Car Loans

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Compare car loans today

We are a credit broker, not a lender.

What are car loans?

Whether you’re looking to buy a shiny new model or something pre-loved, a car loan could help you access the funds you need to get on the road.

How do car loans work?

Work out how much money you need to borrow. Remember, you should never borrow more money than you need or can comfortably afford to repay.

Think about how long you would like to borrow the money for. The longer the term of the loan the more interest you are likely to pay.

If approved for a loan, use the money to pay for a car. This can be either a new or second-hand vehicle.

Make your monthly repayments on time and clear the balance of the loan.

Things to think about before applying for a car loan

A car loan could help you spread the cost by repaying in monthly instalments.
You should not apply for a loan without careful consideration first. Falling behind on or failing to make your monthly repayments could result in late fees, additional charges, and a decline in your credit score, as well as financial stress.

Who can apply for a car loan?

To check your eligibility for a car loan, you must:

Be over the age of 18;
Have a minimum annual income of £5,000;
Have a UK-issued bank account with a valid debit card;
Be employed with your income paid into your bank account; and
Be a UK resident with three years' worth of UK address history.

Why use Real Rates to compare car loans?

Take a back seat and allow Real Rates to find the right car loan for you.

We work with a range of trusted lenders who offer loans between £2,500 and £50,000. Using soft search technology, we scan our panel for a loan to suit you and your circumstances, based on the information you provide us with.

Our soft search eligibility checker will not affect your credit score, and our service is free to use.

CHECK YOUR ELIGIBILITY

The Real Rates process

Tell us a bit about yourself
Complete our online eligibility check form – this shouldn’t take longer than 5 minutes.

Let’s get this show on the road
We'll check your eligibility using soft search technology and reveal your results in just 60 seconds.

It’s a match
If we’ve been able to match you with one or more of our lenders, select the loan you’d like to go ahead with, and you’ll be redirected to the lender’s website to complete a full application, including a hard credit search.
Remember: Pre-approval does not guarantee acceptance. If you go on to complete a full application with a lender, you will still need to pass additional checks, including a hard credit search.

Frequently Asked Questions

How much will a car loan cost me?

The overall cost of a car loan depends on how much you borrow, how long you borrow the money for, and the rate of interest you are offered. Bear in mind that any additional fees or late charges will add to the overall cost of your loan.

What does APR mean?

The Annual Percentage Rate (APR) is the overall yearly cost of the loan, including interest.

The APR does not include any late repayment fees or additional charges.

Are car loans secured or unsecured loans?

Car loans can be either secured or unsecured.

A secure loan is when you borrow money against one of your assets; for example, your home. This is known as collateral. If you default on your repayments, the lender has the right to seize the collateral to recover their losses.

You can borrow money without securing it against collateral - this is known as an unsecured loan. Interest rates may be higher on unsecured loans as they are seen as bigger risks to lenders.

Can I pay off my car loan early?

Paying off your car loan early may be possible; however, bear in mind that some lenders could charge an early repayment fee. You should refer to the terms and conditions of your loan agreement for further information.

Do I need to have a good credit score to apply for a car loan?

A good credit score may make it easier to get approved for a loan. You may also find that you are offered a better rate of interest.

Could a car loan affect my credit score?

Like all financial products, car loans can have an effect on your credit score; whether this is a negative or positive effect depends on how you manage you loan.

If you make your repayments on time each month and clear the balance of the loan by the final due date, you could see an improvement to your credit score. You would also need to manage any other credit accounts you have in the same responsible way.

On the other hand, if you fall behind on or miss repayments entirely, it’s likely that your credit score will suffer as a result.

I’m struggling to keep on top of my repayments. What can I do?

If you find yourself in this position, you should contact your lender as soon as possible and explain the situation. We understand that this can feel daunting, but they will want to work with you to find a solution.

No matter what financial challenges you might be facing, support is available. For free, impartial advice, visit Citizens Advice Bureau, MoneyHelper and National Debtline.

StepChange offer a free, online quiz where the answers you provide will generate advice to help you get back on track with your finances.

Digitonomy Limited trading as RealRates is not a lender but is a fully regulated and authorised credit broker which introduces borrowers and lenders for the purposes of entering into consumer credit agreements.

RealRates does not charge customers a fee for using its broker services, but it receives a commission from lenders or other brokers if a customer enters into a consumer credit agreement with a lender or broker following an introduction through this website.

RealRates will provide every effort to present you with Loans you may be eligible for. If we are not able to do this, we may present you with alternative credit products. You are under no obligation to proceed with these if you feel they are not suitable for your circumstances.

RealRates is a registered Trading Name of Digitonomy Limited, Registered in England and Wales (Company number 08385135), Registered Office; Steam Mill Business Centre, Steam Mill Street, Chester, Cheshire, CH3 5AN. Digitonomy Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference number: 690249. Licenced by the Information Commissioners Office, (registration number ZA007309).