Your car can show a lot about who you are. For example, an interest in sports cars may say that you value flair and status. If you’re content with a sedan without the frills, you may prefer simplicity and function over form. Or how about going big with SUVs? It’s one way of telling people you love a good adventure!
Looking to get your own car to show to the world? Sure, cash is great, but you can also buy it easily with a £20,000 car loan. Take it from us: it’s convenient and hassle-free. You can approach any lender in the UK, and it’s possible to get their approval instantly. You’ll receive the funds in a matter of days, too. It’s a win because your finances become more flexible, and you get your dream car at the same time!
If you’re a first-time borrower, know that you’re opening yourself up to new and exciting financial possibilities. We recommend beginning with our guide below first, as you’ll need as much information as you can to explore car loans.
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 £20,000 car loan
The amount you pay monthly for your car loan will be different for each lender. The interest rate on your car loan is based on things like your credit score and the length of your loan. The longer the loan term, the smaller the monthly payment, but it costs more money in total. Additionally, different lenders have varying administration fees, which will impact how much your car loan costs in total. Some lenders might also have prepayment penalties which means that if you decide to pay off your car loan early, you might have to pay an extra fee.
Indicative costs when you borrow £20,000 over 60 months:
- Origination or administration fee: 0% up to 8% of the loan amount
- Interest rate (APR): 2.7% to 29.99%
- Monthly repayments: £357 and £647
- Total cost on a £20,000 car loan: Between £21,403 and £38,817
The example above shows that the interest rate greatly impacts how much the loan will cost in total.
£20,000 Car loan calculator
Repayment Period
12 months
to 60 months
Loan Amounts
£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.
Borrowing £10,000 over 60 months with a representative APR of 14.8%, an annual interest rate of 14.8% fixed and a deposit of £0.00, the amount payable would be £250 per month, with a total cost of credit of £5,880 and a total amount payable of £13,501 including a one-off Option to Purchase fee of £1. We offer hire purchase loans between £2,000 - £40,000 at a personalised APR between 6.9% and 24.9%
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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
Borrowing £12,000 over 48 months, on a car with a cash price of £12,250 and paying £250 deposit to the dealer. At a Representative APR of 7.9% and an annual interest rate of 7.63% (fixed) you would pay £220.53 monthly with one optional balloon payment of £4154.87 which includes the £1 option to purchase fee. The total amount payable (including your deposit) would be £14,519.78.
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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
The rate youre offered may differ from the Representative APR shown and will be based on your personal circumstances, the loan amount and the repayment term. All loans are subject to your financial circumstances and borrowing history at the time you apply. Eligibility and conditions apply. You must be a UK resident to apply.
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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
The rate youre offered may differ from the Representative APR shown and will be based on your personal circumstances, the loan amount and the repayment term. All loans are subject to your financial circumstances and borrowing history at the time you apply. Eligibility and conditions apply. You must be a UK resident to apply.
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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
The rate youre offered may differ from the Representative APR shown and will be based on your personal circumstances, the loan amount and the repayment term. All loans are subject to your financial circumstances and borrowing history at the time you apply. Eligibility and conditions apply. You must be a UK resident to apply.
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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
The rate youre offered may differ from the Representative APR shown and will be based on your personal circumstances, the loan amount and the repayment term. All loans are subject to your financial circumstances and borrowing history at the time you apply. Eligibility and conditions apply. You must be a UK resident to apply.
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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
The rate youre offered may differ from the Representative APR shown and will be based on your personal circumstances, the loan amount and the repayment term. All loans are subject to your financial circumstances and borrowing history at the time you apply. Eligibility and conditions apply. You must be a UK resident to apply.
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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
The rate youre offered may differ from the Representative APR shown and will be based on your personal circumstances, the loan amount and the repayment term. All loans are subject to your financial circumstances and borrowing history at the time you apply. Eligibility and conditions apply. You must be a UK resident to apply.
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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
The rate youre offered may differ from the Representative APR shown and will be based on your personal circumstances, the loan amount and the repayment term. All loans are subject to your financial circumstances and borrowing history at the time you apply. Eligibility and conditions apply. You must be a UK resident to apply.
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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
The rate youre offered may differ from the Representative APR shown and will be based on your personal circumstances, the loan amount and the repayment term. All loans are subject to your financial circumstances and borrowing history at the time you apply. Eligibility and conditions apply. You must be a UK resident to apply.
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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
The rate youre offered may differ from the Representative APR shown and will be based on your personal circumstances, the loan amount and the repayment term. All loans are subject to your financial circumstances and borrowing history at the time you apply. Eligibility and conditions apply. You must be a UK resident to apply.
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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
The rate youre offered may differ from the Representative APR shown and will be based on your personal circumstances, the loan amount and the repayment term. All loans are subject to your financial circumstances and borrowing history at the time you apply. Eligibility and conditions apply. You must be a UK resident to apply.
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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
The rate youre offered may differ from the Representative APR shown and will be based on your personal circumstances, the loan amount and the repayment term. All loans are subject to your financial circumstances and borrowing history at the time you apply. Eligibility and conditions apply. You must be a UK resident to apply.
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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
The rate youre offered may differ from the Representative APR shown and will be based on your personal circumstances, the loan amount and the repayment term. All loans are subject to your financial circumstances and borrowing history at the time you apply. Eligibility and conditions apply. You must be a UK resident to apply.
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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
The rate youre offered may differ from the Representative APR shown and will be based on your personal circumstances, the loan amount and the repayment term. All loans are subject to your financial circumstances and borrowing history at the time you apply. Eligibility and conditions apply. You must be a UK resident to apply.
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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
The rate youre offered may differ from the Representative APR shown and will be based on your personal circumstances, the loan amount and the repayment term. All loans are subject to your financial circumstances and borrowing history at the time you apply. Eligibility and conditions apply. You must be a UK resident to apply.
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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
The rate youre offered may differ from the Representative APR shown and will be based on your personal circumstances, the loan amount and the repayment term. All loans are subject to your financial circumstances and borrowing history at the time you apply. Eligibility and conditions apply. You must be a UK resident to apply.
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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
The rate youre offered may differ from the Representative APR shown and will be based on your personal circumstances, the loan amount and the repayment term. All loans are subject to your financial circumstances and borrowing history at the time you apply. Eligibility and conditions apply. You must be a UK resident to apply.
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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
The rate youre offered may differ from the Representative APR shown and will be based on your personal circumstances, the loan amount and the repayment term. All loans are subject to your financial circumstances and borrowing history at the time you apply. Eligibility and conditions apply. You must be a UK resident to apply.
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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.
Borrowing £10,000 over 60 months with a representative APR of 14.8%, an annual interest rate of 14.8% fixed and a deposit of £0.00, the amount payable would be £250 per month, with a total cost of credit of £5,880 and a total amount payable of £13,501 including a one-off Option to Purchase fee of £1. We offer hire purchase loans between £2,000 - £40,000 at a personalised APR between 6.9% and 24.9%
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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.