Car Loan, 14% with Hitachi.

sccooter

look at new cars on PCP with balloon payment at end. better rates! by far. Or negotiate a much lower value for the car to negate higher interest. Or try personal loan from 2.8% if buying car outright

Integroo

I can shine some light. The answers above are unhelpful; you are clearly buying a used car, and are not asking for advice on what car to buy or how much to spend, simply how to find the best loan deal.

14% is high and I would rather not buy a car than buy one at 14% interest. Last March I was looking to take out a £10,000 loan to buy a car. I, like you, was attracted by many representative APRs of around 3%, a decent looking credit score on ClearScore etc, and sites like MoneySavingExpert stating I had a high chance of approval.

I applied to Sainsburys first, representative APR 3.2%. They offered around 14%. I laughed and declined. I applied to Hitachi, again advertising around APR 3%, and was rejected. I applied to Tesco, again advertising around APR 3%, and got offered 6.9%, which I took.

Six months letter I applied through RateSetter (a P2P lender), and got approved at 4.05% plus a small monthly fee which made the rate 4.9%.

Obviously the problem is multiple applications can hit your credit score and make you look desperate for credit. I would make a few applications however and if my situation is anything to go by, try Tesco and RateSetter.

My current account provider was not at all competitive.

Integroo

sccooter wrote:

look at new cars on PCP with balloon payment at end. better rates! by far. Or negotiate a much lower value for the car to negate higher interest. Or try personal loan from 2.8% if buying car outright

Great advice. Spend a huge amount more on a car and suffer much larger depreciation losses to avoid some interest.