Personal Loan

There are numerous methods to purchasing a car on finance, with different methods suiting different people. One of those is a personal loan.

How does using a personal loan for car finance work?

Applying for car finance at Motor Finance 4 U is straightforward and hassle-free. We have access to numerous lenders who can offer you a personal loan at competitive rates.

Once your application has been approved, you can use the loan to finance your new car as well as using it for certain other things, such as paying for your insurance and/or road tax.

How is a personal loan different to other car loan methods?

We offer a range of different finance options that suit different individuals needs however, generally speaking a car finance loan and a personal loan operate in a similar manner.

The main difference between a personal loan and one of the other car finance options is that with a personal loan, the loan isn't secured against your car. This means that should you fail to keep up with payments, your vehicle can't be repossessed but that you also have the option of selling the vehicle on at any time during the finance agreement term. This doesn't mean your repayments stop as you still have the debt to pay off. You can however, use the funds gathered by selling the vehicle to pay the loan earlier should you so wish.

This method may be better suited to your individual needs and/or circumstances compared to other available options. Simply apply via our quick and easy application form and we'll let you know if you're successful.

Who may it be suitable for?

To be considered for a personal loan, there are a few requirements that you would need to meet, for example:

• Have a good credit history
• Have few or no financial problems, such as missed payments on a mortgage, defaults or county court judgments (CCJ's)
• Be in full time employment