Car loans from £1k to £50k

Need to borrow to get a car? We offer car loans, which are a popular option. Here’s how they compare to hire purchase, personal contract purchase and car leasing.

Car loan: no deposit and you’ll own the new or used car outright

With a car loan from us, you could borrow up to £50,000 to buy a new or used car. If you’re approved, you’ll receive the money in your bank account – and can use this to buy your car. You then pay the car loan back in fixed monthly payments over up to 8 years.

Hire Purchase (HP): usually a deposit – you don’t own the car until you pay in full

Hire purchase isn’t something we offer. You’d usually pay a deposit – and then make fixed monthly payments to a car finance company for a new or used car. You won’t own the car until you’ve made the final payment.

Personal contract purchase (PCP): deposit and chance to own car at end of contract

We also don’t offer personal contract purchase. You’d usually put down a deposit and borrow towards some of the remaining value of the car. At the end of the contract, you can return the car, or make a final larger payment to own it.

Car leasing: renting a car with no opportunity to own the car

We don’t offer car leasing. Car leasing is a way to rent a car. You’d usually put down a deposit, then pay each month – normally over 1 to 5 years. You’ll never own the car. 

Our car loans are unsecured. This means you don’t need to secure your loan against an asset, like your car, which could be taken if you don’t fully pay your loan.

Of course, you’ll still need to pay all your loan back, as well as any interest you owe. But unlike with other car finance, you’ll own your car outright.

This means that, if you want, you could sell your car before you make your final loan payment.