Clydesdale Bank (CBonline.co.uk) might have only a major high street presence in one of the constituent countries of the United Kingdom, but the bank accepts customers online from across the country. Their car loan offering is no exception, so whether you’re based in the Isle of Jura or London, you’ll be able to apply online without having to take a trip to the Clydesdale Bank. Decisions are made instantly, making it perfect if you need to buy a vehicle in a hurry. Usually the money can be in your bank account – any bank account – within a few days.
The biggest attraction of Clydesdale’s car loan is their market-beating 4.9% APR rate. This rate is offered to at least half of all those who successfully apply for loans between £7500 and £15,000, although the loan is available for any figure between £1000 and £25,000. The interest rate is fixed for the duration of the loan, meaning that you don’t have to worry about the Governor of the Bank of England hiking rates (as he has suggested he might do soon).
The loan can be spread between one and five years, meaning you can base your loan length on how affordable the monthly repayments will be. If your financial situation improves you can also pay off all or part of your loan early with just 58 days interested charged. The loan is unsecured, meaning you won’t lose your house if you’re unable to pay.
Although the application is online and you’ll receive a decision instantly, you do have to print out paperwork, sign it and post it to them. So have a printer ready, and if you want your funds fast consider doing guaranteed next day delivery. Clydesdale are fast at paying funds after they receive their paperwork, so you should be able to make your vehicle purchase within a week of applying. With interest rates better than many car finance options from showrooms it’s worth the wait.
