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3.5 years

Zuto is a credit broker, not a lender. Our rates start from 8.9% APR. The rate you are offered will depend on your individual circumstances. Representative Example: Borrowing £9,000 over 60 months with a representative APR of 20.9% the amount payable would be £234 a month, with a total cost of credit of £5,047 and a total amount payable of £14,047.

Zuto Limited. Registered in England under number 05722976. Registered office: Winterton House, Winterton Way, Macclesfield, Cheshire SK11 0LP. Zuto Limited is acting as a broker and not as a lender. Authorised and regulated by the Financial Conduct Authority, registration number 452589. Zuto can introduce you to a limited number of finance providers, based on your credit rating, Zuto won't charge you anything for this service, but do get a fee from the lender which varies based on the product or amount borrowed.

Where to get a car loan for a used car?

If you’re a car buyer in the market for a used vehicle and you can’t afford to pay up front in full, you might be looking to make a purchase with the aid of finance. There are a number of different methods of obtaining finance for a used vehicle available on the current market, but where can you go to get a car loan for a used car?

The best way to settle on any deal regarding car loans is to look at as many as possible, so you can contrast and compare them against each other and ensure you’re getting the very best deal. 

Car loans for used cars

Buying a used car with the assistance of finance can be a convenient method for many car buyers in comparison to cash or personal loans. In fact, over 80% of car buyers in the UK use finance to aid funding buying used car.

Personal car loans from the bank for used cars

While paying in full with cash is always a desirable way to pay for a used car, it’s not always an option open to all of us. A personal loan or “car loan” from the bank is the next cost-conscious way of securing a car, but how good a deal it is relies on what shape your credit history is in. If you have a good to excellent credit score, you are not only more likely to succeed in your application for finance, but will secure a better rate of interest when it comes to your monthly repayments.

If your credit score is punctuated with late payments, defaults or other issues, this might not be the best route for you.

Do your homework

You can carry out online research easily these days and get in touch with a versatile selection of lenders. Write down the car loans offered and compare them with each other over a number of factors, such as annual percentage rate (APR), length of terms available and interest charged. Consider your circumstances and all the available forms of finance offered to decide which one fits best with your individual circumstances. Once you’ve got all the information collated, contrast and compare the different deals on the table and make your decision on which car loan is a match for your needs.

This method is a very hands-on approach, but it does put you in control when it comes to choosing where you get your car loan from.

Car loans for used cars via online brokers

Applying for finance through an online broker can be a more convenient and time-efficient method of securing a car loan for a used car.

Online brokers often have access to a select panel of lenders with whom they do business. This often allows them to secure better deals for their customers then they’d be able to obtain for themselves.

The services offered by brokers, including online calculators, will allow you to find out very quickly how likely you are to be accepted for finance and roughly what you will be able to borrow very quickly.

With a one-stop shop, you can often find everything you need to make your decision in one place. Brokers are able to search all the used car loans on offer and match them to your personal history to find a bespoke loan that fits your circumstances.

If you have any concerns, they’ll also be able to offer advice, which can be helpful if you’ve got special circumstances like a poor credit rating or want to buy an older used car.

Other related FAQs

Looking for more related content to this? We’ve picked a selection of related topics that you may find helpful

As well as checking your credit rating, car finance companies will need some details about the vehicle you’re planning to buy – and some information about your current employment and accommodation situation.

No, you cannot transfer your car finance to another car. However, depending on your circumstances, you may be able to settle your current finance agreement and begin a new one on a different vehicle.

It is possible to modify a financed car – but it’s absolutely vital that you check with the company that provides the finance that it’s okay before you do. After modification, you’ll need to inform your finance company, and insurance company that work has been carried out.

When determining interest rates on car loans, lenders take a range of factors into account, including the size of the loan and your credit rating.

Applying for a car loan in someone else’s name is referred to as ‘accommodation finance’. This is likely to be against the finance company’s terms and conditions – and, in some cases, it could be considered to be fraud.

Settling a car finance agreement is usually just a case of paying back the amount you borrowed, plus any additional fees. If you want to settle early, you may face extra charges.

One of the easiest ways to check if you can get car finance is to use online affordability calculators.

If you want to sell a used car with a loan, check the details of your agreement carefully. Unless you’re the legal owner of the car, you won’t be able to sell it until you’ve paid a settlement figure.

Whether or not you can return a financed car depends on the type of agreement you have. If you’ve got a hire purchase (HP) or personal contract purchase (PCP) plan, you’re allowed to hand it back – as long as you have paid off at least 50% of the loan, including any fees and interest.

In many cases, yes, changing or part-exchanging a car with outstanding finance is possible. Since car finance can’t be moved from one car to another, you (or a dealership you’re getting your next car from) will have to settle the current loan and begin another on your next vehicle.