What is a Personal Car Loan?

You can secure personal car loans from your local bank, building society or another finance provider – in no way do they need to be connected via your dealership. Caragogo can help you secure a personal car loan.

If you decide to go down this route, there is a good chance you will have to secure an asset, such as your house, against the loan. Going ahead with this option is putting your home at risk.

Advantages of personal car loans

• You own the car from the beginning of the purchase
  
• The dealership cannot take ownership of your car
  

Disadvantages of personal car loans

• If you take out a secured loan – you risk losing your assets against the loan, such as your house
  
• You will need a good credit rating for it to be worth your time
  
• You may have to pay more overall if your credit rating isn’t good
  
• You may have a long wait and a drawn out process
• Other borrowing may be effected

Other Car Finance options

• Hire Purchase Agreement
• Personal Contract Purchase
• Conditional Sales Contract

Do you have any other questions regarding vehicle finance? We have put together some of our most common questions. Click on the links below.

• What if I have bad credit?
• Am I guaranteed car finance?
• What If I have been rejected before? – Is there any point trying?
• How does PCP work?