Personal Loan

A personal loan is normally a fixed cost, fixed period loan of money to purchase any item a customer wants - including a Motor Vehicle. The loan is not secured on the vehicle & the customer owns the vehicle outright from the outset.


  • Deposit - usually optional at the discretion of the customer
  • Fees - there are usually fees attached to a Personal Loan Agreement
  • Payments - payments are fixed for the duration of the agreement
  • Mileage - there are no mileage restrictions on a Personal Loan Agreement
  • Insurance - there are no insurance stipulations on a Personal Loan Agreement
  • Condition - there are no vehicle condition stipulations on a Personal Loan Agreement
  • Interest Rate - the interest rate is fixed for the duration of the agreement

Early Settlement

A Personal Loan Agreement can be settled at any time by the customer by paying the balance of finance outstanding to the lender. The lender may allow the customer a rebate of the interest if the outstanding finance balance is settled before the agreement end date. If it is a Personal Loan Agreement regulated by the FCA, then the minimum amount of rebate will be set out in the FCA's rules. You can make additional payments & receive a corresponding reduction in interest.

End of the agreement

A Personal Loan Agreement ends once all the contracted payments have been made. It has no effect on the ownership of the vehicle.

Voluntary Termination

There are no voluntary termination rights on a Personal Loan Agreement.