Motor Loan

With a motor loan, you obtain the money in advance to buy the vehicle outright, then repay the debt in agreed monthly instalments.

Motor loans are available from banks, building societies, independent finance companies.   

Benefits of a motor loan

    * Effectively, you become a cash buyer
    * You can buy from anywhere and are free to negotiate the best price
    * The car is yours from the start

Disadvantages of a motor loan

    * Harder to obtain than other types of finance
    * Lenders prefer homeowners who have sound finances
    * Two types of loans are available, secured and unsecured. Secured is cheaper, but the lender can confiscate whatever you offer as security if you fail to pay on time. In extreme cases, you can lose your home.

View recommended car loans here

Motor loan calculator