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Personal Loan

Personal loans can be taken from banks, building societies and finance companies and are an accessible way for people to buy a new car. The duration of the loan can vary depending on what you agree beforehand with the loan company and your own individual circumstances. In overall terms loans from banks will be scheduled to be paid off over a period of several years, and will have a fixed rate of interest.

You can opt for two types of loans - either secured or unsecured. Using a secured loan means that the finance company or bank will retain ownership of the car until the balance of the loan has been fully paid. An unsecured loan ensures that the buyer is attached to the loan and not the car. This means that ownership of the vehicle is retained from the outset. Most unsecured loans are more expensive and will have a higher interest rate than a secured loan.

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At the Start of the Agreement:

  • As soon as the funds are in place through with either your chosen bank or other financial company then you are able to pay for your chosen vehicle with the loan amount you have borrowed. In this scenario you will assume legal responsibility immediately if paying for the car outright.
  • It is worth remembering that personal loans are normally unsecured agreements. This means if you are having problems maintaining the payment schedule you will not be able to return the car to its original dealership.

At the End of the Agreement:

  • You will become the legal owner of the vehicle and will be required to make payments to the bank or financial company who granted you the initial loan..
  • The cars current market value - at the end of the loan agreement - could be offset if you choose to sell it or trade it in as a deposit on your next car.


Benefits of a Personal Loan

  • Quick and easy to set up.
  • The car is legally yours and as such you have the ability to make more decisions about its use.
  • You can ensure the agreement is as flexible as possible and chose how much to pay and the period of time.
  • Throughout the agreement the monthly loan repayments will have a fixed rate of interest and is a good way to help with budgeting and planning.

Things to Remember

  • The car cannot be handed back in the event that you fail to keep up with any of the agreed repayments.
  • Your personal credit history is taken into account when applying for a loan. As a consequence you may not be eligible for a loan, and if you are you may not be eligible for the lowest rate of advertised interest available. Check with your lender for further information.