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Amigo Car Loans Overview

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Amigo began their personal lending business back in 2005. They’re one of a number of UK-based banks still offering guarantor loans. This is because their mission is to serve loan customers with bad credit positions. They’re proud to call themselves “The UK’s Leading Guarantor Loan Provider”.

Have you been wanting to buy that new car? Or maybe you have one already, but need to bring it in soon for repairs? For your financing needs, try Amigo car loans. If you’re worried about keeping to a budget, we got you. You can get an estimate of the monthly payment through the Amigo car loans calculator below.

Terms from 1 to 10 years. Representative example: 5 year £10,000 loan with comparison rates from 2.8% to 49.9% APR would cost between £10,728 and £27,321, including fees. The interest can vary between £728 and £17,321.

About Amigo car loans

As with any kind of loan, applicants should research first about what they’ll be getting. This includes information like the loan amount, the loan term, the APR, and any fees. For Amigo Loans car finance, below is the list of their loans’ main features:

  • Amount between £2,000 up to £10,000
  • Term between 12 to 60 months
  • Variable APR (current is 49.9%)
  • No fees
  • Quick application process
  • Guarantor required
  • Access to funds through guarantor’s bank account

For more details, you can visit Amigo’s website here.

How to apply

You can easily apply for an Amigo car loan if you:

  • Are aged between 21 to 75 years old
  • Are a permanent UK resident
  • Have never had a record of bankruptcy
  • Earn at least £800 yearly

Meanwhile, your guarantor will need to:

  • Be aged between 23 to 75 years old
  • Own a home in the UK, or have good credit history
  • Agree to pay off your loan if you can’t

Please note that Amigo will do checks on both you and your guarantor. The both of you will also need to complete budget plans as part of the application.

 

Amigo car loan calculator

Provider
Product Information
EST Monthly
Repayment
Interest
Rate
Repayment
Period
Loan
Amounts
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Loan Amount

£5,000

Term

60 months

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Amigo

Bad Credit Car Finance

Bad Credit Car Finance
EST Monthly Repayment
£228 Inclusive of fees
EST Monthly Repayment
49.90%
APR
EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£2,000
to £10,000
GO TO SITE
Getting you from A to B, with affordable monthly payments
Featured
Carmoola

Car Hire Purchase

EST Monthly Repayment
£118 Inclusive of fees
Interest Rate
14.80%
APR
Repayment Period
12 months
to 60 months
Loan Amounts
£2,000
to £40,000
GO TO SITE
Carmoola's rates start as low as 6.9% for loans of between £2k - 40k over one to five years. Representative APR: 14.8%. Buy your dream car in minutes with Carmoola's virtual card, with a £0 minimum deposit. Carmoola is an entirely digital, app-based lender. No sales calls or paperwork! Take control and manage your loan in-app.

BestLoanRates.co.uk provides factual information in relation to financial products. While BestLoanRates.co.uk attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and, to the best of our knowledge, is correct at the time of publishing. The information published on BestLoanRates.co.uk is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product, you will be dealing directly with that provider and not with BestLoanRates.co.uk. BestLoanRates.co.uk recommends that you read the relevant product disclosure statement or product guide before taking up any financial product offer. For more information, please see BestLoanRates.co.uk's Terms of Use.

Minimum and maximum loan periods vary between 1 month and 10 years. APR varies between 2.80% and 71.30% p.a. Total interest repayments vary between £435 and £1,019 over the life of the loan. *APR is based on an unsecured loan of R£15,000 for a term of 3 years. WARNING: This APR is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different APR. These rates can change without further notice. All rates quoted are per annum.

Amigo car loans FAQs

What is a guarantor?

They’re usually someone with good credit history who signs the loan with the applicant. They’ll take over the loan payments in the event the applicant can’t pay anymore.

Who can I get to be my guarantor for my Amigo car loan?

Amigo will require someone close to you, like a family member or friend.

How is a variable APR different from a fixed APR?

The APR changes every year depending on the financial market. Amigo’s APR is currently at 49.9%, but this can go lower or higher over time. Your monthly payments every year will also adjust to changes in the APR.

Do Amigo require security for their car loans?

Not at all. Amigo car loans are like personal loans, which are unsecured.

Can I apply for an Amigo car loan even if my credit history is bad?

Go ahead! However, this is not a sure sign that you’ll be approved. Or if you’re approved, the loan terms may be different from Amigo’s usual offer.

Do Amigo charge fees for late payments or early payoff of the car loan?

None. Amigo will never charge any kind of fees for their car loans.

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Bestloanrates.co.uk provides factual information in relation to financial products. While Bestloanrates.co.uk attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the produc provider or publicly available information and to the best of our knowledge is correct at the time of publishing. The information published on Bestloanrates.co.uk is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with Bestloanrates.co.uk. Bestloanrates.co.uk recommends that you read the relevant product disclosure statement or product guide before taking up any financial product offer. For more information please see Bestloanrates.co.uk’s Terms of Use and Services Guide.

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