If you are coming to the end of your mortgage, credit card or loan payment holiday, we will contact you before it ends, there is no need to call us. You can use our coronavirus support tool to find the right solution for your needs and confirm what you would like to do in a few simple steps.

 

Top tips when buying a used car

motoring journalist Quentin Willson

So how do you avoid paying more for your used car than expected?

We’ve teamed up with motoring journalist Quentin Willson to share his seven top tips for when you’re buying a used car.

1. Trust your gut.

If you don’t like the seller – private or dealer – walk away.

2. Pay attention to paperwork.

Look for cars with fully stamped service histories and previous MoT certificates.

3. Check the car’s previous MoTs.

If it’s ever failed; what repairs were needed and make sure the mileage goes up – not down!

4. Take a friend, family member or expert with you.

Having two sets of eyes is better than one.

5. You can always insist that the sale is conditional.

Based on the car having a fresh MoT with an independent inspector.

6. Buy the newest and lowest mileage you can.

Cars with under 50,000 miles will be easier to sell later.

7. Get a vehicle history check.

So you can see if it’s been written off, stolen, clocked or has a questionable past.

Watch Quentin Willson's top tips

Quentin Willson talks us through a few simple tips when buying a used car.

A smiling couple in a car

A record number of second-hand cars were sold in the UK last year1 – more than three times as many as brand new ones 2. Superminis proved the most popular, as demonstrated by sales (33.8%) between July and September 20163.

When you’re looking to upgrade or downsize your current car, or even at a sportier model, it can be an exciting time. But there can be challenges too. So, with your hard-earned money at stake, what factors need to be considered before you can sign on the dotted line?

Related Articles

Need help buying a car?
Let us help you find the right finance option and car for you.

Buying a used car
In this series of videos Quentin Willson talks us through a few simple tips when buying a used car.

The rise of electric vehicles
As petrol prices continue to rise and emissions-linked road tax increases, electric and hybrid vehicles are becoming more popular. With multiple manufacturers competing for your business, let’s look at what to consider before going electric.

Top tips for buying a new car
Quentin Willson believes there is a growing demand for new cars thanks to the number of value for money, competitive deals available to consumers, which might make owning a new car better value than a used car.

Useful links

To check the MoT history of any car, visit the Government’s website

More information on industry trends can be seen on the SMMT website

Yearly market reports are available on the BCA website

For filing a complaint about your purchase, visit Citizens Advice

More about car loans

Things to consider when buying a used car

84% chance of mechanical or electrical breakdown

Cars over 3 years old have an 84% chance of breakdown in the subsequent three-year period4.

8.4% of problems reported  were gearbox repairs.

8.4% chance of problems reported to a leading warranty provider were gearbox repairs. Electrical was 8.2%, clutch 7.8%, turbo 4.7% and brakes 4.7%4.

The average mileage for cars developing a fault was 70,000 miles.

The average mileage for cars developing a fault was 70,000 miles.

Over £363m was spent on fixing faults.

£363m was spent by drivers over a 12-month period to fix faults5.

2,519 complaints about used cars brought to Citizen’s Advice in a two week period.

Of the 2,519 complaints to Citizens Advice about a bought used car in a two-week period, 80% needed urgent repairs, 53% developed faults within a month of purchase, 6% of vehicles ended up being scrapped5.

Important legal information

Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.

Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS).