A used car loan allows you to borrow money to purchase a second-hand car and spread the cost over a set repayment period. This can be especially useful if you don’t have savings available or if an unexpected expense, such as your old car breaking down, means you need a replacement quickly. At Fast Loan UK, our payday loans for cars are designed for people who may be struggling financially, offering fair, flexible and fast access to funds for your next car.
What is a Used Car Loan?
A used car loan is a type of personal loan specifically used to buy a second-hand vehicle. Instead of paying for the car upfront in one large payment, you borrow an agreed amount and repay it in smaller instalments. This makes car ownership more affordable and helps you budget more effectively.
Traditional lenders and dealerships often push new car finance deals, but these can come with long-term contracts and higher total costs. A used car loan gives you freedom to choose your vehicle, whether it’s from a dealership, an online marketplace, or a private seller. At Fast Loan UK, we focus on flexibility, speed, and supporting those who might not fit into the typical banking criteria with used car loans.
Why Choose a Short Term Car Loan?
When your car is essential for work, family commitments, or everyday life, being without one isn’t an option. Unfortunately, cars can break down at the worst possible moment, leaving you facing large bills you weren’t prepared for. This is where a short term car loan can help.
Unlike long-term finance agreements that lock you into repayments for years, a short term loan allows you to borrow what you need and repay it over months, not years. That means you can stay mobile without being tied down to unnecessary debt.
With Fast Loan UK, you benefit from:
- Quick decisions: Applications are assessed fast, giving a decision in principle straight away.
- Fair approach: We look at affordability, not just credit history.
- Flexibility: Borrow an amount that suits your car-buying needs.
- Freedom: Use your loan for any second-hand vehicle you choose.
If you want to see how simple the process is, check our step-by-step guide on how it works.
Second Hand Car Loans with Fast Loan UK
Buying a brand-new car isn’t realistic for many people. Not only do new cars lose value quickly, but monthly finance agreements can also be expensive. That’s why more than 60% of UK car buyers choose second hand vehicles.
A second hand car loan allows you to buy a reliable used car that fits your budget. Whether you need £500 for an older model to get you back on the road or closer to £2,000 for something more modern, Fast Loan UK offers personalised payday loans for cars that match your circumstances.
Our focus is on affordability and fairness. We’ll never lend more than you can realistically repay. New customers can apply for up to £800 and choose up to 8 months for repayments. For our returning, trusted customers who need larger borrowing, we also provide up to £2000 loans with the same transparent approach, with a maximum of 12 months repayments.
How to Apply for a Used Car Loan
Applying with Fast Loan UK is designed to be as quick and stress-free as possible. Here’s how it works:
- Apply online: Fill in our simple application form in just a few minutes.
- Get a decision fast: Most applicants receive a response within 24 hours.
- Funds direct to you: Once approved, the money is transferred straight into your bank account.
You can then use the funds to buy your chosen second hand car, whether that’s through a dealer, private seller, or an online marketplace. There are no restrictions, hidden fees, or complicated paperwork.
Who Can Apply for a Used Car Loan?
Fast Loan UK is here to support people who may not have access to traditional lending. You can apply for a loan if you:
- Are a UK resident aged 18 or over.
- Be in Full-Time, Part-Time or Self-employment
- Have a regular income, either through employment or benefits.
- Have a valid bank account and debit card
You don’t need a perfect credit history. While we do carry out affordability checks, we understand that life isn’t always straightforward. Our loans are particularly suitable for:
- Parents needing a reliable family car.
- Workers whose job depends on transport.
- People facing sudden car repair or replacement costs.
Start your application today to see how we can help. For more information or any questions you may have, please do contact us.
Start your application now to see how we can help.
FAQs on Used Car Loans
What is the difference between a used car loan and car finance?
A used car loan is cash that you borrow to buy any second-hand car of your choice, whether it’s from a dealer, private seller, or online platform. You own the car outright once purchased. Car finance, often offered by dealerships, ties you into contracts such as Hire Purchase (HP) or Personal Contract Purchase (PCP). These may limit how you use the car and often end with you returning it unless you pay a large balloon payment. A used car loan gives you flexibility, independence, and the ability to shop around for the best second-hand deal.
Can I get a short term car loan with bad credit?
Yes, you may still be able to get a short term car loan even with a poor credit history. At Fast Loan UK, we don’t believe your past defines your financial future. While traditional banks may automatically reject applicants with low credit scores, we take a more balanced approach. We focus on affordability, meaning if you can demonstrate that you can manage the repayments alongside your other commitments, you may still be approved. Every application is assessed fairly, so even if you’ve had financial difficulties in the past, you still have options with us.
How quickly can I get the money for my second hand car loan?
One of the main advantages of applying with Fast Loan UK is speed. We understand that when you need a car, you usually can’t wait weeks for a decision. Our application process is online and straightforward, meaning you can apply in just a few minutes. Once we’ve assessed your application, most approved applicants receive their funds within 24 hours. That means you can quickly secure the second hand car you’ve found, whether it’s being sold by a private seller or a dealer. Fast access to funds helps you avoid missing out on the right deal.
What if I need a larger amount than expected?
It’s common to find that the car you want costs more than you initially budgeted. At Fast Loan UK, we offer different amounts for used car loans, starting from smaller sums to larger borrowing, depending on your needs and circumstances. All applications are assessed responsibly, so we’ll only approve a loan if it’s affordable for you. Our aim is to provide flexible, affordable loan solutions that help you buy the car you need, without putting long-term strain on your finances.
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