Car loans
Your dream car might not be everyone else’s. Whether you’re looking for a new or used car, or making the switch to an electric vehicle, a personal loan could help you spread the cost.
Start your loan quoteImportant information: How much we lend and the rate available depends on our assessment of your circumstances. You must be aged 18 or over and a UK resident.
Why get a car loan?
A personal loan could help you manage the cost of buying a car and spread your repayments. There are several potential advantages.
You might like to consider other car finance options to find the right one for you.
Things to consider
Why get a car loan with Lloyds?
A personal loan could help you manage the cost of buying a car and spread your repayments. There are several potential advantages.
Car loan calculator
Representative example
You could borrow £10,000 over 48 months with 48 monthly repayments of £240.21. Total amount repayable will be £11,530.08. Representative 7.4% APR, annual interest rate (fixed) 7.16%.
This representative APRRepresentative APRThe representative APR is the rate that at least 51% of people are expected to receive when taking out a loan within the stated amount and term range. applies to loans of £7,500 to £25,000 over 1 to 5 years. We offer other loan amounts and terms, with rates from 6.1% APR. Subject to status. The maximum APR is 29.9% APR.
Let's break it down
Get a quote for a car loan
Tell us how much you want to borrow towards a new or used car and for how long. Getting a quote won’t affect your credit score.
If you’re happy with your quote, you can complete your car loan application and get a decision online. If approved, you could receive the money the same day.
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 in to online banking or by exploring your loan options. If you’re able to apply, we’ll tell you how likely you are to be approved before you complete a full loan application, which would include a hard credit check.
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 agreed in the terms.
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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.
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Self-employed people can still get a car loan, though the process can be a little tougher. You might be asked to share your financial records, including tax returns and business statements. A good credit score can also make approval easier.
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As with any personal loan, you’ll need to pay interest on your car loan. This is the cost you pay for borrowing money from a lender. It’s usually worked out as a percentage of the amount you owe. Your monthly payments will include an amount of interest, spreading the borrowing costs across your loan term.
Lenders usually show an annual percentage rate (APR) to help you understand and compare potential borrowing costs.
Cruise through car admin
Add your registration into My Car and get all your car reminders in one place.
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Looking for support?
Visit the help and guidance hub to learn more about personal loans and how to manage them.
