Lloyds Bank Online Car Loan: Important Details and How to Apply

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Do you want to buy a new car but have insufficient funds? Taking out a car loan is one solution that can help you! Car loans enable you to access the funds you need, without having all of the money up-front. 

Applying for the Lloyds Bank Online Car Loan can get you up to £25,000 loan to buy a brand-new or used car. You can also request a no-obligation quote plus enjoy the low APR of 3.8%. It is also very simple to apply for. 

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Continue reading to discover how you can benefit from this loan and what the requirements are. We will discuss all of the important details about the Lloyds Bank Online Car Loan in this article. 

Need a car loan to buy a brand-new or used car? Lloyds Bank Online Car Loan is your best option. Here's how to apply...

Features of the Lloyds Bank Online Car Loan

Lloyds Bank offers various loans for different needs of customers. Be it to improve the home, consolidate debt or maybe fund a wedding, there’s something for everybody. In this article, we’re going to dig deeper into the perks and benefits that come with the Lloyds Bank Online Car Loan.

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Freedom to choose the car you want to purchase is something that you can enjoy with this loan. Some banks will likely set a limitation, especially for luxury cars, but with Lloyds Bank, you definitely have the say what vehicle to get. However, the bank will need to check if the loan amount you wish to get will be manageable for you. Moreover, you are not allowed to purchase commercial vehicles or make purchases from a private vehicle seller.

Another great aspect of the Lloyds Bank Online Car Loan is the finance options. You can enjoy fixed monthly repayments, get the flex finance and have the choice of whether to buy the car in full payment or just return it. The latter must be within the terms and conditions of returning the car.

Comparing rates and finance is also convenient with Lloyds Bank Online Car Loan. Check cars online and see which one works for your budget. With this, you can already check how much the repayment per month will be, based on the total loan amount, deposit and the repayment term.

Lloyds Bank Online Car Loan Application

To apply for this loan, you must be at least 18 years old, employed, a UK resident and have an existing main personal current account with Lloyds Bank. Note that your account must be active for a minimum of three months. Failing to comply with these requirements can affect the acceptance of your application. There’s also no need for credit checks because you are a current member of the Lloyds Bank.

To complete an application, you can either fill out an 0nline form, apply in person at a Lloyds Bank branch, or apply over the phone with a Lloyds Bank representative. Expect to provide the information mentioned above and to make decisions about what amount and repayment period you would like. You can also head to the Lloyds Bank website for more details.

For the loan amount, you can get a minimum of £1,000 up to £50,000 with a repayment period of one to seven years. 

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Fees and Charges of the Lloyds Bank Online Car Loan

Though interest rates can vary, depending on your personal circumstances, the representative APR for this loan is just 3.83%. There is also a £10.00 charge for the purchase fee. With this loan, Lloyds Bank will be the one to finance for the car and you will only need to pay the monthly repayments. In addition, it is possible to be granted payment holidays, if you meet certain conditions. 

Contact Lloyds Bank 

If you would like to learn more about this card, you can contact Lloyds Bank directly. To do this you can either call 0330 123 3890, visit their main branch at 25 Gresham St., London, or visit the branch nearest you. 

All in all, the Lloyds Bank Online Car Loan is a good choice if you are after the low interest and smooth finance process. If you think this car loan is a good option for you, use the information above to apply for your loan. 

Note: There are risks involved when applying for a loan. Consult the lender’s terms and conditions page for more information.

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