Below are ten UK banks that offer used car finance and some information about each:
Barclays: Offers used car finance with a variety of loan options, from personal loans to secured car finance.
Black Horse: Offers used and new car finance through loan, lease and PCP options.
Hitachi Capital: Offers used car finance through personal loan and leasing options.
HSBC: Offers used car finance at competitive interest rates and flexible loan options.
Lloyds Bank: Offers used car finance through personal loans, leasing and PCP, with flexible repayment terms.
MotoNovo Finance: Offers used car finance with a variety of loan options, including personal and lease loans.
NatWest: Offers used car finance through personal loan and leasing options.
Santander: Offers used car finance with personal loan and leasing options at competitive interest rates.
Shawbrook Bank: Offers used car finance through personal loan and lease options, with flexible repayment terms.
Zopa: Offers used car finance through personal loan options with competitive interest rates and no hidden fees.
Each bank has its own conditions, interest rates and requirements for used car loan approval. It is important to research and compare the available options to choose the one that best suits your needs and budget. In addition, it is important to verify that the vehicle is in good condition and has a clean history before applying for financing.
Requirements and documents needed to access the financing of a used car
The requirements and documents needed to obtain used car finance in the UK can vary depending on the bank or financial institution offering the finance. However, some of the common requirements include:
Minimum age of 18 years;
Reside in the UK;
Have an active bank account;
Have a satisfactory credit history (no default or bankruptcy);
Have enough income to pay the loan installments.
Required documents may include:
Proof of identity, such as a passport or driver’s license;
Proof of address, such as a recent electricity or phone bill;
Proof of income, such as pay stubs, bank statements, or tax returns.
Some financial institutions may require additional documents, such as personal references or documents that prove ownership of a business. It is important to check with the financial institution which documents are required to ensure that the funding application is successfully processed.