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.

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Personal loan features and benefits

  • You could get a rate of 7.4% APR Representative if you take a loan of between £7,500 – £25,000 over 1 to 5 years.
  • Flexible payment options, where you can make additional payments without penalty.
  • Thanks to online banking, your funds can be immediately transferred to your bank account between 9am–8:30pm, or before 9am the following day.
  • You can also manage your loan via online banking.

* Other loan amounts between £1,000 and £50,000 are available at different rates.

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 online bankingonline banking.

How Bank of Scotland personal loans work

  • You can apply for our Personal Loan if you have held a Bank of Scotland Current Account for at least 1 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.
  • Repayment holidays – A repayment holiday can give you flexibility to help with your short-term financial needs. Once you've made the first monthly repayment on your loan, you’ll have the option to apply for a repayment holiday. You can apply for up to 2 non-consecutive repayment holidays of one month each, in a rolling 12-month period. Subject to approval.
    Just be aware – even though you won’t need to make your usual repayment during your repayment holiday, we’ll still charge daily interest on your loan. This means that you’ll pay more overall and it will extend your loan’s original term.

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.

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 £10000 over 48 months with 48 monthly repayments of £240.21. Total amount repayable will be £11530.08. Representative 7.4% APR, annual interest rate (fixed) 7.16%.

This representative APR applies to loans of £7,500 to £25,000 over 1 to 5 years. We offer other loan amounts and terms 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 1 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.

Get a quote for a car loan

Tell us how much you want to borrow and over how long to get a quote. This won't affect your credit score.

If you go on to apply, you’ll get a loan decision online.

 

It's simple in the app

Scan the QR code to get it.

You must be registered for online banking to apply in the app.

Once you're in, select Apply, Loans and Car Finance, then Loan Calculator.

Or you can register on our website.

 
 

Already bank online?

We'll take you to the right place to get started.
 

Log in to get a quote

It's simple in the app

You must be registered for online banking to apply in the app.

Once you're in, select Apply, Loans and Car Finance, then Loan Calculator.

Get the app

Or you can register on our website.

Already bank online?

We'll take you to the right place to get started.
 

Log in to get a quote

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