Barclays Car Loan
If you require funding for the purchase of a new car, a personal loan with Barclays might be the solution you need. Personal loans, are also known as 'unsecured loans' because you do not need to put up property as security on them.
Because car finance is generally offered on an unsecured basis, it can be a fast way to access money when you need it. This can be ideal if you need to buy a new car in a hurry due to a breakdown or your previous car failing its MOT and not being economically viable to repair.
The exact amount you can borrow in car finance with Barclays will depend on various factors, including your personal circumstances and credit history. There are many different lenders offering car loans across the market, so even if you are not accepted for a loan with Barclays or do not like the terms offered, you may still be able to find a deal to suit you elsewhere.
Barclays Car Loan Features
With a Barclays car loan you can take advantage of:
- Borrowing from £1000 to £50,000
- Repayment over 2-5 years
- Fixed monthly repayments
- Top-up option to allow further borrowing in future
- Early repayment options
Can you get a Barclays car loan?
To be eligible for a Barclays car loan you must:
- Be at least 18 years old
- Be a UK resident
- Have a Barclays current account, savings account, mortgage or Barclay card
Borrowing in excess of £50,000
If £50,000 isn’t enough to fund the car purchase you have in mind, if may be worth considering secured borrowing. This can allow you to access larger sums as well as potentially offering better interest rates and longer repayment terms.
It is important to bear in mind with any form of secured borrowing that if you do not keep up with the repayments on your loan, you could put the asset used for security at risk of repossession.
Commercial vehicle finance
If you are looking at buying a commercial vehicle, you may need to look into taking out a small business loan or other type of commercial borrowing. Applying for this type of loan can be more complicated as you are likely to need to supply the lender with more information, such as the exact nature of your business and financial records to help demonstrate that you have a viable business.
Compare Barclays car loan rates
Barclays are just one of a wide range of lenders offering car finance. To get the very best rates on your car loan, you need to compare the deals on offer from all of the leading lenders. Our free car loan calculator (found at the top of this page) makes this easy for you.
All you have to do is plug in some basic information about your borrowing needs and personal circumstances to see matching deals from across the industry. You can then quickly see which car loan offers the best match for your needs. Head to the top of the page to try it out now.