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Buying a new set of wheels outright isn’t an affordable option for many of us. Luckily NatWest provides personal loans and “Flex car finance”. Both allow you to get a new or used car, and pay back at a fixed monthly rate.
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.
Warning: late repayments can cause you serious money problems. See our debt help guides.
NatWest offers the following car finance options:
Apply to borrow £1,000-£50,000 over 1-8 years at a fixed monthly interest rate. You can buy a new or used car from a seller of your choosing, and you’ll own it outright from day one.
NatWest Flex is Personal Contract Purchase (PCP) agreement. Here you pay off the depreciation rather than the whole value of the car, plus interest. Paying the depreciation means you’ll pay a lower monthly repayment than with a personal loan. However, it does mean if you want to buy the car at the end you’ll have to pay a larger sum.
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.
All lenders must calculate the APR of their products in the same way and must tell you the APR before you sign an agreement, so for consumers it can be a handy tool for comparison, alongside other features such as the total amount payable.
Bear in mind, however, that lenders are only obliged to award this rate to 51% of those who take out the loan – the other 49% could pay more. That’s why it’s often referred to as the representative APR.
NatWest do their best to help anyone that can afford to finance a car. However you will need to meet the following criteria:
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