Personal Loans Explained

At Only Car Finance, we have access to many lenders able to offer a personal loan for your car finance option.

Advantages:

• A loan will normally entail a fixed-cost/fixed-period provision of money with which to use on a purchase
• If a customer has secured a loan, then this may well leave them in a strong position with the vehicle seller/dealer, as they have the security of knowing finance is in place to pay for the car. This is an advantage of using Only Car Finance, as we will get you an approved loan giving you the flexibility of then securing your own deal.
• The loan is not directly linked to the purchase of the car, so you can renegotiate or sell on the loan during the repayment period (though the payments must continue to be made)
• As the loan is not secured directly to the car, your vehicle cannot be repossessed by the lender

Disadvantages:

• Customers with an imperfect credit history may find it more difficult to secure a loan
• Loans may be limited in value – they rarely exceed £25,000