Loan for buying a car
Benefits of a loan for buying a car
Buying a car can be a big commitment. That’s why it’s worth taking the time to find a model with the space, comfort and performance you need. It’s just as important to find the right finance, and a loan is one option available to you.
Keep in mind
- You can apply for our Personal Loan if you have held a Bank of Scotland Current Account for at least one month.
- How much we lend and the rate available are subject to our assessment of your personal circumstances, and the amount and period you wish to borrow over.
- In certain circumstances, we may be able to offer you a payment holiday. This would result in you paying more interest over a longer period and increase the overall cost of the car loan.
- We will charge up to 58 days' interest if you decide to settle your Personal Loan early.
Other forms of car finance are still worth thinking about. Hire PurchaseHire Purchase or a Personal Contract PurchasePersonal Contract Purchase offer specific benefits that might work for you.
Budgeting is important to make sure a Personal Loan is right for you, so don’t forget to consider other costs associated with owning a car to consider, such as insurance, servicing, MOT, fuel and breakdown cover.
We want you to find a product that’s right for your circumstances, which is why we adhere to the Standards of Lending Practice, which are monitored and enforced by the Lending Standards Board.
You could borrow £10,000 over 48 months with 48 monthly repayments of £229.36. The total amount repayable will be £11,009.17. Representative 4.9% APR, Annual interest rate (fixed) 4.79%.
This representative APR applies to loans of £7,500 to £25,000 over 1 to 5 years. Other terms and loan amounts are available at different rates. The maximum APR you could be offered is 29.9% APR.
The representative APR is the rate that at least 51% of people are expected to receive when taking out a loan within the stated amount and term range.
Can I apply?
If you have held a Bank of Scotland Current Account (excluding Easycash) for at least one month, you can get a personalised quote for a car loan and apply online. You must also be over 18 years old and be a UK resident.
Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628.