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Car loans
Whether you are looking for an upgrade or switching to an electric car, a car loan can help spread the payments.
Apply nowImportant information: How much we lend and the rate available are dependent on our assessment of your circumstances. You must be age 18 or over and a UK resident. You must have had a Lloyds Bank current account for at least one month.
Apply for a car loan
To apply for a car loan, you need to:
- be aged 18 or older
- be a UK resident (excluding Channel Islands and the Isle of Man)
- have held a Lloyds Bank current account for at least 1 month
- be in paid employment or have a regular income and are not a full-time student
- have a good credit score, with no history of bad credit, such as County Court Judgements (CCJs) or bankruptcy.
Good to know
If approved, the money could be in your account the same day, 9am-8.30pm, or before 9am the next working day.
Repayment holidays – Once you've made the first monthly repayment on your loan, you’ll have the option to apply for a repayment holiday. You can apply for up to two non-consecutive repayment holidays of one month each, in a rolling 12-month period (subject to approval).
Just be aware – even though you won’t need to make your usual repayment during your repayment holiday, we’ll still charge daily interest on your loan. This means that you’ll pay more overall and it will extend your loan’s original term.
Make extra payments with no extra charges.
Pay off your loan early if you want. We may charge up to 58 days' interest for early settlement.
Get a quote for a car loan
Tell us how much you want to borrow and over how long to get a quote. This won't affect your credit score.
If you go on to apply, you’ll get a loan decision online.
Let’s look at the details
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A car loan is a personal loan that you can use to buy a car.
Before applying for a car loan, we’d recommend finding the car you’d like to buy first. Then you'll know how much to borrow.
You can get a personalised quote by logging on to Internet Banking. Usually, we'll tell you how much you could borrow and if you're likely to be approved, before you apply.
If your loan is approved, you could have the money in your account the same day. You can then pay the car dealership or private seller in full and pay back the loan to us as per the agreed terms.
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When buying a car with the help of Lloyds Bank, you have four options to pick from. Such as a personal loan, Personal Contract Purchase (PCP) Hire Purchase (HP), or Car Lease.
Compare your options or learn more about the ways you can pay for a car.
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A car loan is a personal loan, so you don’t have to use it to buy a car. Once the money is in your account, you can use it for just about anything, although there are some restrictions. We can’t issue loans intended for:
- Gambling
- Investments, such as stocks, shares and crypto currency
- Business reasons
- Land or property – buying, leasing or paying a deposit
- Timeshare or Holiday clubs
- Anything illegal
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Getting a personalised quote with us does not use a credit check or affect your credit score.
When you apply for a car loan, we will perform a credit check. This is to help us understand how likely you are to pay the loan back. Learn more about how credit checks work.
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