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. Occupyloans 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 2024
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
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.
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 | Used 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. | The question of depreciation becomes the prime factor, and the physical condition of the vehicle is extremely important. |
| You can get a car loan of about 90% to 95% of the total car value. | There is no decided ratio because the final loan amount is decided according to the current performance in mileage and condition. |
| 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. | 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, Occupyloans may consider you. |
| The new cars are constructed according to eco-friendly parameters, and they are according to the latest government rules and thus easy to fund. | 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. |
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.
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 | Low-interest car loans | Cheap car loans |
|---|---|---|
| In interest-free car loans, you do not pay APR on the borrowed money, but there can be a certain fee amount. | The low-interest car loans are not complicated; they are just car loans at a lower cost. | These are like twins to low- interest deals with same function of providing affordable deals. |
| 0 interest car loans you a huge amount of money and makes the deal light on the pockets | It also saves money but not a complete escape from the APR because it is applicable. | As similar to low-interest car loans, cheap car loans are also the method to save with lower rates and small repayments |
| You need to pay bigger monthly instalments because there is no interest rate. | These loans have longer tenure because of the rate of interest. The initial years usually cover the interest part. | Similar as of the low-interest rate car loans with light instalments, that you can calculate through cheap car loans calculator. |
According to the needs of the borrowers, there are various types of car loans that serve buyers with varied financial backgrounds. Occupyloans offers 24x7 car loans for all types of funding requirements with festive offers that deliver special benefits time-to-time.
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 | Personal Loans | Student Car Loans |
|---|---|---|
| For the purpose of car purchase only. You need first to book the car, as without that loan procedure does not star | 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 | The funding facilitated to the students to help them own a car is called the student car loans. |
| Lower rate of interest secured by the purchased car. The obligation becomes less hefty and brings only a lighter burden on personal finances. | Higher rate of interest due to no security available. You cannot negotiate with the lender on the rate of interest after a certain limit. | To check repaying capacity, either the student should have a job, or parents' income will be considered. |
| Need a deposit of at least 5% to 10%. It reduces the loan amount in size and also the loan instalments. | No deposit required. You have to pay back the complete amount with the same size of instalment. However, prepayment is allowed. | 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. |
| Can be obtained easily despite no credit history or low credit history as the loan is secured. | The poor credit people and no credit history applicants may have to face complications such as higher interest rates | For students with stable income in recent months, the low rate car loans are available on easy approval. |
| Lender keeps the ownership rights of the car until the full payment. | On delayed payments lender can report to the agency that causes poor credit score | Bad credit score students can also apply with a stable current income status. |
| Maximum tenure can go up to 7 years. | Maximum tenure is usually 5 years. | Maximum tenure is 7 years with the students of minimum 18 to 24 years |
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.
Yes, you can get the loans for car purchase despite a poor credit score with some terms and conditions. At Occupyloans, we believe in the latest financial conditions and if that is strong past payment mistakes are not a concern.
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.
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 Finance |
|---|---|
| Car loans are among one of the options that come under the 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. |
| Car loans were taken to own a car and never return it to where it was purchased. The terms and conditions apply accordingly. | In car finance, there are several funding options to return the vehicle after several years. Example - Hire purchase, personal contract purchase. |
| Car loans can also include personal loans taken for the purpose to buy the car. | Car finance only includes car loans precisely and not personal loans as they can be obtained for any purpose. |
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. Occupyloans 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 Occupyloans 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.
Occupyloans 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 -
Occupyloans 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.
