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Tesco Bank – Vehicle finance

Updated

  • Low-interest starting from 2.9%
  • Vehicle finance up to £25,000
  • Repayment up to 3 years

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Tesco Bank homepage

Author Tesco Bank. Screenshot of Tesco Bank website. [Accessed May 15, 2020]

About Tesco Bank

Banks have gotten a bad name in the past for their high-interest rates and inflexible loan terms.

But our loans are different we are not your average bank. The APR% rate on our personal loans is as little as 3.0% for loans between £7,500 and £25,000. These loans give you up to 5 years to repay the loan.

Apply online for an instant decision

Simply visit our website and apply for one of our online vehicle loans in minutes, we will verify your details and you will receive an instant decision.  To keep it as simple as possible the entire process can be completed online from start to finish. Design your loan terms and if your application is approved sign the agreement online.

The money will be paid into your account by the very next day. Some of our quick loan options allow you to take a payment break of up to 2 months at the start of your loan.

Repay your loan the easy way

Simply choose the date you would like to make your repayments on your loan and we will set up a direct debit on your account that will run automatically to deduct the agreed upon amount. This will ensure that you never miss a payment.

Use a personal loan to buy your car

If you don’t have a deposit to put down then you can consider applying for a quick loan in order to buy your vehicle. Our personal and short-term loans range from £7,500 - £25,000 and give you up to 5 years to repay your loan.

Tesco Bank Services

There are many costs involved when it comes to owning your own vehicle. Not only will you need to make payments on your loan, but you will also need car insurance, a maintenance plan and money to buy fuel each month.

An online cash loan may allow you to borrow more so that you can easily manage these extra costs involved. If you are an existing client and have an active loan with us then you could qualify for an additional loan or increase the amount that you can borrow.

Tesco loan requirements

In order to apply for one of our Tesco online vehicle loans you will need to adhere to the following loan criteria:

  • You need to be between the ages of 18 and 74
  • Have stable employment with a regular income that is paid into your account
  • You need to have lived in the UK for at least 3 years
  • Have a UK personal current account with us

Benefit from your personal savings allowance

In April 2016 the Government introduced a personal savings allowance that allows you to earn interest on your savings and current account balance completely tax-free.

This means that you can earn up to £1,000 in interest tax-free.  Find out the details on have much you can save by visiting the HMRC website.

Tesco Bank Product Details

  • Loan Type Vehicle finance
  • Interest Rate from 2.9%
  • Loan Amount up to £25,000
  • Repayment 3 years

Summary of Services

Buy your dream car today with a convenient and flexible loan from Tesco Bank

If you would like to use a personal loan in order to purchase your vehicle there are many things to consider before you decide to apply for a loan.

Consider the APR% rate that you will be charged and calculate how much interest you will be charged on the loan overall. Depending on your budget you will need to consider how long you will need to repay the loan and how much you are willing to pay on instalments each month.

The longer you take to repay your loan the more the loan will end up costing you overall.

Understand the terms outlined in your loan agreement

Make sure that you know the terms of your loan contract and understand the terminology used. Check if your contract allows you to make extra payments whenever you want without the fear of being charged penalties.

 Is there the option to settle your loan early and what will happen in the event that you miss a payment on your loan?

What is a cooling off period?

Buying a car is a big commitment and requires you to sign a loan term contract that will see you paying instalments for many years to come. In order to make sure that you are fully committed to the agreement we will give you a cooling off period of 14 days.

That means that you have 14 days to change your mind and cancel the car loan contract without any questions asked. Once this cooling off period has expired you may not be able to cancel the loan or if you are able to then you may be charged penalty fees.

What information is on my credit report?

Your credit report is a list of all your financial history and lets a potential lender know how good you are at handling your finances and paying your bills on time.

Other information included in the report includes:

  • Information on any active loans or credit cards
  • A list of how well you have managed your repayments
  • The types of credit you have applied for including store cards
  • If you have missed any payments or have ever defaulted on one of your accounts

Apply for one of our loans today and drive away in your new vehicle tomorrow.

Customer Reviews & Testimonials

Tesco Bank is great at everything they do including issuing car loans.

Edward T
— Glasgow —

Very affordable terms and low rates. Love Tesco!

Samuel M
— Kelso —

Tesco Bank Contact Details

Physical Address

Opening Hours

  • Monday Open – 24 hours
  • Tuesday Open – 24 hours
  • Wednesday Open – 24 hours
  • Thursday Open – 24 hours
  • Friday Open – 24 hours
  • Saturday Open – 24 hours
  • Sunday Open – 24 hours