crisis. People have lost their job or have a smaller salary size or live on furloughed income have missed and delayed payments. Is it their fault? No, we do not think so. It is the reason we offer car loans to people with low credit score if the applicant can prove repayment capacity.

Car loans for unemployed – The term says it all. The funding on car purchase available for jobless people falls under this category. How do we do this?? Simple! On your repaying capacity, not every jobless person needs to have no income. Any kind of income is fine for us to count as your repaying efficiency. This also includes people on benefits or anyone with a rental income, earning from part-time or freelancing etc.

Very bad credit car loans – The people with worst credit rating and the issues of CCJ/bankruptcy/IVA issues. As anyone can expect these car loans for very bad credit people, are not as smooth as the borrower is already in a financial fix. However, QuickLoansLender never denies to the possibilities of the solution even in the most impossible-looking situation. You can always discuss with us your requirements. If you are working well on paying off the debts, we have loans ready to be approved for you.

No credit check car loans – It is among the most sought after types of car loans that majorly apply in the case of borrowers with two particular credit score status. 1) Bad credit history and 2) No credit history. Both the conditions are prone to the adverse effects of search footprints left on the credit records after the hard search. A solution to this situation is to offer the borrower an application process which includes no credit check. However, technically that is not possible due to lending rules. As an option, we offer a soft search that is actual, professional term to which people call no credit check car loans.

Secured Car Loans – Any financing option that demands collateral is accompanied by the term secured and the car loans are not exceptional cases. This term has a simple meaning in which the loans secured on your car belongs to this category of car loans. Such lending options are lower in rates, but at the same time, you need to be cautious about repayments. If this not happens, the possession of them can be taken from you. With QuickLoansLender, it is never the case due to our lower rates and small instalments.

Car Loans VS Personal Loans VS Student Car Loans

Anyone seeking cheap car loans in the UK can never miss this comparison. Every borrower wants to know about more and more options irrespective of credit score, financial status in life. Anyone can own a car if the personal finances are in the right direction from student to scholar.

Car Loans

  • For the purpose of car purchase only. You need first to book the car, as without that loan procedure does not start.
  • Lower rate of interest secured by the purchased car. The obligation becomes less hefty and brings only a lighter burden on personal finances.
  • Need a deposit of at least 5% to 10%. It reduces the loan amount in size and also the loan instalments.
  • Can be obtained easily despite no credit history or low credit history as the loan is secured.
  • Lender keeps the ownership rights of the car until the full payment.
  • Maximum tenure can go up to 7 years.

Personal Loans

  • Use funds for any purpose. The borrower has the liberty to use the funds either for the car purchase, wedding expense, medical reasons or anything
  • Higher rate of interest due to no security available. You cannot negotiate with the lender on the rate of interest after a certain limit.
  • No deposit required. You have to pay back the complete amount with the same size of instalment. However, prepayment is allowed.
  • The poor credit people and no credit history applicants may have to face complications such as higher interest rates
  • On delayed payments lender can report to the agency that causes poor credit score
  • Maximum tenure is usually 5 years.

Student Car Loans

  • The funding facilitated to the students to help them own a car is called the student car loans.
  • To check repaying capacity, either the student should have a job, or parents' income will be considered.
  • We fund your car on a minimum 10% deposit or more depending on personal conditions. But the policies are flexible, unlike mainstream lenders that are reluctant on student car loans.
  • For students with stable income in recent months, the low rate car loans are available on easy approval.
  • Bad credit score students can also apply with a stable current income status.
  • Maximum tenure is 7 years with the students of minimum 18 to 24 years

How personal loan help you in buying a car?

Personal loans are versatile, which is why they help you in many ways during a car purchase. The liberty they bring for the borrowers makes the buying experience easy and predictable without any collateral.

  • There is no constraint of purpose. There are fewer formalities because you do not need to show the car buying documents.
  • The rate of interest can be managed with the help of customized deals. With strong personal finances, it is easy to get a lower rate of interest
  • The funds are available on instant approval decision followed by the timely online money transfer to the loan applicant's bank account.

Can I get a car loan if I have a bad credit score?

Yes, you can get the loans for car purchase despite a poor credit score with some terms and conditions. At QuickLoansLender, we believe in the latest financial conditions and if that is strong past payment mistakes are not a concern.

  • You need to make sure that your record of late or missed payments is not consistent. It is only in the past, and the recent past is flawless.
  • The income source and its authenticity are of utmost significance to prove that you have the capacity to make the repayments of the loan.
  • With salary proof of the last 9 months, you can easily get bad credit car loans with no guarantor and no need to pledge your savings.

I Have A No Credit History; Can I Apply For A Car Loan?

Car loan has nothing to do with the credit history when you borrow from a direct lender. The only thing that matters is how well you can pay off the funds. The funding options for people with no credit history are available easily. Search and click car loans with no credit history and you can find us right there with our best deals waiting for you. Explore from the multiple deals available while working on the affordability part on the calculator. Show us the income proof and get easy approval.

Compare car loan with car finance

Car Loans are different as well as similar to car finance and can be explained only through a rational comparison between the two. The borrowers looking for car loan deals normally take the two entirely similar, but this is not the case.

Car Loans

  • Car loans are among one of the options that come under the car finance.
  • Car loans were taken to own a car and never return it to where it was purchased. The terms and conditions apply accordingly.
  • Car loans can also include personal loans taken for the purpose to buy the car.

Car Finance

  • Car finance is an umbrella term that includes car loans as one option with others, such as hire purchase, leasing, personal contract purchase.
  • In car finance, there are several funding options to return the vehicle after several years. Example - Hire purchase, personal contract purchase.
  • Car finance only includes car loans precisely and not personal loans as they can be obtained for any purpose.

How do I find the best car loan?

To find the best car loan one needs to focus on personal financial conditions, because they are the final decision-makers. The collective conditions of lending policies and personal circumstances of the applicant give a final design to the car loan deal. One needs to ask the answers to several questions to find the best car loan deals.

Am I eligible?

It is the first and the foremost questions one needs to work on. From age to income source, many aspects come under scrutiny. Normally, the car loans for 18-year-olds, is the minimum limit for age. Similarly, income-based rules are there.

How much can I borrow?

This point also acts differently, as different borrowers have different income levels. Obviously, the one with good income and balanced income-outgoing ratio can get bigger than the one with weaker finances.

Are the interest rates competitive?

The rate of interest should always be competitive because they are always affordable. QuickLoansLender is never intimidating in its interest rate policy. Besides, the features of customisation make the deal lighter.

What are the fees?

It is always necessary to have a word about the fee and charges. They usually increase the overall cost of the deal. However, there are lending options with no-fee options, and QuickLoansLender has all such options. Minimum £1000 to Maximum £50,000 is the normal limit.

How long are the loan terms?

The tenure is 1 to 7 years, unlike the mainstream lenders where it usually is 5 years. For more than this limit, one needs to have a solid financial background; otherwise, approval is difficult. But with a direct lender, it is never a problem.

What’s the deposit?

Usually, the lenders lend up to 90% of the total car value that means the deposit value is 10%. For bad credit people, the deposit size is bigger than the minimum amount. It can be 15% to 20%. Better is to improve credit score before applying to reduce deposit.

What are the early-repayment terms?

The early-repayment terms are normally restricted under a minimum time limit. It means, repayments cannot be done before the first six months. After that you can repay early anytime you want. Paying early, does not include any fee or penalty.

How’s its online reputation?

The goodwill of a lender is always the most critical factor. You can know about the image of a lender through its reviews given by other customers. They share their real-life experience, which can help you make a confident decision.

What services does it offer?

Always take a round of all the services that a finance company offers. It helps find out the relatable deals and offers that can be beneficial for your car purchase decision. The funding choices should be exploited after considering all the options.

Why Choose Quick loans lender For Car Loans?

QuickLoansLender aims to offer financial convenience with the best possible deals. The borrower should find ease on every aspect, and for that, we work to add some features. We want you to know where we should deserve to be in your choice list -

  • The commitment of hassle-free application process
  • Not affected by the credit history status
  • An abundance of festive and seasonal offers
  • No late fee up to two missed payments
  • 100% customer satisfaction

QuickLoansLender is destined to work on the financial well-being of the borrowers. After corona, we have intensified our efforts and try to provide faster assistance with timely fund disbursement. We aim to smoothen the situations during this complicated time. You can always visit us online without any broker, and we can explain to you well how do car loans work. Once you understand, you can borrow from us.

faqs

How to get car loans?

Nowadays, the online loan option is available and you can easily get car loans online in a short time. If your financial conditions are strong, the fund disbursal happens on time. The paperless procedure makes the process even more convenient.

  • Apply online with the basic required financial details
  • Receive the approval decision
  • The funds will reach to account soon if you are approved

Which credit score is used for car loans?

The idol for a car loan or any type of loan is always good credit score (881-960). However, that does not mean the fair or poor credit score people cannot get funds. If the current repaying capacity is strong, it is possible to get a car loan despite a bad credit rating.

What are the current interest rates on car loans?

Currently the interest are on car loans is 3.3% p.a. and that is fixed.

How do bad credit car loans work?

Bad credit car loans work on your current repaying capacity. The borrowers with poor credit situation can easily obtain funds if their recent financial behaviour is spotless and financial conditions are stable.

Why are car loans are always secured with collateral?

Car loans are secured with collateral because if the borrower delays the payment of instalments or fails to pay the loan, the lender can repossess the car to revive its financial loss. As the loan is obtained against the car, the same is also used as the collateral.

What types of car loans are there?

There are varied types of car loans that offer funds for the big purchase –

  • Hire purchase – The borrower gives a certain deposit and takes the car after that gives the regular monthly payments until the final payment. You can manage to get smaller instalments customisation.
  • Leasing – This option is not much in practice but it is getting popular day by day. In leasing method, you never own the car but pay a kind of rent in the form of monthly payments. The amount of instalment is based on how long you will use the car.
  • 0% Finance – The concept of zero percent finance is based on ‘no interest’ strategy. The borrower needs to offer a deposit which can be huge in size and also the monthly payments are normally hefty.

Despite the above three options, most of the borrowers prefer car loans. They are considered more authentic and safe for the important purchase option.