Looking to finance your dream car without breaking the bank? Well, you’re in luck! In today’s blog post, we’ll be diving into the world of second hand car loan and uncovering the top 10 best options available in the UK. Whether you’re a first-time buyer or a seasoned driver looking for an upgrade, these lenders have got you covered.
From Zopa Car Loan to Motorly, we’ll explore each option in detail so that you can make an informed decision. So buckle up and get ready to hit the road with confidence – it’s time to find your perfect ride at an affordable price!
Top 10 Best Second Hand Car Loan in the UK
1. Zopa Car Loan
Zopa Car Loan stands out as a prominent choice for second hand car loan. With competitive interest rates and flexible repayment options, it has gained popularity among borrowers in the UK.
Ranging from £1,000 to £35,000, Zopa Car Loan allows you to finance a diverse range of used vehicles. The quick and hassle-free online application process caters to busy individuals who prefer a convenient alternative to traditional bank visits. They also provide Zopa credit cards with good interest rates.
What distinguishes Zopa Car Loan is its commitment to personalization. Considering your unique circumstances and credit history, they tailor loan terms, providing an opportunity for approval even with less-than-perfect credit.
Another notable feature is the fixed interest rates at 22.9%, ensuring stability and predictability throughout the loan duration. This proves advantageous for those working within a tight budget, allowing for strategic planning of repayments.
Contact: 020 7580 6060
2. Admiral Car Loan
Admiral Car Loan offers a great option for those looking for second hand car loanin the UK. With competitive interest rates and flexible repayment terms, Admiral makes it easy for car buyers to get the funds they need.
One of the standout features of Admiral Car Loan is its online application process, which takes just a few minutes to complete. This means you can apply from the comfort of your own home and avoid lengthy paperwork or unnecessary trips to the bank.
Additionally, Admiral provides personalized loan and insurance options tailored to each individual’s financial situation. Whether you have excellent credit or less-than-perfect credit, there are loan options available for everyone.
With friendly customer service and a reputable name in the industry, you can trust that Admiral will provide reliable support throughout your car-buying journey.
3. Novuna Personal Finance
Novuna Personal Finance, a seasoned player in the lending industry with over 40 years of experience, is here to turn that dream into reality. Offering competitive second hand car loan, Novuna provides interest rates as low as 7.4% APR Representative for loan amounts ranging from £7,500 to £25,000.
The flexibility continues with the option to borrow between £1,000 and £35,000, allowing you to tailor the second hand car loan amount precisely to your needs. Spread the cost of your car loan comfortably over 2 to 7 years, ensuring that the repayment plan aligns seamlessly with your budget and lifestyle. With Novuna’s trusted reputation, you can confidently secure the financing you need for that dream ride.
Experience matters when it comes to choosing a lender, and Novuna brings over four decades of expertise to the table. Their commitment to customer satisfaction is evident, making them a reliable choice for your car financing needs.
To initiate the process, visit Novuna’s user-friendly website or connect with their dedicated customer service team. The application process is straightforward, involving the submission of personal and financial information.
With Novuna Personal Finance, you not only gain access to competitive rates and flexible terms but also embark on a journey with a trusted partner who understands the road to your dream car. Finance your next new or used car with confidence—Novuna is here to support you every mile of the way.
Address: 2 Apex View, Holbeck, Leeds LS11 9BH
Contact: 0344 375 5488
4. MotoNovo Finance
MotoNovo Finance is a reputable lender in the UK that specializes in providing finance options for vehicle purchases, including both new and used cars. They have been operating in the automotive finance industry for over 40 years and have established themselves as a trusted and reliable provider of new and second hand car loan solutions.
MotoNovo Finance offers a range of financing options, including Hire Purchase (HP) and Personal Contract Purchase (PCP). These options allow customers to spread the cost of their vehicle purchase over a fixed repayment period with competitive interest rates.
One of the advantages of choosing MotoNovo Finance is its extensive network of partner dealerships across the UK. This means that you can often arrange finance directly with the dealership when purchasing your car, making the process more convenient and streamlined.
To explore finance options with MotoNovo Finance, you can visit their official website or contact them directly through their customer service channels. They will be able to provide you with more detailed information regarding their loan offerings, including interest rates, loan terms, and eligibility criteria.
Address: MotoNovo Finance, One Central Square, Cardiff CF10 1FS
Contact: 0333 200 0030
5. We Finance Any Car
We Finance Any Car is a UK-based company that stands out by offering second hand car loan to individuals with varying credit profiles. With an extensive network comprising over 4,000 car dealerships throughout the UK, they provide a diverse range of options, ensuring you can find a car that aligns with both your budget and preferences.
When it comes to loan terms, We Finance Any Car provides flexibility to suit your needs. Loan amounts range from £500 to £50,000, with repayment terms spanning from 12 to 84 months. The interest rates are competitive, starting at 9.9% APR, and the transparency is evident with no hidden fees in the fine print.
To qualify for a second hand car loan, you simply need to meet a few eligibility requirements. Being a UK resident, at least 18 years old, and possessing a valid driving license are prerequisites. Additionally, having a regular income is necessary to ensure repayment feasibility.
Address: Unit 24, Imperial Park, Rawreth Ln, Rayleigh SS6 9RS
Contact: 01277 808080
6. Blue Motor Finance
Blue Motor Finance stands out as a prominent player in the UK’s second hand car loan market, offering a comprehensive range of financing solutions through an extensive network of over 4,000 dealerships. With a commitment to meeting diverse budgets and needs, Blue Motor Finance provides flexible repayment terms and competitive interest rates to ensure a seamless borrowing experience.
When it comes to loan terms, customers can choose amounts ranging from £1,000 to £50,000, accommodating a wide spectrum of financial requirements. The flexibility extends further with repayment terms spanning from 12 to 84 months, allowing borrowers to tailor the loan duration to their specific preferences. Blue Motor Finance maintains competitive interest rates, starting from 5.9% APR, making their loans not only accessible but also financially advantageous.
Address: Darenth House, 84 Main Rd, Sundridge, Sevenoaks TN14 6ER
Contact: 020 3005 9330
7. Car Finance 247
CarFinance 247 stands out as a prominent credit broker in the UK, dedicated to assisting individuals from an extensive panel of lenders in securing optimal second hand car loan deals. With a commitment to providing diverse options tailored to various budgets and needs, CarFinance 247 offers a comprehensive selection of loan choices characterized by flexible repayment terms and competitive interest rates.
One notable aspect of their service is the broad spectrum of loan terms available. Prospective borrowers can access loan amounts ranging from £1,000 to £50,000, catering to a wide range of financial requirements.
The flexibility extends further with repayment terms spanning from 12 to 84 months, allowing borrowers to choose a duration that aligns with their financial circumstances and preferences.
CarFinance 247 ensures accessibility by offering competitive interest rates starting from 9.9% APR, enhancing the affordability of acquiring a used car through their financing solutions.
Whether you’re in search of a modest loan or a substantial amount for a high-value vehicle, CarFinance 247’s diverse loan offerings make it easier for individuals to navigate the world of used car financing.
Address: Universal Square, Devonshire Street North , Manchester , M12 6JH , UK
Contact: 0161 850 2237
8. Quick Car Finance
Quick Car Finance is a reputable car loan broker dedicated to assisting individuals in finding the optimal car loan deals from a diverse panel of lenders. Quick Car Finance stands out by offering a broad spectrum of loan options meticulously designed to cater to various budgets and needs.
One of the key advantages is the flexibility in repayment terms, accommodating diverse financial circumstances. Whether you’re eyeing a loan amount ranging from £1,000 to £50,000, Quick Car Finance has you covered.
The repayment terms span from 12 to 84 months, allowing borrowers to tailor the loan duration to their preferences and financial capacities. Furthermore, Quick Car Finance ensures that your financial journey is not only convenient but also cost-effective, with competitive interest rates starting from 9.9% APR.
If you’re seeking swift and efficient financing for your used car, Quick Car Finance stands as a reliable partner, simplifying the loan process and helping you hit the road with your new-to-you vehicle.
Address: 18 Albert Rd, Bournemouth BH1 1BZ
Contact: 01202 286500
9. Happy Motor Finance
Happy Motor Finance is a reputable UK-based company specializing in car finance for both new and used vehicles. Boasting an extensive network of over 4,000 car dealerships nationwide, Happy Motor Finance ensures that you can find the ideal car that aligns with your budget and preferences.
Happy Motor Finance understands that every individual’s financial situation is unique. To cater to diverse needs, they offer loan amounts ranging from £1,000 to £50,000, ensuring that you can secure the financing that precisely fits your requirements.
With repayment terms spanning from 12 to 84 months and interest rates starting at a competitive 4.9% APR, Happy Motor Finance prioritizes providing a seamless and affordable financing experience.
Address: Clippers House, Clippers Quay, Manchester M50 3XP
Contact: 0161 524 0582
10. Motorly Car Finance
As a prominent online car finance broker based in the UK, Motorly specializes in connecting individuals with the best car loan deals available through a diverse panel of lenders. Their platform caters to a variety of budgets and needs, ensuring a tailored solution for each user. What sets Motorly apart is its commitment to flexibility, offering repayment terms ranging from 12 to 84 months.
This allows borrowers to choose a plan that aligns with their financial preferences and circumstances. Moreover, Motorly boasts competitive interest rates, with representative APR starting at 4.9%.
Whether you’re eyeing a compact runaround or a more substantial investment, Motorly’s loan options range from £1,000 to £50,000, providing sample financial support for your used car aspirations.
Address: First Floor Office, The ACC, Market St, Altrincham WA14 1PF
Contact: 01925 986 756
Whether you’re looking to upgrade your current vehicle or purchase your very first car, finding the best second hand car loan in the UK is essential. By considering factors such as interest rates, repayment options and customer reviews, you can make an informed decision and secure a loan that works for you.
With so many reputable lenders offering competitive deals, there’s no reason not to drive away with the perfect car on a great loan! So go ahead and explore your options – happy driving!
FAQ – Top 10 Best Second Hand Car Loan in the UK
Which bank gives the lowest interest rate for used car loans?
When it comes to finding the lowest interest rate for a used car loan, there are several banks in the UK that offer competitive rates. One such bank is Zopa Car Loan, known for its attractive interest rates and flexible repayment options. They understand the value of affordability and aim to provide borrowers with loans tailored to their needs.
Another option worth considering is Admiral Car Loan, which offers competitive interest rates for used car financing. With their expertise in auto financing, they strive to make the process as smooth as possible while offering affordable rates.
Novuna Personal Finance is also a reputable bank that provides low-interest used car loans. They pride themselves on their customer-centric approach and aim to find solutions that suit individual financial circumstances. Their competitive rates make them a popular choice among borrowers.
Which used car is best to buy in the UK?
When it comes to buying a used car in the UK, there are plenty of options available. The best choice for you will depend on your budget, preferences, and specific needs. However, there are a few models that have consistently received positive reviews and are often recommended by experts.
One popular option is the Ford Fiesta. Known for its reliability and affordability, the Fiesta offers great fuel efficiency and a comfortable ride. It’s also packed with features and has a stylish design.
Another reliable choice is the Volkswagen Golf. This hatchback combines practicality with excellent build quality, making it a favourite among many buyers. It offers impressive handling and performance, along with advanced safety features.
If you’re looking for something more spacious, consider the Honda CR-V or the Nissan Qashqai. These SUVs provide ample room for both passengers and cargo while offering good fuel economy and strong resale value.
Choosing the best-used car in the UK depends on your personal preferences and requirements. It’s always advisable to do thorough research, take test drives, and check vehicle history reports before making any final decisions.
Can I get 0% financing on a used car?
Typically, 0% financing offers are more commonly associated with new car purchases rather than used cars. However, there may be some rare instances where dealerships or lenders offer promotional 0% financing deals for used cars.
It’s important to understand that 0% financing is usually offered by manufacturers’ finance arms or specific lenders as a way to incentivize customers to purchase new vehicles. This type of financing can potentially save you money on interest charges over the loan term.
When it comes to used cars, it’s less common to find 0% financing offers. This is because used cars have already experienced depreciation and may carry a higher risk for lenders. As a result, interest rates on used car loans are typically higher compared to new car loans.
What is a good APR for Car Finance UK?
The Annual Percentage Rate (APR) for car finance in the UK can vary depending on various factors, including your credit history, the lender, the type of car you’re financing, and the term of the loan. A lower APR indicates a more favourable interest rate and can result in lower overall borrowing costs.
In general, a good APR for new and second hand car loan in the UK is typically considered to be around 6% to 12%. However, it’s important to note that these rates are subject to change and may vary based on market conditions and individual circumstances.
Remember that the APR is just one aspect to consider when evaluating the overall affordability of a car finance deal. You should also consider the total cost of the loan, any additional fees or charges, and the repayment terms.
Is buying a used car on finance a good idea?
Buying a used car on finance can be a good idea for many people, depending on their individual circumstances and preferences. Here are some factors to consider when deciding whether buying a used car on finance is the right choice for you:
- Affordability: Financing a used car allows you to spread the cost of the purchase over a fixed period, making it more manageable to budget for monthly payments. This can be beneficial if you don’t have the full cash amount upfront.
- Access to a better car: Financing opens up the possibility of purchasing a higher-quality or more expensive used car that you may not have been able to afford outright. This can give you access to features, safety technology, and reliability that may provide better value in the long run.
- Credit building: If you have a limited credit history or are looking to improve your credit score, responsibly managing a car loan can help establish or enhance your creditworthiness over time.
- Warranty and Protection: Some financing options may include warranties or extended protection plans, providing additional peace of mind against unexpected repairs or breakdowns.
- Fixed payments: Financing a used car typically comes with fixed monthly payments, allowing for easier budgeting and financial planning.