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Compare cheap car loans today with Tiger.co.uk. Our easy-to-use system allows you to compare car loan quotes and find some fantastic deals on personal loans.
What kind of car loan is best for me?
When you’re shopping around to compare car loans, you want to find a good interest rate to save money. The interest rate that lenders will offer you is based on your individual circumstances, which include:
- Your financial status
- Your credit history
- The amount you want to borrow
Lenders will look at this information and use it to calculate your interest rate. While it’s your circumstances that often affect the type of loan you’ll be able to access, lenders still want to be competitive so it’s always worth shopping around.
How do car loans work?
With any can finance plan, the essential process is that a financer will buy the car on your behalf and you will repay them across a given time frame with interest. Repayments are typically made monthly with most financers but the amount you pay and the conditions can vary depending on the finance option you wish to take out.
What are the main types of car loans?
Want to compare car loans? Be aware they come in different shapes and sizes. Some of the main finance products that are used to purchase cars are:
Personal Loan – A personal or secured loan is often a cheap way to fund the purchase of a car as rates can be quite low. It usually requires a fairly good credit score.
PCP – Personal Contract Purchase is a financial contract that allows you to pay monthly to use a car, similar to a lease contract. At the end of an agreed term, you can choose to pay a “balloon payment” and purchase the car outright. Alternatively, you can choose to end the contract and sell the car.
Hire purchase – In this case, you borrow the value of the car and pay it off in monthly instalments. However, you won’t own the car outright until you have made the last payment. Both hire purchase and PCP are probably more likely to be offered to people with lower credit ratings.
Is 3% good for a car loan?
A good interest rate for a car loan can typically range from 3% to %14 in the UK.
If I have poor credit can I still find a cheap car loan?
It depends on your individual circumstances and the lenders that you approach, but, overall, having a poor credit rating doesn’t always exclude you from finding car credit. If you do have poor credit it’s wise to compare car loan quotes from a range of suppliers.
Where can I find cheap car loans?
The deal you get will always be dependent on your personal circumstances, but it’s worth shopping around to find a range of cheap car loans to compare. When you compare car loan quotes from a selection of UK providers, you gain better insight into the rates that make your loans competitive. With an unbiased comparison site like Tiger.co.uk, we make this process fast and easy.
Find great deals with Tiger.co.uk
You’ll find fantastic deals at Tiger.co.uk. Fill out a quick online form and we’ll search some of the top UK providers to find you great deals on cheap car loans today.