Buying a car just through our current income can be a challenge for many of us. However, buying the car you want has become much easier, thanks to the options for car loans.

One of the most convenient institutions to take a car loan from is Barclays Bank. Other than good interest rates that are being offered by this bank, you also get a flexible payment term.

Read on to learn more on Barclays car loans here.

Advantages of a Barclays Car Loan

There are a number of features and advantages that you can experience when you choose to take out a car loan with Barclays Bank. Here are some of them listed.

No Credit Footprint

Credit footprints occur when you’re looking to get a quote from banks. Unlike other banks where you’ll have to have a credit footprint to even get a quote, Barclays can do without it.

Fast Application Process

For most users, the application of a car loan from Barclays Bank takes generally around 10 minutes. This works when you choose to apply for the loan online.

Fast Decision on the Loan

Generally, for other banks, you get a decision on your loan in a few days. However, with Barclays it just takes a few hours.

Fast Disbursement of Funds

You don’t have to worry that by the time you have the money in your account the car would have been sold out. You can get the car almost instantly once your application is approved.

Interest Rate and Fees

Most car loans are charged on high interest, but not with Barclays. You can take out a loan for as low as 5.5% APR. The APR is decided by your credit standing in the long run –the higher your credit, the lower your APR.

Fees associated with this type of loan include a fee of 30 days’ interest on the amount you’re repaying if you repay early in full. 

Other common fees associated with car loans, which may or may not be associated with Barclays, include origination fees of a small percent of the loan, application fees, and late payment fees.

Contact a bank representative to know full details about the fees associated with Barclays car loans.

Loan Repayment Term

For most borrowers, how the loan instalments are split when it comes to repayment is something that really matters. Barclays offers you up to 5 years to be able to repay your loan.

However, it is to be noted that longer loan repayment terms can come at a high APR rate.

Loan Limit

For this specific loan, you can get up to £15,000 to get a car. This is quite a solid amount to finance a purchase for a car in full or you can top up a little bit with your savings too.

Eligibility and How to Apply

When it comes to getting a loan with Barclays to get a car, you have to be 18 years old or more, and not more than 69 years old. You also have to be a UK resident and be either employed or self-employed. You also have to be earning at least £10,000 annually.

To apply for the loan, you can do it two ways. The first route you can take is going to the nearest branch of the bank and fill out the application form. You can also use the online route where you don’t have to leave your home.

You can use this link to go straight to the application form of the bank and start filling out the form.

Contact Information

You can direct your queries regarding car loans from Barclays to 0800 716 5982. The bank’s head office is located at 1 Churchill Place, London E14 5HP.

Conclusion

You can easily take a car loan with Barclays Bank and get the car that you want. The process is quite easy and straightforward that you can manage to do it all in the comfort of your home.

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