Car Loans

martinbainbridge1975

I currently have a car on a PCP, I am looking at potentially changing the car but due to interest rates looking at personal loan options.

Has anybody had success getting amounts over 25k or are personal loans capped as to the amount that can be borrow.

I have good history, no defaults, ccj's bankruptcies.  Any suggestions on banks / lenders to try welcomed

Nebulous2

You can certainly get loans over £25k, but you are limited as to the lenders and rates may go up. 

See the MSE guide:- 

Cheap personal loans guide - compare the best rates - MSE (moneysavingexpert.com)

MrFrugalFever

Given the amount you’re wanting to borrow >£25k, would it not make sense to research secured car finance loans so you have greater protection.

Are you looking at a new or used car? What is the dealers APR?

martinbainbridge1975

MrFrugalFever said:

Given the amount you’re wanting to borrow >£25k, would it not make sense to research secured car finance loans so you have greater protection.

Are you looking at a new or used car? What is the dealers APR?

Dealer finance is typically 9.9 upwards, found a couple of car finance brokers who can do 8.4-8.7.

I am looking to see if I can get away from a PCP but not sure on the viability as the rates aren't that much different once exceeding 25k, Sainsbury 6.6, Natwest 6.7, Tesco 7.2

Used car possibly 6-12 month old

martinbainbridge1975

Nebulous2 said:

You can certainly get loans over £25k, but you are limited as to the lenders and rates may go up. 

See the MSE guide:- 

Cheap personal loans guide - compare the best rates - MSE (moneysavingexpert.com)

thanks for your reply, pretty much what I had found, was not sure if i'd missed something that might be available

DullGreyGuy

martinbainbridge1975 said:

Has anybody had success getting amounts over 25k or are personal loans capped as to the amount that can be borrow.

I have good history, no defaults, ccj's bankruptcies.  Any suggestions on banks / lenders to try welcomed

In principle not capped (beyond individual borrowing power) however most banks have chosen to cap unsecured personal loans to £50,000 or less. There are some specialist lenders that go higher, seen £100,000 loans on offer, plus then the true private banks... Coutts say their standard rate goes for loans up to £150,000 and other amounts are available which could mean it isnt the top.

With interest rates on the rise both PCP and personal loans will be getting more expensive.

Nearlyold

Your bank may offer a choice of Personal loan, HP or PCP to finance a car purchase (with HP or PCP at a  lower rate than a Personal Loan).  You apply directly to the bank once you've found a car you like, rather than going through the dealer. Just had a quick look at Lloyd's for a £45k car with £3k down which came out at 6% for HP. 

AlexanderLWard

The best thing you can do is to fully comprehend all the facts and potential outcomes before applying for a loan. Even though you might not always be able to do this independently, you can ask a financial analyst or a mortgage broker for assistance. They know the current financial terms and conditions well and actively follow economic developments. Depending on your demands, they can direct you in the proper direction.

martinbainbridge1975

Nearlyold said:

Your bank may offer a choice of Personal loan, HP or PCP to finance a car purchase (with HP or PCP at a  lower rate than a Personal Loan).  You apply directly to the bank once you've found a car you like, rather than going through the dealer. Just had a quick look at Lloyd's for a £45k car with £3k down which came out at 6% for HP. 

Currently with Natwest but not for much longer the garbage they spout is unreal. 

Certainly make up rules only to suit themselves, they class money transferred to savings as an outgoing - heard it all now