Car loans

Thinking about buying a new or used car? A personal loan from M&S Bank may help

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Looking to buy a new car?

Whether you’re buying your son or daughter their first car, up-sizing to welcome new family members or treating yourself to your dream model, M&S Bank believes that buying a new car should be an exciting experience. Taking out a personal loan to buy a car that suits your needs can be a great option as it allows you to spread the cost of the purchase over a period that suits you and your budget.

Why take out a car loan with us?

There are many ways you can cover the cost of a new car. Choosing a loan for a car means you can buy your new car outright, so you can guarantee that the price your retailer quotes is the price you’ll pay, and if you choose to sell your car in the future, you can do so with no worries.

You could also set aside some of your loan to get your vehicle ready for the road – helping towards the cost of car insurance, tax and more.

Car loan calculator

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How much would you like to borrow? Edit, enter a value between £1,000 and £25,000



Over how many months? Edit, enter a value between 12 and 84



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What are the benefits of taking out a personal loan for a car with M&S Bank?

A loan with M&S Bank will help you manage the cost of your new car. With the M&S Bank Personal Loan Quote tool you can get an indication of the terms on which you may be able to take out a loan without your credit score being affected.

You could benefit from:

  • Borrow between £1,000 and £25,000
  • Repay your car loan over a period of 12 to 84 months
  • Overpayments free of charge, lowering the interest you pay
  • Personalised loan quotes which won’t affect your credit score

To apply for an M&S Loan, you must have an annual income of at least £10,000, be a UK resident and be aged 18 or over. Customers who do not meet our normal lending criteria may be offered a loan at a different APR. This will depend on your personal circumstances. The loan amount and term you request will also impact the rate offered.

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How to save for a car? Take a look at our budgeting tips for buying a car

Buying your new car is only half the story; you’ll also have to think about running costs – everything from car insurance to petrol.

Insurance

Drivers are legally obliged to take out third-party car insurance (at least), and many drivers opt to take out fully comprehensive insurance on a new car. That way, if the worst should happen, you won’t be out of pocket. If you’re looking to buy an electric car, we offer electric car insurance too.

If you have a long history of accident-free driving, your insurance premiums are likely to be cheaper than someone who is new to the road whose first few years’ insurance premiums will typically be high.

Maintenance

Taking good care of your new car will help maintain its value, but the costs of making sure your vehicle is both safe and legal for the road can mount up over the years, so keep a budget aside for punctured/worn tyres, oil leaks and broken headlights.

Breakdown cover

There’s only one thing worse than being stuck at the side of the road with a broken car – and that’s having to pay for an emergency mechanic. Thankfully, premier car insurance from M&S Bank includes breakdown cover. Hopefully you’ll never need it, but it’s good to have just in case.

Tax

Like insurance, buying tax for your vehicle is a legal requirement, and the price you pay is determined by the car you own. Remember that car tax is now non-transferable, so if you’ve bought a car second-hand, you’ll need to tax it before you can drive it away.

Thinking about buying a new or used car?

If you are thinking about investing in a car our guide is here to support you with the pros and cons.

Our guide explains what to consider when buying a new or used car, what documents you should get when buying a used car and what to check before buying.

Learn more


Ready to apply for a personal loan?

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More personal loan information

Buying an electric car?

Thinking about buying an electric car? What are the practical and performance considerations?

How to apply for a personal loan

We explain how to apply for a personal loan, so you know exactly what to expect.

Why you might need a personal loan?

A personal loan can be a good way to pay for home improvements or buy a new car.

Guide to running a electric car

Here’s everything you need to know about keeping an electric car on the road.