Lets compare the best banking Offers in Canada

Doesn't matter whether you need a high-yield savings account, a low-fee checking account or a CD, we will break down your options for you.

We partner with over 20 lenders in Canada to get you the best deals whether you want to consolidate your debt, pay your bills, pay off credit cards or just have extra money for an upcoming expense

What is a personal loan?

A personal loan is money borrowed from a bank, credit union or online lender that you pay back in fixed monthly payments, or installments, typically over two to five years. The interest rate on a personal loan is usually fixed, meaning it will not change over the life of the loan.

How do personal loans work?

These types of loans are usually unsecured loans which means you don’t need to put up an asset or security (like a car or a house) in order to get the loan. The flip side of that is that you would be limited in the amount you are able to borrow, most lenders are in the range of $500 to $50,000. The amount you would be able to borrow depends on a few factors but ultimately the question the lenders are trying to answer is how likely are you to pay back the loan.

Apply for your loan using one application

We have one simple application that will ask you some basic questions such as how much you need, your contact details and what your employment and income statuses are.

You will be matched with the lender most likely to approve you

After you have been matched to the lender you will be need to fill out a few more details including where they would send you the funds

Personal contract purchase (PCP)

Put down a non-refundable deposit and borrow towards some of the remaining value of the car - you won’t buy the vehicle outright. At the end of the contract you’ll have the option..

What is the best
financing option for you?

When deciding whether to finance your car with a personal loan or car finance, you’ll need to assess the affordability of the finance type, plus any terms and conditions that might come attached to the different types of loan or contract.

Think about how much you can afford to borrow, how long you want the car for and how you intend to use it. These factors should help you decide on the best car financing option for your needs.

If you’re after lower monthly repayments, you might prefer PCP whereas if you want to own the car once the deal is finished, a hire purchase (HP) plan may suit you best. Another option to consider might be personal contract hire – or leasing.

Personal Loan HP (Hire Purchase) Personal Contract Purchase (PCP)
Deposit needed No Likely Likely
You own the car straight away Yes No No
You’ll own the car at the end of the deal Yes Yes No (unless you pay off the remaining balance – but this is likely to be a large final payment)
Secured (against the car) No Yes Yes
Excess mileage charges No Yes Yes
Monthly payments Yes Yes Yes

Can I get car finance with bad credit?

If you’ve struggled to keep up with repayments in the past or you don’t have a credit history, you may be wondering if you can get car finance with bad credit.

Your credit score is an important factor that lenders look at when you want to take out a car loan. In simple terms, the better your financial history, the lower interest rates you’ll have access to.

If you do have bad credit, there are still car finance options available for you. We work with specialists in car finance for bad credit, and we might be able to match you with a car loan that works for you.

What will my loan cost?

It’s important for you to work out what your loan will cost you in terms of monthly repayments over the term. Whether you’re looking to take a £5,000 loan or even £15,000, our loans calculator can help you work out how much you can afford to borrow by entering how much you can afford to pay back each month and the length of time you can afford to pay that amount (and at what interest rate.)

It’s worth noting that smaller loans tend to have higher interest rates, which can affect the affordability of your loan – so if you take out a loan over a longer term you should be able to bring the repayments down.

HP PCP Personal loan
Car price £15,000 £15,000 £15,000
Deposit £1,000 £1,000 £1,000
Total borrowing price (car price - borrowing) £14,000 £14,000 £14,000
Representative APR* 7.9% 7.0% 2.9%
Monthly cost £436.1 £268.85 £406.29
GMFV/final payment N/A N/A N/A
*With a perfect credit score **Assumes 45% of car price

How to compare car finance with
MoneySuperMarket and our partner Motiv

Find the right car finance option for you and see which rates you’ll be guaranteed to get

Make your choice

Decide which car finance option is right for you, from PCP or HP to taking out a personal loan

It doesn't take long

Just tell us a little about you, your finances and what you’re looking for

Compare car finance

You’ll be able to sort car finance options by overall cost and the likelihood you’ll be accepted

Car finance powered by our partner Motiv