Important disclosure

Compare £10,000 Car Loans in the UK

What could your life look like with some added style? Instead of heading out in your usual one-tone shirt, try popping on an overcoat or a cardigan. If your living room is looking bare, maybe add in some comfy ottomans or a sleek coffee table. Hey, your kitchen might need a bespoke fridge with the works: special compartments, ice dispenser, inverter compressor and all!

And while you’re at it, you might need a new car too. Perhaps a top down convertible for sunset rides, an SUV for off-road trips, or a sports car just to wow the town? Whatever tickles your fancy, you can buy it with a £10,000 car loan. It’s easy to apply with any lender, and you can get the funds at low rates. Also, you don’t need to pay off the car’s cost right away; you can set up monthly repayments instead. That’s the sheer beauty of it: you can get the car without touching your budget!

Need a guide? We’ve made a simple one for you below, with all the information you may need. Feel free to come back to this whenever you’re preparing for a car loan.

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.

Repayments on a £10,000 car loan

The amount you will have to repay monthly on your car loan will differ for each lender. The interest rate for your loan is based on your credit score and the length of your loan. For example, the longer the loan term, the smaller the monthly payment, but it costs more. Additionally, different lenders have varying administration fees.

Indicative costs when you borrow £10,000 over 36 months:

  • Origination or administration fee: 0% up to 8% of the loan amount
  • Interest rate (APR): 2.7% to 99.99%
  • Monthly repayments: Between £289 and £883
  • Total cost on a £10,000 car loan: Between £10,422 and £31,779

 

£10,000 Car loan calculator

Loan Amount

£10,000

Term

60 months

Admiral

Admiral Car Finance - Personal Contract Purchase (PCP)

EST Monthly Repayment
EST Monthly Repayment
7.63%
APR
EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£1,000
to £25,000
Take control of your car finance with a representative of 7.9% APR
Barclays Bank

Barclays Car Loans

EST Monthly Repayment
EST Monthly Repayment
7.90%
APR
EST Monthly Repayment
24 months
to 60 months
EST Monthly Repayment
£7,500
to £15,000
Personal price quote - with no credit footprint. Apply in Online Banking or the Barclays app - most people apply in less than 10 minutes. Quick access to your funds.
HSBC

HSBC Car Loans

EST Monthly Repayment
EST Monthly Repayment
9.99%
APR
EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£10,000
to £250,000
View HSBC's website for more details on their car loans
Lending Works

Lending Works Car Loans

EST Monthly Repayment
EST Monthly Repayment
9.99%
APR
EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£10,000
to £250,000
View Lending Works's website for more details on their car loans
Likely Loans

Likely Loans Car Loans

EST Monthly Repayment
EST Monthly Repayment
9.99%
APR
EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£10,000
to £250,000
View Likely Loans's website for more details on their car loans
Lloyds Bank

Lloyds Bank Car Loans

EST Monthly Repayment
EST Monthly Repayment
9.99%
APR
EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£10,000
to £250,000
View Lloyds Bank's website for more details on their car loans
Marks & Spencer Bank

Marks & Spencer Bank Car Loans

EST Monthly Repayment
EST Monthly Repayment
9.99%
APR
EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£10,000
to £250,000
View Marks & Spencer Bank's website for more details on their car loans
Metro Bank

Metro Bank Car Loans

EST Monthly Repayment
EST Monthly Repayment
9.99%
APR
EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£10,000
to £250,000
View Metro Bank's website for more details on their car loans
NatWest

NatWest Car Loans

EST Monthly Repayment
EST Monthly Repayment
9.99%
APR
EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£10,000
to £250,000
View NatWest's website for more details on their car loans
Nationwide

Nationwide Car Loans

EST Monthly Repayment
EST Monthly Repayment
9.99%
APR
EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£10,000
to £250,000
View Nationwide's website for more details on their car loans
Post Office Money

Post Office Money Car Loans

EST Monthly Repayment
EST Monthly Repayment
9.99%
APR
EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£10,000
to £250,000
View Post Office Money's website for more details on their car loans
RateSetter

RateSetter Car Loans

EST Monthly Repayment
EST Monthly Repayment
9.99%
APR
EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£10,000
to £250,000
View RateSetter's website for more details on their car loans
RBS

RBS Car Loans

EST Monthly Repayment
EST Monthly Repayment
9.99%
APR
EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£10,000
to £250,000
View RBS's website for more details on their car loans
Sainsbury's Bank

Sainsbury's Bank Car Loans

EST Monthly Repayment
EST Monthly Repayment
9.99%
APR
EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£10,000
to £250,000
View Sainsbury's Bank's website for more details on their car loans
Santander

Santander Car Loans

EST Monthly Repayment
EST Monthly Repayment
9.99%
APR
EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£10,000
to £250,000
View Santander's website for more details on their car loans
Tesco Bank

Tesco Bank Car Loans

EST Monthly Repayment
EST Monthly Repayment
9.99%
APR
EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£10,000
to £250,000
View Tesco Bank's website for more details on their car loans
TSB

TSB Car Loans

EST Monthly Repayment
EST Monthly Repayment
9.99%
APR
EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£10,000
to £250,000
View TSB's website for more details on their car loans
Virgin Money

Virgin Money Car Loans

EST Monthly Repayment
EST Monthly Repayment
9.99%
APR
EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£10,000
to £250,000
View Virgin Money's website for more details on their car loans
Zopa

Zopa Car Loans

EST Monthly Repayment
EST Monthly Repayment
9.99%
APR
EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£10,000
to £250,000
View Zopa's website for more details on their car loans
Carmoola

Car Hire Purchase

EST Monthly Repayment
EST Monthly Repayment
14.80%
APR
EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£2,000
to £40,000
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.
Amigo

Bad Credit Car Finance

EST Monthly Repayment
EST Monthly Repayment
49.90%
APR
EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£2,000
to £10,000
Getting you from A to B, with affordable monthly payments

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.

Kinds of unsecured £10,000 car loans

Besides the potential costs of your car loan, you must also learn about the kinds of car loans out there. On the one hand, you have unsecured car loans. These are loans that do not require any repayment guarantee, regardless of the loan amount.

The most common example is the credit card. If you use your card to buy a car, you can gain some financial benefits. First is flexibility of payments, since you only need to settle the minimum due that the lender charges. In effect, you can decide how much of the principal you repay monthly. Second, you can take advantage of any 0% interest offers, which mean more savings on your repayments. And third, you may gain protection for your payments: anywhere between £100 to £30,000.

Another example of an unsecured car loan is the personal loan. You may prefer this option instead for the different benefits it grants. Foremost of these is a lower interest cost, as rates are generally lower with personal loans than with credit cards. And then, there’s also the certainty of fixed repayments. You can plan your budget around your car loan better, knowing exactly how much to repay every month.


Types of secured £10,000 car loans

On the other hand, you also have secured car loans. These are loans that require security, which typically is the car you are buying. You must pay back the secured loan in full, or risk losing the car regardless of how much you’ve already repaid.

A popular option here is the hire purchase (HP). You spread out the loan over 1 to 5 years, and end the term with a “balloon payment”. Note that this “balloon payment” is actually bigger than your monthly repayment; after settling this sum, you own the car.

Another version of the HP is the personal contract purchase (PCP). Here, you determine the initial deposit of the car and the loan term with the lender. (For instance, £2,000 and 2 years.) Afterwards, the lender will calculate the car’s future value. (Let’s say the car will have a value of £4,000 after 2 years.) Then, the lender subtracts this value and your initial deposit from the list price of the car. The balance finally becomes the loanable value. (Following the previous figures, if you were buying a £12,000 car, your car loan would be £6,000.)

When do you own a car in a PCP? The same condition in a hire purchase applies: after settlement of the final balloon payment. Alternatively, and if the lender allows it, you can use that balloon payment as the initial deposit for another car. (Hence, you would be entering another PCP.)


£10,000 car loan FAQs

What credit score do I need for a £10,000 car loan?

If your credit score falls between 600 to 700, most lenders will already accept this. Note, though, that there will still be other important factors in the loan decision. These include the loan terms, your income, your financial circumstances, and your relationship with the lender.

How much would a monthly payment on a £10,000 car loan be?

This depends on the rates, which can range between 3% and 99%. These rates may also change with the lender, the loan terms, and your credit profile. But generally, your monthly payment should range anywhere between £289 and £883.

What’s the cost of a £10,000 car loan over 3 years?

At the lowest, your possible total cost can be £10,422. However, this can change with the rate, the lender, or the state of your credit. Before applying, we’d recommend trying out the loan calculator of your lender first, with your desired loan terms.

.