Finding the right car can prove challenging enough and finding a suitable funding option is no easier. There are a number of different car loans available on the market in a range of different sizes, so if you’re looking to secure finance to pay for your car, you might be wondering what options are available to you. The most common ways in which people fund cars is either through a personal loan or a homeowner loan.

Secured loans also known as homeowner loans can be secured against a property with which you have an existing loan you are still paying off. This is because they are secured under what is known as a ‘secured’ basis while your original loan is done so under a ‘first charge’ basis. Secured loans can be used for pretty much any purpose, which is why they are commonly used to for the funding of car purchases.

Personal loans, are also known as ‘unsecured loans’ because you do not need to put up property as security on them, are usually available from £1,000 and up to amounts of £25,000 and can be repaid over variable numbers of years. Lenders tend to offer better rates of interest with larger sums being borrowed, however you should not take out a loan you cannot afford the repayments on just because of this.

Compare Car Loan Deals

Taking out a car loan is a big investment, which is why you should ensure that you have the capacity to afford the repayments. Whilst our car loan calculator can assist you in comparing over 200 different loans from over 20 different lenders, we still urge that you contact a mortgage broker to assist you.

We have a specialist secured loan advisory team, who can help you calculate the loan terms that you can comfortable afford. Additionally, our expert team can also compare a range of leading and exclusive car loan deals, to help find the ideal loan perfect for your personal circumstances.