Get a car finance quote

Three car finance options, one careful provider.

When it comes to financing your next car, we give you three options to match your needs. You can choose from Personal Contract Purchase (PCP), Hire Purchase (HP) or a Personal Loan.

Important information: To apply for car finance you'll need to be aged over 18, a UK resident, hold a personal current account (min 3 months) and be registered for internet banking.

1. Hire Purchase (HP)

With Hire Purchase (HP) , you benefit from equal monthly payments, no mileage limits, and at the end of the agreement, you own the car.

  • 1-5 year terms available.
  • Own the car when the agreement ends.
  • No early repayment charges or final lump sum.
  • Can also be used to transfer existing car finance.
  • If you choose HP we cover most UK dealers. If you have any problems with the quality of your car, our dedicated team will be on hand to help you.
Get a HP quoteGet a HP quote

2. Personal Contract Purchase (PCP)

Personal Contract Purchase (PCP) can give you the flexibility to switch to a new car more often. 

At the end of the agreement, you can either pay the optional final lump sum to own the car, exchange it for a new one or you simply hand the car back and walk away (return conditions apply).

  • 1-4 year terms available.
  • Own the car by paying a final lump sum, or return it.
  • No early repayment charges.
  • Yearly mileage limits.
  • If you choose PCP we cover most UK dealers. If you have any problems with the quality of your car, our dedicated team will be on hand to help you.
Get a PCP quoteGet a PCP quote

3. Personal Loan

With a Personal Loan, you can choose to buy your car from a dealer or private seller, and you may even have some money left over afterwards.

  • Loans are available from 1 to 7 years.
  • You can use the money for other purchases than just your new car.
  • Funds are sent direct to your bank account.

Apply for a Car loan

Differences between our finance options

Here’s more information on the differences between the finance options to help you choose what’s right for you:

Differences between our finance options

 

Fixed Car Finance (HP)

Flex Car Finance (PCP)

Personal Loan

 

Are there restrictions where I buy the car from?

Fixed Car Finance (HP)

Yes

dealership

Flex Car Finance (PCP)

Yes

dealership

Personal Loan

No

 

Could there be extra money used for other purchases?

Fixed Car Finance (HP)

No

Flex Car Finance (PCP)

No

Personal Loan

Yes

 

Are there any excess mileage limits?

Fixed Car Finance (HP)

No

Flex Car Finance (PCP)

Yes - you set the mileage limit, so you don’t pay for more than you need.

Personal Loan

No

 

What is the length of the finance term?

Fixed Car Finance (HP)

1 to 5 years

Flex Car Finance (PCP)

1 to 4 years

Personal Loan

1 to 7 years

 

Do you pay the dealer directly?

Fixed Car Finance (HP)

We pay the dealer

Flex Car Finance (PCP)

We pay the dealer

Personal Loan

We pay you

 

When will I own the car?

Fixed Car Finance (HP)

Own the car at the end of the agreement

Flex Car Finance (PCP)

Own the car by making the lump sum final payment

Personal Loan

Own the car as soon as you purchase

 

Is a guaranteed future value for the car included?

Fixed Car Finance (HP)

No

Flex Car Finance (PCP)

Yes subject to it being returned in good condition and not exceeding the maximum agreed mileage.

Personal Loan

No

 

How do the interest rates compare?*

Fixed Car Finance (HP)

4.8% APR when borrowing between £7,000 and £25,000

Flex Car Finance (PCP)

5.9% APR when borrowing between £7,000 and £25,000

Personal Loan

6.4% APR Representative on personal loans between £7,500 and £25,000

 

The maximum APR you could be offered is 29.9% APR.

 

Fixed Car Finance (HP)

Flex Car Finance (PCP)

Personal Loan

* - Lending is subject to status and additional affordability checks. Rates quoted are subject to change and will depend on product, lending amount and personal circumstances.

Monthly payment examples

Example of how much your monthly repayments could be with PCP,  HP or Personal Loan if you were to buy a car and need finance for £13,000 over 48 months.

Monthly payment examples

 

HP Finance Example

PCP Finance Example

Representative Example Personal Loan

 

Representative APR

HP Finance Example

N/A

PCP Finance Example

N/A

Representative Example Personal Loan

6.4% APR

 

APR

HP Finance Example

4.8% APR

PCP Finance Example

5.9% APR

Representative Example Personal Loan

N/A

 

Total amount of credit

HP Finance Example

£13,000

PCP Finance Example

£13,000

Representative Example Personal Loan

£13,000

 

Annual interest rate (fixed)

HP Finance Example

4.67%

PCP Finance Example

5.72%

Representative Example Personal Loan

6.22%

 

Agreement duration

HP Finance Example

48 months

PCP Finance Example

48 months

Representative Example Personal Loan

48 Months

 

Monthly repayments

HP Finance Example

48 x £297.60

PCP Finance Example

47 x £179.67

Representative Example Personal Loan

48 x £306.62

 

Optional final repayment*

HP Finance Example

N/A

PCP Finance Example

£6,850

Representative Example Personal Loan

N/A

 

Total amount payable

HP Finance Example

£14,284.94 (includes £10 purchase fee)

PCP Finance Example

£15,304.60 (includes £10 purchase fee)

Representative Example Personal Loan

£14,717.76

*With PCP, once you have paid all of your monthly repayments set out in your agreement, you have 3 options:

  1. Pay the optional final repayment and own the car
  2. Hand back the car (return conditions apply) without paying the optional final repayment.
  3. Part exchange the car subject to settling your existing finance agreement. New finance agreements are subject to status.

Lending is subject to status and additional affordability checks. Rates quoted are subject to change and will depend on product, lending amount and personal circumstances.

Lloyds Bank Car Finance Plus (PCP and HP) is available to personal current account customers of more than three months who are registered for Internet Banking, are aged 18 and over and a UK resident.

With Lloyds Bank Car Finance Plus (PCP and HP) we pay the car dealer directly and the majority of UK dealers are covered.

PCP is available on New or Used Cars up to 7 years old at the end of the agreement

Personal Loans: We adhere to the Standards of Lending Practice, which are monitored and enforced by the Lending Standards Board.

Lloyds Bank Personal Loans are available to Lloyds Bank personal current account customers of more than one month who are aged 18 and over and a UK resident.

 

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).