Compare Post Office Car Loans

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Post Office Car Loan

Features include:

• Borrow from £1,000 – £25,000 over 1-7 years
• Instant online decision in most cases
• Personalised Fast Checker without affecting your credit rating
• Funds  could be transferred the following day
• No penalty for overpayments

The personal car loan rate offered to you by Post Office will depend on your personal circumstances.

There are multiple different types of loan. Which loans are available to an individual will depend on their specific criteria and details, for example how much they want to borrow.

Other things can affect how many loans are available to person such as their credit history.

Usually lenders will advertise their loan products using their Representative APR. It is important to remember that should a borrower apply and be accepted for a loan they may not actually be offered this rate. Their personal rate could be affected by their own specific financial factors.

Types of loan include

Personal car loans: which are also referred to as ‘unsecured loans’ as the borrower is not required use any assets as security upon the loan. As such this type of loan is normally offered to a maximum of £25,000 with a variable repayment period, although this does vary by provider. Interest rates can also be affected by the loan size and duration, some providers may offer their lowest rates on loans of amounts between £7,500 and £15,000 however this does not mean you should take out a larger loan which you cannot afford the repayments on.

Homeowner Loans: This type of loan is typically available for amounts of more than £25,000. These are also called ‘secured’ loans as the lender requires the borrower to place an asset, such as some of the equity of their home as security upon the loan. This means that failure to keep up with the repayments could result in your home being repossessed.

Before you apply for car finance

In addition to shopping around to find the best deal, that suits you. Also consider any other options like using any savings you have to purchase a car, as the interest you currently earn on any savings may be less than the interest you would be charged for a loan of the same size.