Secured loan on car?

Nige0101

Hi is it possible to get a loan secured on a car? Say you dont have a perfect history 1 default and cant lend from a bank due to the default, are there any companies out there willing to give a loan on the security of a car? I will be bought private, any help would be much appreciated.

I work full time but have a stupid default on my file from Littlewoods 3 years ago this has messed me about for years and my bank or major banks dont wish to lend to me, the sum I require is £3000.00 for a car.


Thanks :j

jonesMUFCforever

You can have a secured loan to buy a car its called Hire purchase.
To use the car as security is a definite no no.

Nige0101

A hire purchase is on a new car? Say I wanted to get a 2005 Clio 182 for £5000 can this be done on hire purchase?

Thanks.

yorkshire-lad

if you are buying this car from a garage from they will be able to offer you finance (hire purchase).
if you missed a payment then they could recover the car, i believe (as the finance company still technically 'own' the car)

im sure someone will advise further.
HTH

Nige0101

yorkshire-lad wrote: »

if you are buying this car from a garage from they will be able to offer you finance (hire purchase).
if you missed a payment then they could recover the car, i believe (as the finance company still technically 'own' the car)

im sure someone will advise further.
HTH

But I dont want to turn up and be turned down I will feel silly, is it guaranteed? I have seen garages say 'Guaranteed Finance' so I persume it will be secured on the car?

inmypocketnottheirs

Try www.carloan4u.co.uk. They are brokers who can arrange finance for a vehcile from any reputable dealer. I have used them on a number of occasions and I think one default three years ago won't likely be a problem for them. Beware though that you will pay a higher interest rate, around 24% APR.

Nige0101

Thanks Have filled out the form I shall await what they say.