Barclays Car Loan – Barclays Bank offer loans specifically for financing the purchase of a car.
The Barclays car loan offers any loan amount between £1000 to £50000 and can last from 2 to 5 years, although you always have the option to repay the loan early.
The amount of interest you pay varies depending on the amount of money you wish to borrow, the best rate is 4.9% APR for amounts between £7500 and £15000, you can use the barclays car loan calculator located on their website to find the APR and how much your monthly repayments will be.
To use the calculator you just need to know the total amount of loan you would like and how many months you would like to pay it back. Note that the calculator is just an estimate, and rates may vary depending on your own personal circumstances.
The Barclays loan for car offers a price guarantee, whereby if you find another lender that offers you a cheaper APR Barclays will reduce your APR to match the cheaper one and adjust your monthly payments accordingly.
This can be done up to 30 days after you have signed your car loan barclays agreement and must be for a like for like, unsecured loan. The full terms and conditions including what constitutes a ‘like for like’ loan can be found on the barclays car loan uk website.
How To Apply
If you already have a Barclays current account, then you should be able to find the loan rate straight away by logging into your current account and locating your provisional loan offer there. If you don’t own a Barclays current account but do have a different Barclays account you can still apply for a loan, but must fill out additional questionnaires to calculate your personal loan rate.
Once your application is approved you can sign your loan agreement online, upon which the money is usually transferred to your account straightaway.