When it comes to purchasing a vehicle, there are a number of ways to do so. Two of the most popular means are car loans and car finance. The type of finance agreement that’s right for you will depend on a number of things, including your credit rating and the speed with which you want the agreement to be approved.

Can I get a car loan online?

A car loan is a kind of personal loan that’s strictly for the purchase of a vehicle. Car loans are secured, and the amount that you borrow as well as the interest rate is typically dictated by the price of the car.

Finding a car loan can be done online, and it’ll typically only take minutes to fill out an application form. However, securing a car loan might not be quite so speedy.

How long does it take to secure a car loan?

The initial submission of a car loan application form can take mere minutes, but locking down that loan can take longer. It’s also worth noting that banks and credit unions will typically take longer to process applications than online lenders. The turnaround time will vary between providers, as will the length of time that you might wait for your loan to come in.

There a number of other factors that will impact how long it can take to secure a car loan…

Your credit score

Applicants for a car loan usually have to have a strong credit rating when applying – and if you’re opting for pre-approval of a car loan, having a good credit score is essential, as a hard credit check will be performed.

That’s why it’s worth doing your homework in advance to ascertain whether or not the lender to which you’re applying will accept less than ideal credit ratings, as well as determining whether your report has any errors or lists incorrect information. If you’ve got a poor credit rating, car finance may be a more accommodating option for you over a car loan.

Lack of documentation

When applying for either a car loan or car finance, you’re going to have to provide some personal information, which can also include documentation. Lacking these – or not submitting them in time – will delay your application, so it’s worth having these to hand.

Not doing your homework

As already detailed, you want to look over your credit rating in advance of your application to ensure there are no errors, but it’s also worth researching the car loan provider. Many institutions, for example, may have minimum income requirements for applicants, or only provide loans for specific vehicles. If you apply without doing your homework on the car loan lender, you could waste your own and their time.

Car loan or car finance?

If you have questions about whether a car loan or car finance is right for you, My Car Credit are here to help. You can contact us on enquiries@mycarcredit.co.uk today for help and advice.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

My Credit Rating


  • You are a home owner
  • You have been on the electoral role for a long period of time
  • You have current credit arrangements and mortgage with no defaults
  • You have no CCJs, credit arrears or missed payments
  • You rarely apply for credit
  • You are employed or self-employed


  • You are on the electoral role
  • You are a home owner or long standing tenant
  • You have a stable employment history
  • You have current credit arrangements with occasional missed payments
  • You have no CCJs


  • You are or have recently been on the electoral role
  • You may have recently changed address
  • You may have occasional missed payments
  • You may have an old CCJ
  • You may have regularly applied for credit


  • You may have had frequent changes in address
  • You may not be traceable on the voters roll
  • You may have exceeded credit card limits
  • You may have missed payments on current agreements
  • You may have had a CCJ in the past


  • You may not be traceable on the voters roll
  • Your credit cards are over their limits
  • You have recent CCJs
  • You may have been refused credit elsewhere
  • You may be in a debt management plan

X monthly repayments of

Typical rate

Loan amount

Total payable




*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!