Used Car Loans

RateSetter offers low cost, flexible used car loans to creditworthy borrowers at low APRs, with no early repayment penalties.


On this page:
Used Car Loans
Why choose peer to peer lending for your used car loan?
How do I apply for a used car loan with RateSetter?
Can I lend money as well as take out a used car loan?
 
 

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Low cost used car loans from RateSetter

7.8% *representative APR

Used Car Loans


Used car loans

Hello and welcome to RateSetter, the home of peer to peer lending and one of the fastest growing used car loans websites in the UK.

RateSetter has paired thousands of lenders together with borrowers looking for loans, getting them some of the lowest rates found anywhere nationwide, giving them some of the best savings on their loan with us than with anyone else.

Why choose peer to peer lending for your used car loan?


As a borrower, you will undoubtedly be looking to finance your new used car at the best possible price, sourcing funding for your car from whoever can give you the best rate.

Here at RateSetter we understanding this, and as such, work in such a way as to ensure that you receive a rate that is as close as possible to the rate you want, by pairing your application with lenders who are happy to lend to you at this rate.

It is important to remember that we are not a bank. Ratesetter merely facilitate the platform that brings borrowers and lenders together, allowing them to lend to each other. By doing so we are able to remove both the involvement and inflated rates that you would expect from a traditional bank, saving borrowers and lenders money.

How do I apply for a used car loan with RateSetter?


Applying for a used car loan with RateSetter takes no time at all and you can get a soft quote for free. As a borrower wanting a loan, you can apply and get a SmartQuote in just a few minutes. You will be shown the rate, the fee, the monthly repayments and the total cost of the loan as well.

To apply online for used car loans, you will need to give RateSetter a few details. This will allow them to conduct a soft credit search and provide you with an accurate quote. If you are accepted and receive the SmartQuote, you can apply in full for a loan. This will take slightly longer but it is a straightforward process and the RateSetter customer services team are always on hand to help you make your online loan application.

Can I lend money as well as take out a used car loan?


Yes you can. If you want a used car loan but wish to be a lender as well, this is possible too. Once you have got your SmartQuote, you can log in and apply for money lending through the platform.

If you want to start earning with peer to peer lending, you will be able to loan money into four markets, and each offers their own respective rates of return. RateSetter's Monthly Access market is the most popular around and it offers circa 3.8% AER.