Having the money to invest in a car to get you from point A to B can be very stressful, especially if you are living paycheck to paycheck. That is why many turn to their banking establishments for help in the form of personal loans specifically designed for purchasing cars.
Every bank will have different features and benefits, as well as different rates and potential fees. With that being said, it may seem impossible to find a car loan that will allow you the freedom of purchasing the car without the fear of not being able to make the payments.
One of the banks that brings to their customers competitive car loan options is Barclays. This bank, which has its roots in the UK, has been delivering banking services for over a century. In this article, we will be looking at how to apply online for a car loan with Barclays, as well as what features and benefits they offer.
Barclays Car Loan Features & Benefits
With a car loan from Barclays, the individual taking out the loan will be able to take advantage of comprehensive benefits and features. The loanee will have the ability to get a quote upfront from one of the bank’s lenders. This quote will be a personalized one that will have the actual rate they will be loaning at. The quote will not impact your credit score and allows for the loanee to have a true vision of what to expect if approved.
Another feature is the power to purchase the car right away. All an individual has to do is apply online or through the app, and once approved, they will be sent the loan agreement. Sign the loan online and resubmit it, and then the money will be available to use. The loan also comes with fixed repayments. This feature permits the loanee to set the date of repayment that will work with their budget.
With this loan, individuals can top off a current loan. If they already have a loan through Barclays and need more money, they can apply for a little extra cash.
Fees & Rates
As a way to quote on loans of £7,500 to £15,000, the bank uses a 5.5% representative APR. This rate will be used to calculate your repayment over a two to five year period. [Note, however, that this may not be the rate your actual loan is lent at. The customer’s actual rate will be determined by their credit and other financial factors.]
If the loanee chooses to repay the loan early, there will be some charges that will appear on their statement. If repaying early, you will be charged a month of interest on top of any other interest that is due.
How to Apply
There are many ways to apply for a car loan from Barclays…in branch, online, or through the app. For applications online and through the app, the applicant must already have registered for online banking or downloaded the app. To apply for a loan through Barclays, you must be a current Barclays account holder, a resident of the UK, and at least 18 years of age. If this is you, you can get started here.
When applying, the potential loanee will want to make sure that they have all the appropriate documents handy. Then, the applicant will need to check their eligibility to see if they are pre-selected. If the individual is not pre-selected, they will not be able to apply online and must head to a branch office.
If the individual is pre-selected, they will be prompted to continue the process. The process will only take a few minutes, and then they should receive a rapid response. If they are approved, the agreement will be sent to them to sign. The money will then be allocated to their account, and they can purchase their car.
Contact Information
If you would like to get in contact with the bank, here are some ways you can do that.
Barclay Bank PLC, 1 Churchill Place, London, E14 5HP (Find your local branch here.)
Website: www.barclays.co.uk
Tel: 0800 151 0900 (UK) +44 1604 230 230 (international)
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.
