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Loan for buying a car
Benefits of a loan for buying a car
Ready for an upgrade or considering switching to an electric 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 Purchase or a Personal 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 £237.16. Total amount repayable will be £11,383.68. Representative 6.7% APR, annual interest rate (fixed) 6.5%.
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.