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Is A Personal Loan The Right Option For Me?

A personal loan is an unsecured financial agreement, which, normally, operates at a fixed rate of interest, over a fixed period where pre-agreed fees apply. The finance company ‘loans’ the funds to the customer in order to make the purchase, in this case, a vehicle.

The lender provides the loan facility, but not the vehicle. The customer purchases the vehicle directly from the dealership, using the loan amount borrowed. Unlike other finance agreements, the customer immediately takes title/ownership of the vehicle.

When a customer signs a personal loan agreement, they agree to make regular payments to the lender, until the amount borrowed, plus interest, is repaid in full. As the customer has title to the vehicle, there are no mileage or usage restrictions on the vehicle that is financed.

The agreement can be ended at any time by settling all outstanding balances on the agreement and paying any necessary fees. In most cases, any surplus interest will be rebated to the customer by the finance company. If the Consumer Credit Act regulates the agreement, the minimum amount to be repaid is stipulated by the Finance and Leasing Association.

CAR
FINANCE

At New Look Loans we will always strive to arrange the best rate we can, despite your credit history. Our large panel of lenders offer agreements to suit all budgets, lifestyles and circumstances!

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VAN
Finance

If you need a new or used van for your business or simply need a larger vehicle, New Look Loans can search their large panel of lenders to tailor a finance agreement for you!

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BIKE
Finance

New Look Loans works with some of the largest motorbike finance companies in the UK. Allow us to find a finance agreement which fits around your lifestyle and circumstances!

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Finance
Calculator

Don’t know your budget? Want a rough idea of what you can expect to pay? Our finance calculator has been designed to give a representative example of what you can expect when applying for finance.

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