best deal for a used car loan?

13 replies
Found 6th May
What's the best way to get a loan for a used car @ 8k or so? Thanks
And by best I mean cheapest :-D

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13 Comments

get a bank loan. hsbc gave me a lone at around 3% for the same amount. Pay at least a deposit on credit card for extra protection.

Alot will depend on your current credit history, the amount of credit you have, your income and your current bank. It's hard to say without knowing these things.

Original Poster

So I should look for something @3-5%...I was thinking at a bank loan... I bank with barclays.. And I only have a credit card with barclaycard Should I go to them?or apply online?

I recently borrowed a similar amount for the same purpose and got about 3% from Hitachi Capital. It was very simple and straightforward. Have a look on Moneysavingexpert too.

befr33man

So I should look for something @3-5%...I was thinking at a bank loan... I … So I should look for something @3-5%...I was thinking at a bank loan... I bank with barclays.. And I only have a credit card with barclaycard Should I go to them?or apply online?



Have a look here all you need to know including chances of getting a loan. Don't need to go with Barclays and truthfully you will be better off switching from them anyway much better banks with better customer service. Look on moneysavingexpert for that as well

moneysavingexpert.com/loa…ans

I never knew this until recently and thought that you had to go through dealer financial services but some banks do their own PCP deals. I know Lloyds do and also Halifax also so might be worth checking with Barclays. Think the Halifax was around 3%. Might make your money go further. Just a thought!

I take TSB loan 2.8 APR looks best deal

What about 0% credit cart

bestec2

What about 0% credit cart



Very difficult to get 8k credit card with 0% APR ...

Try Zopa....

https://image.ibb.co/k6qdMQ/Screenshot_2017_05_06_at_09_43_09.png

zopa.com/loans

(As also suggested above....) Or, if buying from a dealer that accepts cards, why not go for a long term 0% purchase card if you could pay it back within say ~2yrs? Even if your credit limit only allowed this for part of the payment? 30 months interest free on purchases currently with Halifax for example - halifax.co.uk/cre…0_3


Edited by: "morgie" 6th May

Mrs got a Sainsbury's loan. She paid off the 6% loan that had a year left using the new 2% loan from Sainsbury's bank and then got a newer car. Rate is dependent on credit rating. So what bank is best for some is not always best for others.

The car dealers get lots of extra money for signing you up using their brokers. This was traditionally the norm. However anyone who is savvy would not be paying those rates and arrange the loan elsewhere.

Before the ressession I did have a 15K limit credit card.. But I think those now are a thing of the past. (They are for my credit rating now anyway)


Loan amount £8,000
Term 3 years
APR Representative (variable) 2.8%Total repayable £8,345.52
Monthly repayments £231.82

Showing via USwitch for Sainsbury's


Edited by: "Dawsy" 6th May

You don't always get advertised loan rate. I was looking for a car loan for used can I got double the advertised rate. declined it and ended up using credit card transfer at a ridiculous low rate.

used 0% spend credit card for 24months £12,000. in 24 months will do 0% balance transfer. effectively free credit
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