Important disclosure

RateSetter Car Loan Overview

RateSetter logo

The information below provides all the details you need to know about the RateSetter car loan product.

How much are the repayments for the RateSetter car loan? Use the RateSetter car loan calculator below to find out the possible repayments for your car loan. Input how much you need to borrow and the payment terms you prefer to calculate repayments in a few clicks.

RateSetter car loans review

RateSetter offers a car loan, allowing borrowers to spread payments for purchasing a vehicle, new or used. In addition to cars, borrowers can also buy a van, caravan or motorbike, either from a dealer or private seller.

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.

RateSetter car loan features

Thinking of applying for a RateSetter car loan? Here are the key features and benefits to expect:

  • Loan amount and terms. Borrow£1,000 to £35,000 over 1 to 5 years, with rates starting at 3.9% APR
  • Fast payout. Borrowers can apply for a RateSetter car loan and get the money the next working day after approval.
  • No mileage charges. You own the vehicle you purchase using the car loan outright, so no mileage fees will be charged.
  • Flexible repayments. Make extra payments or settle your car loan with no early repayment fees.
  • No deposits. No need to pay a deposit or balloon payments.

How to apply for a RateSetter car loan?

Check that you’re eligible:

To qualify, you must:

  • Be 21 years old or older
  • Be a UK resident for at least 3 years
  • Have a regular monthly income that totals over £16,000/year or higher
  • Holds a UK bank account or building society account
  • Be in good credit standing, with no County Court Judgements (CCJs), Individual Voluntary Arrangements (IVAs) or bankruptcies

What you’ll need:
Other than your personal and contact information like phone number and email address, you should also prepare the following when applying:

  • Valid IDs
  • Proof of income (bank statements from the account where income is paid for the last 60 days)

 

RateSetter car loan calculator

Loan Amount

£20,000

Term

60 months

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

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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.

RateSetter Car Loan FAQs

How long does it take to get a RateSetter car loan?

RateSetter offers an instant personalized quote right after applying for a car loan online. Once the loan is accepted by the borrower, RateSetter can provide an instant decision and send the fund to the borrower’s bank account the next working day. In instances that RateSetter needs additional information from the borrower, they aim to provide a decision within 5 working days.

Does RateSetter charge loan fees?

RateSetter charges the borrower a loan fee, which is built into the APR (Annual Percentage Rate). This means that the loan fee is included in the fixed annual interest. Therefore borrowers can expect that there will be no hidden or additional charges other than their fixed repayments.

How can I apply for a RateSetter Car Loan?

You can apply for a RateSetter car loan through their website. Simply click on the “Get a quote” button and fill out the online form. Provide the details of your loan, like the amount and terms you prefer.
 
RateSetter will conduct a soft credit search to check on your eligibility. This will allow them to only generate a quote and will not affect your credit score or records.RateSetter will pre-approve your loan and will provide an offer. You will have 14 days to decide whether to accept or decline the loan offer. If you accept it, you can then sign your loan documents. Expect the funds to be released the next working day by 6 pm.


Learn more about RateSetter in this video

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