Remortgage
You can buy a car by remortgaging your home for more than the amount of your previous mortgage, if you have one. So, if your current mortgage is £100,000 and you want a car for £20,000, remortgage for £120,000 and there's your car money.
The monthly repayments will be comparatively low, but you will be paying for your car for the length of the mortgage - maybe 25 years! You also need to take into account the costs of the remortgage which can be substantial.
The plus side, of course, is that the car belongs to you from day one and, as with a personal loan, the car dealer will regard you as a cash buyer. If you want to consider this method, contact your mortgage lender or broker for guidance on repayment costs.
