With lenders chasing your business, getting personal loans to finance your car purchase has never been easier. Available at the big High Street lenders, by phone or online from direct-sales companies, they offer flexible repayment periods of 2 to 10 years.

Interest rates are most competitive for larger personal loans (though still higher than remortgaging).

The big advantage of a personal loan is that it separates the finance deal from the car deal. You can shop where you want - at a dealership, privately, with an online retailer or even at auction - and you own the car from the start.