NatWest Car Loans

Need to get behind the wheel, but can't afford to buy a car upfront? National Westminster Bank, better known as NatWest, offers unsecured personal loans to existing customers at fixed interest rates.

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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.

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Warning: late repayments can cause you serious money problems. See our debt help guides.

What types of car finance do NatWest offer?

NatWest offers the following car finance options:

How it works

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.

Key features

  • Loan amounts from £1,000 to £50,000.
  • Loan terms from 1-8 years. Or 1-5 years for loan loan amounts less than £7,500.
  • Fixed monthly repayments. The interest rate is fixed, meaning you’ll pay the same amount each month, so there are no surprises and you know how much the loan is going to cost you overall.
  • Get a personalised quick quote with no impact on your credit rating. View your personalised interest rate and monthly payment calculation.
  • Online decision in minutes. NatWest will even pre-fill your application, saving you time.
  • Receive funds the next working day. If you use online banking. Subject to approval.
  • Buy from a seller of your choosing.
  • Own the vehicle outright from day one.
  • End your agreement by paying off the total due. You could potentially save interest by doing this.

How it works

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.

Key features

  • Borrow between £2,000 and £60,020 for between 2 years to 5 years.
  • Complete the whole process online.
  • Choose from thousands of used cars, only from NatWest’s supplied franchised dealers.
  • Cars can be up to 6 years old with less than 85,000 miles.
  • Type in the registration and get an online quote.
  • Lower monthly repayments than with a personal loan.
  • Choose your deposit and repayment term. A larger deposit will reduce your monthly repayment.
  • Fixed monthly repayments.
  • Have your car delivered to your door directly from the dealer or pick it up from the franchiser in just 5 days of signing your agreement
  • Keep your car by paying a final larger payment or hand it back (fees may apply).
  • Best for people that like to update their car every few years and don’t mind not owning their vehicle.
  • End your agreement early by paying off the total due (note that because of how depreciation is calculated, this can be an expensive option).

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 is APR?

If you’re comparing any credit-based products, it won’t be long before you’ll come across the Annual Percentage Rate (APR). This figure is designed to provide an annual summary of the cost of a loan. It takes into account both interest and any mandatory charges to be paid (for example an arrangement fee) over the duration of a loan.

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.

What criteria must I meet?

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

  • Be aged 18 or over.
  • be a NatWest current Account holder.
  • Be able to provide 3 years of address details.
  • Hold a valid full UK, NI or EU drivers licence.
  • You must not have been declared bankrupt in the last 6 years.

What is NatWest good and bad at?

  • Car availability. Choose a personal loan and finance new or old cars from any UK dealer, or choose NatWest Flex and pick from thousands of cars from main dealerships.
  • Extensive finance. NatWest offer finance of between £1000 to £60,000 to suit all needs, whether you want a cheap nip around or something more high end.
  • Finance calculator. NatWest easy to use car finance calculator makes it simple to find out the cost of a personal loan.
  • NatWest account. You’ll need to have a NatWest account to secure yourself a loan.
  • Stricter application. NatWest and other banks are typically less likely to provide finance to customers with poor credit ratings than providers such as Get Me Car Finance.

Frequently asked questions

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