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.

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Personal Loan features and benefits

  • You could get a rate of 3.9% APR Representative if you take a loan of between £7,500 – £25,000 over one to five years.
  • You can manage your loan via Internet Banking, in our Mobile App, in branch or over the phone.
  • Other loan amounts between £1,000 – £35,000 over one to seven years are available at different rates.
  • You can choose to make additional payments, without penalty.
  • You can apply for up to two payment holidays of one month in a rolling 12-month period, if you meet our terms and conditions.

The simple way to buy a car

A Bank of Scotland Personal Loan for buying a car offers you the freedom to choose the right finance terms for you.

There is no need to pay a deposit, you can choose a loan period that suits you and you can get a decision on your application in minutes if you apply online. You’ll also own the car from the outset, so you have the choice to customise or sell your car if you want.

See how much you could potentially borrow with our Loan calculatorLoan calculator . While the calculator will give an indication of monthly payments and APR, you can find out your personalised rate by logging in to Internet BankingInternet Banking.

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.

 

Your borrowing options

Deciding to borrow may not just depend on how much you need to repay each month, or how long it will take to clear the debt. Using our online borrowing options tool could help you decide which type of borrowing may be right for you.

Representative Example

You could borrow £10,000 over 48 months with 48 monthly repayments of £225.04. The total amount repayable will be £10,801.92. Representative 3.9% APR, Annual interest rate (fixed) 3.83%.

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.

Apply online

With our Bank of Scotland Personal Loan, you can get a personalised quote and decision in minutes with no effect on your credit rating. If you take out a Personal Loan, a record of this will be made with credit reference agencies. Log in for a quote today.

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Apply over the phone

If you have a Bank of Scotland Current Account, call us on 0345 604 7291.

If you have a Credit Card, Mortgage or existing loan with us, call us on 0330 123 0291.

Lines are open 8am–10pm, 7 days a week.

Apply in branch

You can also apply in your nearest branch by making an appointment to see an adviser.

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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.