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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.

How many years will a bank finance a used car?

If you’re purchasing a used car with the assistance from a bank on the high street you might be wondering ‘for how many years will a bank finance a used car?’ The answer is that this may vary depending on a number of factors, such as your financial history and what kind of finance you are looking to take out.

Making an application for finance from a bank

If you’ve got a good history with your personal bank, then making an application for any term of finance can be a very convenient way to acquire lending support. The bank will already possess all your information, from your personal details to your financial history, such as savings, monthly outgoings and regular income.

You might find however that other banks offer better interest on finance than your personal bank and decide to apply with one of them instead.

Buying a used car from a bank

Buying a used car upfront in one payment with cash is always the most cost effective way of purchasing as it cuts out the interest you will pay, but not all car buyers can afford to do this. After cash buying, a car loan is the least expensive form of finance to secure yourself a used car.

You borrow a sum of money from the bank to buy your chosen vehicle and then you pay it bank over a typical term of 12 to 60 months. You pay in regular monthly instalments, which will include interest on your loan. When all repayments are made, the debt is settled and the used car is yours.

Length of term affects size of repayments

Typically with finance for both new or used cars, the lengthier the term over which you make your repayments, the smaller the size of your monthly payments will be. However, as you’re borrowing over a lengthier period of time, you’ll be in turn be paying more interest, so the total sum you pay will be higher.

If you repay your used car finance within 12 months, the monthly instalments will be higher but you won’t be paying so much interest, however you may find that smaller amounts can be more manageable for you over a 60-month payment plan, making this a more realistic option.

Saving a deposit

Prior to applying for any kind of car finance over any length of term, it’s worth considering saving up for a deposit to put towards your purchase on a used vehicle. By being able to offer a deposit, you’ll not only look like a better prospect to banks and other lenders, but you will be able to secure smaller monthly repayments.

If you’d still struggle to pay the size of monthly installments offered to you over a five-year plan (60 months), then saving a deposit for your car is a way of making your purchase more affordable. Possessing a deposit, you’ll need to borrow less to buy your car, so your monthly repayments will be smaller.

Other forms of finance available from banks

While known for providing personal loans, sometimes referred to as “car loans”, banks like many other lenders will offer different forms of finance. Two common options are Hire Purchase (HP) and Personal Contract Plans (PCPs).

As experts in the automotive industry, we’re perfectly placed to offer assistance and advice on all aspects of car finance here at If you’re looking for a finance agreement over a longer length of term to pay for your used vehicle, we’ll do our best to find you a match.

Other related FAQs

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

Car finance companies don’t usually contact employers to assess eligibility. However, in some circumstances, they might.

The maximum age of used cars eligible for finance agreements tends to be 10 years, although there are exceptions to this.

A guarantor car loan is an agreement in which a third party (usually a family member or friend) agrees to guarantee the repayment of your loan if you fail to keep up with your payments.

Yes, certain lenders will consider offering finance for a vehicle that is sold privately.

Car finance agreements can be a great option for a wide range of people. Before committing to a deal though, it’s always important to read the terms carefully and consider the pros and cons.

Lying on a car loan application is a form of fraud and is illegal. If you’re found to have done this, you could face prosecution and you may find it harder to get credit in the future.

When you’re applying for finance for a used car, it’s useful to have the relevant supporting documents such as information on your vehicle of choice, your financial details and proof of address and income. You may also need a deposit.

Car finance is a loan – but it’s one that’s often secured against the vehicle you’ve decided you want. As such, it’s often viewed a little differently to a personal loan – which is not secured against anything.

Buying a used car with a finance agreement can be a good option. As with any financial agreement though, it’s always important to check the details carefully and to consider the pros and cons.

Under certain circumstances, you can claim the cost of a car as a capital allowance, meaning you can deduct some of the vehicle’s value from the profits of your business before paying tax. However, strict criteria apply.