Barclays Car Loans

Overview

When buying a new car it’s always good to know how much cash you’ve got in your back pocket before you start your hunt. That’s why Barclays do their best to provide personalised upfront price quotes that won’t damage your credit rating. You can secure yourself between £1000 and £50,000 over 2-5 years. So whether you’re looking for a cheap nip around or something on the luxury side, Barclays may be able to help.

Buying a car on finance requires you to commit to monthly payments, so make sure you carefully work out your budget and choose an affordable option. Don’t forget to take into consideration other costs you’ll need to pay out, such as maintenance costs, before making your final decision. Late repayments will damage your credit score, making it harder to source future finance.

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Key features of a Barclays car loan

These personal loans are unsecured – meaning they’re be based on creditworthiness, rather than the use of property or other assets as collateral.

• Loan amount. Borrow between £1,000-£50,000.
• Loan term. The loan term is flexible. Choose a loan for between 2-5 years.
• Interest rate. The interest rate is fixed, meaning you’ll pay exactly the same amount each month.
• Repayment options. You can pay back your loan early, in part or in full at any time. Doing so could save you interest. However, you may be charged a fee equal to 30 days’ interest on the amount you’re repaying, as well as any other interest that’s due.
• Useful tools. Use Barclays’s online calculator to to work out the best loan for you.
• Loan decision. Barclays current account holders could get an instant provisional loan offer. Once you receive your offer sign the online agreement between 7am and 10:30pm on any day and your cash can be in account within a few hours of completion.
• Car choice. Unlike some car finance options, a car loan gives you the freedom to buy any car from any dealership.

How it works

1. Decide how much to borrow. Use Barclays’s online calculator to work out the size of personal loan you want.
2. Fill in the application form. Log in to your online account for a speedy application.
3. Await your decision. Barclays will assess your application and run a credit check. If you have a Barclays current account, you could receive a provisional offer there and then. If you don’t get a provisional offer you can still get a personalised quote.
4. Receive your loan. If you’ve applied before between 7am and 10:30pm you could receive funds within a few hours. However, in some cases Barclays may require more details.

How much will I pay?

The cost of your car finance will depend on factors like how much finance you want, how long you want it for and your credit score.

• Long term finance. Generally speaking, if you choose a longer repayment period, you’ll pay less each month but more in total.
• Short term finance. Generally speaking, paying back your finance over a shorter period will mean you pay more each month, but less in total.
• Deposit size. Paying a larger deposit will cut your monthly repayments and the total amount of interest you pay.
• Credit rating. A better credit score will mean you have to pay less in interest.

What criteria must I meet?

Barclays do their best to help anyone that can afford to finance a car. However you will need to meet the following criteria:

• Age. Be aged 18 or over.
• Account. Be a Barclays current Account holder.
• Residency. Be a UK resident.
• License. Hold a valid full UK, NI or EU drivers licence.
• Financial standing. You must not have been declared bankrupt in the last 6 years.

What is Barclays good and bad at?

Frequently asked questions

• Can I top up my existing Barclays loan?

  If you already have a Barclays car loan, or personal loan you may be eligible to top this up. If eligible, your existing loan won’t actually have money added to it. Instead Barclays set up a new loan for the remaining balance and the extra amount you’re looking to borrow. Be aware that your new loan may have a different interest rate to your initial loan and a different monthly repayment date.

• Can I pay back the loan early?

  You have the right to repay your loan early, in part or full, at any time. Barclays may charge a fee equal to 30 days’ interest on the amount you’re repaying, as well as any other interest that’s due.

  It’s important to check the early repayment terms before applying for any personal loan. If there’s a likelihood that you’ll be able to clear a loan early, then good early-repayment terms should be an important factor in deciding which lender to use.

• Do I need to pay a deposit

  With a personal car loan you’re simply being given a loan to purchase a car. Since you’ll be buying the car outright there is no deposit. However if you are able to finance some of the purchase from your own savings, and reduce the amount you borrow, you’ll pay less overall.