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Home Loan UK :::: Unsecured personal loan UK used car dealer

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The best car finance loan - whether you're looking for a bad credit car loan, cheap car loan, or a UK used car loan

There are many different ways to fund your car purchase.

Perhaps the first thing to consider is where you will be buying your next car, is it going to be from a franchised or non-franchised used car dealer, or will you be buying privately?

Although it 'flies in the face' of much popular 'advice and 'accepted wisdom',  going the dealer route can actually end up being the smart thing to do for a number of reasons.

Some of the most attractive terms for car loans are actually available right there on the forecourt. And there is one very good reason for this.

The main product available through dealers is Hire purchase, and Hire Purchase is basically a loan which is secured against the vehicle, offering the lender significantly lower risk than say an unsecured loan.

So it's logical that the interest rate you actually get (rather than the one advertised!) should be lower and the chances of being accepted for the facility greater on a like-for-like basis, considering the amount of cash you're borrowing.

The HP application form is also far from daunting. There is no obligation for most people to say or prove how much money they earn and the application process is extremely simple - usually with the dealer taking all the hassle 'off your hands'.

Also, because dealers often earn an introduction fee for selling point of sale finance, and discounts on the interest rate that they have to pay on the money they've borrowed to fund their stock, dealers are usually much more interested in selling a car on finance than they are selling for cash.

So, with its host of consumer protection built in, including the vehicle quality being effectively underwritten by the finance company, 'good old HP' can be a very wise choice to make indeed.