Personal loans for cars
Looking to buy a car? We know it’s a huge investment. With the average price of a brand-new car increasingly on the rise, you might need a helping hand.
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 purchase 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 choose a personal loan for your new car?
There are many ways you can cover the cost of a new car. Many people choose car finance through their car dealership but this could potentially lead to high interest rates, and it means you won’t own the vehicle until your repayments end. This can make re-selling difficult, and you may end up owing more than it’s worth.
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.
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:
- 2.8% APR representative on loans between £7,500 and £15,000 over 12 to 84 months
- One of the leading loan rates for smaller personal loans between £5,000 and £7,499
- A repayment term of up to 7 years on loans up to £15,000
- Overpayments free of charge, lowering the interest you pay
- The option to defer payments for the first three months, while you get settled
- 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 you request will also impact the rate offered.