Bank of Scotland Car Loans
Compare Bank of Scotland car loans
Bank of Scotland offer personal unsecured loans which can be an ideal option for funding a new car purchase, or refinancing an existing loan to reduce your monthly repayments. Bank of Scotland are currently offering car loans with APRs from 3.6%.
Because Bank of Scotland car loans are unsecured it can be fairly fast and simple to apply for this type of credit. They also offer more than many other providers, with an upper limit of £50,000. The exact amount you can borrow and the interest rate you receive may vary depending on your personal circumstances.
If you are interested in taking out a car loan from Bank of Scotland, you should familiarise yourself with the benefits and restrictions that apply.
Benefits of Bank of Scotland car loans
Get a Bank of Scotland car loan and benefit from the following:
- Borrow from £1,000 to £50,000
- Repay over 1-7 years
- Fixed monthly repayments
- APR from 3.6%
- No arrangement fee
Restrictions on Bank of Scotland car loans
If you decide to apply for a Bank of Scotland car loan, please remember:
- You must be 18 or over
- You must be an existing Bank of Scotland customer
- You must be employed or have another regular source of income
- You must have a permanent UK address
- You cannot be in full-time education
- The final APR you receive may be different from the representative APR quoted above
- Failing to stay on top of your repayments could damage your credit rating
- If you do not repay your loan, your account could be passed to a county court-appointed bailiff to recover the debt
Alternatives to Bank of Scotland car loans
For borrowing over £25,000, a secured loan may make more sense. This involves tying the debt to your home and in exchange you are likely to be able to borrow more over a longer period than with unsecured borrowing. You may also be offered a lower APR, although this depends on various factors.
Secured borrowing is usually dependent on a calculation of your loan-to-value (LTR) ratio. This is a way of showing how much you want to borrow against your home (including any existing mortgage or other secured debt) relative to the market value of your home. A lower LTV will usually result in a lower APR.
If you do choose to take out a loan secured against your home, you need to make sure you keep up with your repayments. Failure to do so could put your home at risk, as well as making it harder to borrow more in future.
Get the best rates on car loans
With many different lenders providing car loans, it can be difficult to know which to go for. Our car loan comparison tool (found at the top of the page) offers a stress-free way of examining the best offers from across the market to see which is best for your needs. That way you can get the best possible value on your car loan.