A Shawbrook car loan is classed as an unsecured personal loan.
For tax advice please contact the HMRC or a qualified accountant.
A Shawbrook car loan is based on a fixed rate of interest over the term of your loan.
At Shawbrook, there are no hidden costs or arrangement fees included in taking out a car loan. Please note, an early redemption fee may be charged if you wish to repay your loan early.
You have the right to cancel/withdraw from your loan agreement within 14 days from the day after the date we inform you in writing that we have executed (signed) the agreement. If you choose to cancel or withdraw you must pay the full funds back within 30 days.
All Shawbrook car loans are to be paid by direct debit and cannot be paid by credit card.
Once you have been approved for a Shawbrook car loan, the funds will be transferred into your bank account. We will only transfer the loan amount to your designated bank account.
A Shawbrook car loan cannot be transferred to another person. Once you have signed the loan agreement we will only transfer the funds to your designated bank account referenced in the loan agreement and you will be responsible for the repayments.
A credit score is a tool used by lenders to help determine whether you qualify for credit. Using the information on your credit report and any additional information you supplied as part of your application, lenders use a mathematical model to calculate a score that represents your credit history.
For tax advice please contact HMRC or a qualified accountant.
You can repay all or part of the outstanding balance of your loan at any time. Please note that an early redemption fee may be charged. If you can't repay your car loan, please contact us immediately using the following details:
You need to have been a UK resident for a minimum of 3 years to qualify for a Shawbrook car loan.
You can repay all or part of the outstanding balance of your loan at any time. Please note that an early redemption fee may be charged. If you can't repay your car loan, please contact us immediately using the following details:
We do not offer payment holidays for Shawbrook personal loans.
If you’ve been affected by Coronavirus, either directly or indirectly, and you think you might struggle to make your loan repayments, click on the links to see our Coronavirus page or complete our online form and one of the team will be in contact with you.
Yes, we offer car loans for joint applicants.
A Shawbrook car loan is essentially a personal loan which can be used to pay off other loans or finance, but we do not accept transfer of existing finance arrangements.
A car loan is essentially a personal loan and at Shawbrook, you could use it to buy a second-hand car.
You do not need to be in regular employment to get a car loan, but you need to have an annual income of at least £15,000 to be considered for a loan.
No, Shawbrook do not provide guarantor car loans.
No, we do not have a loan calculator at Shawbrook as we don't believe it is a fair representation of the rate you may receive.
A Shawbrook car loan is essentially a personal loan. It could be used to finance the sale of a motorbike or other types of vehicles.
Shawbrook car loans should be paid in monthly instalments.
When you apply for a Shawbrook car loan, we will use a credit score to help make a decision on whether to lend the money or not and assess whether you can afford the loan. Your score will be based on information from credit reference agencies.
If you apply for a Shawbrook car loan, we look at the information provided in your application and we will only lend to you if we are comfortable that you can afford the loan. Then we'll let you know if you would be approved before you apply.
The time your car loan will last is dependent upon the term you have chosen. At Shawbrook, loan terms available are from 1 to 7 years and is depending on the amount you wish to borrow.
When you apply for a Shawbrook car loan, we look at the details you provided as part of your application and your financial history supplied by credit reference agencies. Based on this information, we’ll only lend to you an amount we are comfortable that you can afford.
We offer loans from £1,000 to £50,000. The loan amount you can borrow will depend on your personal circumstances.
To qualify for a Shawbrook loan you will need to be between 21-75 years of age.
Yes, if you have been declined you could reapply, but we would advise you find out why you have been declined by contacting the named credit reference agencies before you reapply to avoid being declined again.
A car loan is a type of car finance. A car loan is essentially a personal loan. There are many other types of car finance including Personal Contract Purchase (PCP), Hire Purchase (HP) and leasing.
No, car insurance is not included as part of your car loan with Shawbrook.
Car loan rates refer to either the interest rate or Annual Percentage Rate. This applies to the amount that a lender will charge for a loan to finance the purchase of a car.
If you can't repay your car loan, please contact us immediately using the following details:
If you want to change your car before the end of the car loan, you will need to continue to repay your loan as per the terms of the agreement.
An APR (Annual Percentage Rate) is a calculation that takes into account the interest rate of a loan and any other additional fees a lender may charge to repay the loan. A car loan APR is the rate you pay that accounts for the interest charged plus all other fees you have to pay to get your loan.
At Shawbrook we look at every customer individually, but we do have some basic criteria which you’ll have to satisfy before we can consider your application. You must:
To apply for a Shawbrook personal loan you will need to complete an online application form. If you have been accepted for the loan, we will send you a loan agreement to sign electronically.
A soft credit check lets loan providers look at your credit report without leaving a footprint visible to other lenders, although you can still see them. It also means the search has no impact on your credit history. A hard credit check will leave a footprint visible to other lenders and may impact in your credit history.
For enquiries regarding car loans for existing customers, please call using the following details:
A car loan will not affect your current mortgage repayment but will be an additional monthly commitment to make. Before taking a loan, you should ensure you are comfortable that you can afford the repayments for both your mortgage and the loan.