Barclays

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Company Information

  • Company Name:
    Barclays
  • Website Address:
  • Business address:
    1 Churchill Place, London E14 5HP
  • Phone number:

Barclays (Barclays.co.uk) don’t offer a specific car loan but instead the unsecured Barclays personal loan is intended to be used for mid-sized purchases such as cars. You could use it to pay for a new car or to refinance a car that you have already purchased on credit, potentially saving money on your monthly payments. Loan amounts available are between £1,000 and £35,000 making it roughly the right size for an automobile purchase and you can stretch out your repayments so that your loan will be paid off within two years (24 months) or up to five years (60 months). Once you are approved for the loan it arrives in your account immediately, enabling you to purchase your car not long afterwards.

With the Barclays personal loan you have the right to choose to repay your loan early if you so choose. There is a charge applied if you choose to do this, however, equalling 30 days of interest. There is also a price-match guarantee to help make sure that the loan you are taking out is comparable to the rest of the market. If you find a loan for the same amount and over the same term but with lower monthly payments elsewhere, Barclays offers to match this rate and pay you a £50 reward.

In order to be eligible for a Barclays car loan you need to be a resident of the United Kingdom who is over 18 years of age. In order to qualify for the loan your credit rating will be checked so that the bank can be sure that you are unlikely to default. Also, if you wish to spend your loan on something other than a car then this option could be available to you. It could be possible to take out slightly more than you need for the car itself or to change you mind about what you want to use the money for. The are some restrictions on what the money can be spent on, however: you cannot use a Barclays personal loan to fund a business, for investment or for purchasing a home.

Also, unlike a homeowner loan, a personal loan is unsecured and so you do not need to already own a home or a car. Moreover, the interest rate is more favourable than some other forms of short term credit such as credit cards. As such, it meets that middle ground between a large secured loan and a high-interest short term loan.

 

98 Reviews of Barclays have been submitted - read the latest 3 below

I did look at some car finance loan comparison websites before applying for my loan with Barclays Bank because I wanted to make sure that Barclays were offering the best deal and if not I had to play the price-match guarantee card with them.

As it happens the price-match wasn't necessary because Barclays were on a par with all the other top high street lenders so I wasn't going to be missing out on a better deal elsewhere. I could maybe have spent a few hours trawling through every car finance loan website and come up with a better deal but I was more than happy to know that Barclays were in line with the other main lenders and I was satisfied with the loan package they have put together for me and just want to get on with the fun of buying my new car.

Review posted by Frank Goodrich, Tulse Hill

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My new car purchase will be happening sooner than I thought because Barclays have approved my car finance loan so quickly that I haven't even had time to give much thought as to what sort of car I want to buy. There are so many lovely little cars to choose from I just don't know where to start.

I have my budget fixed now with the brilliant loan so that's a good starting point and depending on what I get for a trade in on my old car I might be able to afford some really nice extras on the new car that might make motoring a bit more enjoyable.

Whatever car I end up with it will definitely have to come with a built in satnav because my map reading skills are atrocious and my boyfriends are even worse!

Review posted by Brenda Forster, Hornchurch

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Even though I have been banking with Barclays for about 15 years I never thought they would be the people to go to for my car finance loan. It wasn't until I went online and started looking at various loan comparison websites that I realised Barclays were offering really competitive loans and that maybe I should give them a try first.

am really glad I did because when I logged onto Barclays website and started applying for the car finance loan I was delighted with the initial quote that came back almost instantly and I knew that if I could negotiate a convenient repayment plan then this would be my best option for getting the finance to buy my new car. Barclays were offering a price-match guarantee so I knew there was a good chance I could get this loan at one of the best rates available from any of the high street lenders and that was good enough for me. Barclays didn't disappoint and I now have a great loan and I am about to purchase my new car as a cash deal and hope I can knock the dealership price down a bit.

Review posted by Denny Adams, Chislehurst

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