At last, there is a flexible car loan with multiple repayment options. Now you can upgrade your car without having to worry about putting it up for collateral.
What are car loans?
A car loan is a personal loan used to purchase a new car or get some car modifications on your existing vehicle. In return, a borrower agrees to repay the lender the amount of the loan plus interest, usually in the form of monthly payments, until the amount is fully paid off.
Usually, car loans are secured, against an existing car, meaning if borrowers do not repay, the vehicle is repossessed and sold to pay off the loan debt. Uploan car loans are different, in that borrowers do not need to use their cars or motorbikes are collateral, removing the worry of losing their vehicles, should they miss a payment.
Car loans for a variety of reasons
There are all types of common cases our customers use our car loans.
- purchasing a new car
- upgrading your existing car
- buying or renewing car insurance policies
- car breakdown or failed MOT
Whatever the reason you need a car loan for, Uploan requires applicants to have a regular monthly income to prevent our borrowers from falling into further financial trouble when they make their repayments.
Should Uploan customers encounter struggles with their repayments, they should contact us right away so we can find an answer together.
How expensive are car loans?
Sadly, the reality is that it’s difficult to find low-cost car loans on the market. Established high street banks are more likely to be the most competitive; however, they usually contain hidden fees, and their lending criteria are more rigorous, resulting in most applicants suffering rejection.
For those who do not meet the bank’s lending criteria often turn to short-term car loans as these are designed for those with an adverse credit history. These borrowers are often enticed with the terms “Cheap” or “low-cost” but end up paying for more in the long-term.
Uploan have designed their car loans to be somewhere in between, to ensure that all who need such finance are not turned away.
Getting a car loan from Uploan
As mentioned Uploan car loans are unsecured, meaning that they do not require applicants to provide collateral, like a motorbike or car.
A car loan from Uploan is designed for UK residents only. Uploan loans:
- vary from £500 to £2,000
- can be repaid in monthly repayments ranging from 1 month to 12
Uploan believes that borrowing money should be uncomplicated. That’s why to apply for one of our car loans applicants must:
- be at least 18 years of age
- own a UK bank or building society account with an existing debit card
- have a mobile phone & email address
- not have any CCJ or CCJs in the last six years
- have a steady monthly income amounting to at least £800 (some social benefits could be included)
If applicants meet the above criteria, then it’s a straight forward process to apply for a car loan. Once the loan application has been approved, and the loan agreement has been signed online, the money is typically transferred to your current account within minutes.
All we ask is:
- Our borrowers carefully consider whether they can afford to repay the money they wish to borrow and to be open in their dealings with us. For example, if you suffer a job loss, how will you repay?
- Help us prevent fraud and protect your data when using your online log-in details.
- Examine your balance statements to ensure they are accurate and correct. If anything isn’t right, immediately call us.
Good to know
Uploan is a responsible and accredited lender and subsequently a certified member of the Consumer Finance Association.
Repaying your car loan – your options
So, you have a car loan from Uploan – how will you ensure you repay on time?
Uploan is here to help with our multiple repayment options.
Either they can have funds deducted straight from their debit card each month as a payment request or they can set up a standing order for scheduled monthly payments deducted straight from their bank account each month.
Uploan is aware that monthly expenses alternate, sometimes our customers have less income, some months more. So why don’t loan repayments match this? Luckily at Uploan, our loans have built-in multiple repayment options.
Multiple repayment options are a solution that borrowers can repay their loans in several payments, as opposed to one, concluding payment. Simply put, borrowers can repay what they borrowed over a period that matches their repayment schedule and lifestyle.
As a Consumer Credit Trade Association (CCTA) member, Uploan pride ourselves in providing the best possible lending services. Offering multiple repayment options is but one way Uploan are setting an example for other lenders within the industry to serve their customers better.