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Car Loans Northern Ireland
If you’ve decided to take out a new loan to buy a car it would be wise to shop around by comparing unsecured loans from different lenders, because interest rates on loans can vary significantly from one lender to the next.
Of course, if you have a poor credit history the interest rate is likely to be higher no matter which lender you go with, while borrowers with good credit histories can expect most lenders to offer them more favourable loan terms.
However, the lender in question also has a significant impact on the interest rates you’re quoted, which is why it always pays to shop around.
What’s the difference between taking out an unsecured loan to buy a car, and buying a car on finance?
Car finance is a type of loan agreement where the car you’re purchasing is used as security against the debt you take out to buy the vehicle. As such, when you buy a car on finance you’re actually taking out a secured loan rather than an unsecured loan.
By contrast, an unsecured personal loan that you intend to use to buy a new or secondhand car isn’t secured against that car, since it isn’t a secured loan.
We only introduce you to either regulated credit brokers or mortgage brokers or display listings (adverts) produced by credit brokers or mortgage brokers. We are not a mortgage broker and we are not a lender.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE