Applying for a car loan

What should I consider before taking out a loan to finance a car?

As with all loans, you need to make sure that it’s right for you and your financial circumstances.

Some considerations that you should keep in mind are:

Your personal APR could be higher or lower than the advertised representative APR. Depending on the interest rate you receive, you could end up paying more or less than what you initially had in mind. Getting a personalised quote and guaranteed rate from Shawbrook before you borrow will help you make an informed decision.

Whatever your APR is, it will still be more expensive than paying cash from existing savings as you’ll have to pay interest on the amount borrowed.

By paying with cash, you aren’t protected in the same way as some other dealer finance options if something goes wrong with the car soon after you make payment. Make sure you purchase from a reputable dealership and understand your consumer rights and insurance before making a purchase.

What information will you ask me for when I apply for a car loan?

A Shawbrook car loan is simply a personal loan. There aren't any special car related questions that you have to answer.

To apply for a Shawbrook car loan, you will need to supply the following information:

Contact details
3 years address information
Employment and income details
Bank account details

How are your car loans approved?

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.