Loans Secured Against Your Car

Borrow £10,000 and £1 million Today

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We work with trusted brokers to give you access to a panel of leading lenders well placed to meet your needs.

Fast Car Loans, Even with Bad Credit

If you are looking for a secured car loan, Proper Finance can help you get the best rates and terms to suit your requirements. You can borrow anywhere between £10,000 and £1 million with a repayment period of 3 to 30 years. Flexible repayment options are available and bad credit is taken into consideration. 

Simply click on the ‘get a quote’ button where you will be asked to enter some basic details and you can get an indicative quote. There are no fees for applying and successful applicants can often receive funds in a matter of days or weeks.

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What is a Secured Car Loan?

A secured car loan is a loan secured against a vehicle. To take out this type of loan you must prove you are the registered keeper of the vehicle. To verify this, you are required by lenders to provide your vehicle’s logbook (V5) or the vehicle’s registration document.  Once you have paid off the loan in full, you are handed back your logbook. 

By providing your vehicle’s logbook (V5), verifying that you are the registered keeper of the vehicle in question.

With a secured car loan, you will be asked to sign a loan credit agreement and a separate document called a ‘bill of sale’. 

A bill of sale recognises the lender now temporarily owns your car. You are able to use the vehicle as long as the loan repayments are made. 

The bill of sale must be registered to the High Court by the lender if they wish to repossess and sell your car. 


How Much Can I Borrow Secured Against My Car? 

The amount you can borrow will depend on the car’s value. Typically however, lenders allow you to borrow between £10,000 to £1 million. Some firms will restrict the amount you can borrow to 50% of the vehicle’s value.

We offer rates from 6.5% APR which may vary depending on the value and condition of your car, your income and credit status.


Will I Gain Ownership of My Vehicle Back After Repaying the Logbook Loan?

Yes, once all the repayments have been made, the owner will regain ownership of the vehicle secured against the loan. Throughout the duration of the loan, the lender will retain ownership of the vehicle.

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If however, you are unable to meet loan repayments, then your car will be sold. If the car is sold for less than the loan amount, you will also be liable for any balances left outstanding.


How Can Proper Finance Help Me?

Proper Finance is a free comparison site that can help people find top secured car loans to meet their needs across the UK. We work with some of the best lenders throughout the UK, who are all regulated, meaning any loan you find through our site is safe and secure.

Working with over 100 fully FCA regulated and authorised lenders we are able to secure the best rates from award winning providers.

Our online application takes only a few minutes to complete, and once finished offers applicants an instant decision. No fees are incurred.


How Long Can I Borrow for?

Secured car loans are available from 3 to 30 years and you are to repay the loan early if you wish although early repayment fees may be incurred.

Some lenders will charge interest only until the last month of the contract. In these cases borrowers will be expected to pay the amount originally borrowed in the final month. This means borrowers will need to manage their finances to allow them to repay the original loan amount at the end of the agreement.


What is the Eligibility Criteria For a Secured Car Loan?

The eligibility criteria for a secured car loan varies depending on the lending provider.

Common requirements include;

  • At least 18 or 21 years old (depending on the lender)
  • Must be registered keeper of vehicle 
  • Live in England or Wales
  • May have existing finance on your vehicle 
  • Car must be fully taxed and insured plus have a valid MOT
  • Have a stable income and employment
  • Have a debit account to take payment


Can I Get a Secured Car Loan With Bad Credit?

Yes you can get a secured car loan with bad credit.  Many secured car loan providers do not do advanced credit checks or are ready to overlook bad credit. Given the loan is secured against your car there is less risk to the lender who can sell your car to recoup the loan amount in the event you aren’t able to make repayments. 

Secured car loans can be a good option for those with bad credit. You’ll get the loan provided you meet the eligibility criteria and can afford to make loan repayments 


How To Apply For a Secured Car Loan?

If you’re looking to quickly get a loan secured against your car there are many banks and non-traditional lenders who can help. The process is easy and straightforward.

Simply use proper finance’s free eligibility checker to find the best loan option for you. The application is online and takes no more than 5 minutes. In most cases it takes only a few days for the secured car loan to be approved, processed and funded into the borrower’s account once requirements are met. 

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