Marks and Spencer Car Loan

Top deals

Top rate

AA

5.3%
£7,500 - £15k
1-7 years

Check eligibility Representative Example: The representative APR is 5.3% so if you borrow £10,000 over 5 years at a rate of 5.3% (fixed) you will repay £189.52 per month & total amount payable £11,371.03.

Post Office

5.9%
£7,500 - £15k
1-7 years

Check eligibility Representative Example: The representative APR is 5.9% so if you borrow £10,000 over 5 years at a rate of 5.9% (fixed) you will repay £192.15 per month & total amount payable £11,529.01.

Santander

6.3%
£7,500 - £15k
1-5 years

Check eligibility Representative Example: The representative APR is 6.3% so if you borrow £10,000 over 5 years at a rate of 6.3% (fixed) you will repay £193.91 per month & total amount payable £11,634.61.

Shawbrook

6.6%
£10k - £500k
3-25 years

Check eligibility Representative Example: The representative APR is 6.6% so if you borrow £10,000 over 5 years at a rate of 6.6% (fixed) you will repay £195.23 per month & total amount payable £11,713.96.

Compare Marks and Spencer car loan deals

M&S Bank offers personal loans for a variety of reasons, including for car finance. They currently offer low car loan APRs making their car finance plans competitive, whether you are planning on buying a new car or refinancing to bring down your monthly payments.

These loans are offered on an unsecured basis, which means they are normally fairly fast and straightforward to apply for. The exact APR you are offered will depend on how much you wish to borrow, how long you want to pay it back, and your personal circumstances.

Prospective borrowers considering M&S Bank as a lender should know exactly what this will entail.

Benefits of M&S Bank car loans

Take out an M&S Bank loan, and you will benefit from the following:

Borrow from £1,000 to £25,000
Repay over 1-7 years
Fixed monthly repayments
Low APRs
Defer repayments for 3 months
No arrangement or set-up fees

Restrictions on Marks & Spencer Bank car loans

When applying for an M&S Bank loan, please bear in mind:

You must be at least 18 years old
You must be a UK resident
You must have an annual income of at least £10,000
The APR quoted above is representative – the rate you are offered will depend on a number of factors including how much you wish to borrow and your credit history
Failing to stay on top of your repayments could negatively affect your credit rating
If you do not repay your loan, your account could be referred to a county court who may appoint a bailiff to recover the debt

Alternatives to M&S Bank car loans

For car purchases over £25,000, you may need to look at taking out a secured loan. This will generally allow you to borrow more and repay it over a longer time frame. A secured loan may also give you a better APR, although this is conditional on a number of different factors.

Secured borrowing is normally heavily dependent on loan-to-value (LTV) ratio. This is a way of assessing how much you want to borrow against your home (including existing debt, such as a mortgage) versus the property’s market value. If you have a low LTV, you will normally get a better APR. A high LTV will normally mean a higher APR. Most lenders will only go up to an LTV of 80%.

If you do choose to move forward with a secured loan, you must be confident you can afford the monthly repayments. Failure to stick to the agreed payment plan could put your home at risk.

Get the best rates on car loans

There are various lenders across the industry providing loans for car finance, each of which has its own conditions and interest rates. Knowing which company offers the best deal for you can be a challenge, which is why we offer a car loan calculator (see top of page) to help you identify the best fit for your needs and finances.