The Very Best Loans with Loantra

Short-Term Loans

Apply Today to Borrow up to £995

*Online decision

*Responsible lenders

*Rates from 278% to 1576%

*3-12 month repayment

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Personal Loans

Apply Today to Borrow up to £25,000

*Instant Decision

*60-Second Application Form

*Rates from 4.7% to 278%

*3-36 month repayment

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What Loantra can do for You

How to Afford a Car Finance Loan

You probably can’t afford to just pay for a new car by cash or check; so, like most people, you will need to utilize car financing to cover the costs of the car as you slowly repay this debt. You will end up paying more than the original cost this way, but at least you get to drive the car home and you don’t have to come up with a bunch of money at once.

Still, financing your car can be very expensive, and you may need some help in getting the money you need to afford it. The following are some guidelines and tips to help you do just that.

Choose the Lender Wisely

You have a lot of choices for car financing– just as many as you do for car dealers, in most cases. About every car dealer will offer some sort of financing option, and your bank may be willing to finance the loan as well. You have plenty of options, and that means there will be lots of differences in costs and terms for the loans. You will want to take your time picking the right type of financial assistance for the car, or you could end up paying far more than you have to for that car.

You can compare the interest rates, fees and lending periods on the various lenders that are available. It’s a good idea to do some comparison shopping, as you will likely be repaying this loan for years to come. If you don’t choose the best interest rates possible, then you can end up paying thousands of pounds more than you really need to.

Cut Costs Where You Can

Even after you find the lowest rates that you can on car finance, you will still be paying a lot of money for your car. You may need to make some concessions in your life in order to afford that. This can mean cutting out expenses that aren’t really necessary, such as eating out, entertainment costs and various subscription services.

It may also mean finding ways to cut your necessary bills. You can probably find ways to lower the cost of your gas, electric, water, and even internet bills. You can save money on groceries and other essentials as well just by making some reasonable life changes. The more of these costs you can cut, the more money you will have to pay for the car loan. It may seem like a lot to sacrifice for car ownership, but you’d be surprised at how easy many of those cuts will become in time, after you get used to them.

Build Your Credit First

It can also help to apply for car finance only after you have a decent credit score built up. If your credit is low, then the terms of the loan may not be much to your liking. You are far more likely to get a great rate and reasonable terms if you have good credit to start with. You can build up your credit in a number of ways- paying your bills on time, using a credit card and paying it off each month, using your bank account and more.

Look for opportunities to build your credit so that the lending terms will be more amenable to you. You might be surprised at the kind of options that become available to you once you have a decent credit score.

See How We Compare to Our Competitors

Loan amount
£500 - £20,000
Loan term
12 - 60 Months
CUSTOMERSCORES
Good
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Loan amount
£500 - £100,000
Loan term
1 - 18 Months
CUSTOMERSCORES
Excellent
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Loantra is a licensed credit broker and not a lender.

We will never charge you for our service and the lender will not increase the rate to cover our fee to them.

We work with over 40 different lenders to bring you the very best rates from across the UK market.

Representative 305.9% APR. Representative example: £400 borrowed for 90 days.

Total amount repayable is £561.92 in 3 monthly instalments of £187.31.

Interest charged is £161.92, interest rate 161.9% (variable)

Warning: Late repayment can cause you serious money problems. For help, go to moneyadvice.org.uk.

Do not borrow more than you can pay back as defaulting on payments can lead to serious monetary problems.

Any collateral you have against the amount may be at risk of repossession.

5 most recent personal loan reviews

Review of Natwest

My personal loan from NatWest was planned in advance because I like to do plenty of research before committing to something as important as a building extension. I wanted to make sure the loan would be possible and that it was at a competitive rate before I started employing architects and builders. I was in regular contact with our local branch’s loan adviser and they finally sorted out a very good loan for me and once that was agreed I got on to the job of planning this extension. We’d already had the go ahead from the local council so it was all systems go once that all important loan was finalised. Sometimes it’s best to deal with your own bank for such an important loan and I am pleased that I entrusted NatWest with my loan.

Review posted by Wayne Crouch, Plymouth

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of U Switch

In our position your company treats us well. We have the income but unfortunately due to circumstances beyond our control our credit rating is bad. Thank you Uswitch for giving us a chance.

Review posted by Neil Morrison, Perth

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Wonga

Suprised at ease of application. Never wanted to use these kind of things but had a very tough month and needed a few pounds before payday. After checking different options I found the small amount to payback manageable and it’s all payed back 2 days after payday. Easy process with quick response.

Review posted by Anthony Bell, Chelmsford

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

All reviews have been sourced from Trust Pilot to ensure authenticity of testimonials.