Get money for your new car quickly and easily. Find out what car loans you’re eligible for without impacting your credit score.
By clicking below, you will be transferred to our partner Aro.
At Asda Money, we’re here to help when you need new wheels. We can help you find car loans from £1,000 - £25,000, allowing you to get on the road as soon as possible.
Search our panel of trusted UK lenders to find the right loan at the right rate for you. You can check if you’re eligible for a loan without impacting your credit score to give you a decision in minutes.
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A loan offer that’s right for you and your circumstances
A car loan is a personal loan taken out to pay for a car. You can use it to pay for the full cost of a car or some of the total, or to put down a deposit. Personal loans are ‘unsecured’ – so they don’t need to be secured against an asset such as your home.
Looking for a loan to fund something else? At Asda we help you compare loans for everything from Weddings and Holidays to Home Improvements and Debt Consolidation.
At Asda Money, we work with a carefully selected panel of trusted lenders. With just one online eligibility check, you’ll see all the available car loans that match your requirements. We perform a soft credit check, so it won’t appear on your credit file.
This initial eligibility check will give you a list of potential loans to browse. Choose one that works for you and apply directly with the lender.
Most people look to borrow between £1,000 and £25,000 for a car loan. The panel of lenders we work with offer loans up to £25,000. The individual lender will determine the repayment term, which is usually between one and seven years. The lender will also determine the available interest rate.
How much does car financing cost?
If you’re taking out a loan to pay for your car, the cost will depend on several factors. They include:
If you’ve previously struggled with borrowing and have a low credit score, it will likely affect your ability to borrow for a car loan now. Not all lenders will lend to you, which can decrease the number of loans available. The lenders that do provide loans will often ask for a higher interest rate, and may not offer the full amount you want.
A guarantor loan may be an option if you have a poor credit score. This is where a family member or friend agrees to pay the debt if you can’t pay it back. Whilst this may seem viable, it’s important to consider the financial pressure it puts that person under. You may be unable to borrow the full amount through a guarantor loan.
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Asda have partnered with Aro, who are a leading credit broker. This means customers can get access to a carefully selected lender panel who provide personal loans.
With one simple check, you can search Aro’s panel of selected lenders to see what loan options you have. Once you’ve been approved you will receive your funds, which in some instances could be on the same day.
No. One of the best things about our service is you get access to a panel of trusted lenders with no hard credit footprint left on your credit file. When you apply with us, a soft search is completed which doesn’t harm your credit score.
However, if you do proceed with an offer from your search with us, the lender will complete a hard search. This will show on your credit file.
Strictly speaking, there is no minimum credit score for you to be approved for a personal loan. If you have a strong credit score, more lenders may be willing to lend to you with better interest rates on offer. If you have a lower credit score and have had problems borrowing in the past, you may find a smaller pool of lenders are willing to lend to you. You may even have to look for a specialist lender that offers loans for bad credit.
If you have a county court judgement (CCJ) against your name, you may struggle to get a personal loan with mainstream lenders. However, you may find specialist lenders that are willing to lend to you.
If you have bad credit or have had money problems in the past, you may find that some lenders aren’t willing to lend to you. Those that are may only do so with higher interest rates. It’s worth looking at specialist lenders for bad credit loans. Or you can work on your credit score to improve it before applying for a loan.
Lenders look at a variety of factors when deciding on whether or not to offer you a loan. They each have their own criteria which will take in your credit score, job, monthly income and more. If you have been rejected by a lender, you can always ask them why and hope they will give you some insight into their lending criteria. They may direct you to one of the main three credit bureaus to find out more information
If you have a poor credit score or have had money problems in the past, you may find that some lenders aren’t willing to lend to you. Those that are may only do so with higher interest rates. It’s worth looking at specialist lenders for bad credit loans. Or you can work on your credit score to improve it before applying for a loan.
The interest rates offered by lenders depend on a range of factors including how much you’re borrowing and the length of the loan. They will also look at your credit score. To help get a lower rate, you can look to improve your credit score by signing up to the electoral register, closing old accounts, checking for any errors on your report, and paying all your bills on time. You may also consider increasing the length of the loan or borrowing less.
Yes, you can. When you apply for a new personal loan, lenders will look at your existing borrowing to see if you can afford the second loan. Many people choose to take out a new loan to consolidate existing borrowing – whether loans or credit cards – into one loan with a single monthly repayment.
When you apply for a personal loan with a lender, this will show up on your credit file. Your credit score may take a very small hit in the short term once you take the loan out. But if you pay your monthly payments on time and in full, this can have a positive impact on your credit score.
Asda is in partnership with Aro which is a trading name of Aro Finance Limited. Both Asda Money and Aro are credit brokers, not lenders. We offer our customers a different solution to borrowing money and finding a loan.
We work alongside Aro so we can provide our customers with their very best loan offer from a panel of handpicked trusted lenders.
With one simple eligibility check, our panel of lenders can provide you with a loan tailored to your needs. It’s also a safe way to find a loan without negatively affecting your credit rating.
ASDA Money is a trading name of Asda Financial Services Ltd who are an Introducer Appointed Representative of Aro who are authorised and regulated by the Financial Conduct Authority. Aro acts as a credit broker and not as a lender.
Terms and conditions apply. UK residents aged 18 and over. If you take out a loan, Asda Money and Aro receive a commission payment from the lender. Different amounts of commission are received from different lenders and the amount will be either a fixed amount or a percentage of the amount you borrow and dependent on the lender you select. We will not charge you a fee for our services.
