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Can I apply for a JN Bank UK unsecured personal loan for a car?

To apply for a loan with JN Bank UK you must:

  • Be a homeowner with or without a mortgage
  • Not have an existing JN Bank UK loan
  • Be over the age of 21
  • Have been a UK resident for 3 years or more
  • Have no active or pending CCJs, bankruptcies or IVAs
  • Be employed, self-employed, or retired with a minimum monthly income of £1,000 after tax
  • Have a UK mobile phone number and a valid email address
  • Have a UK bank account with a direct debit facility
Apply for a JN Bank UK unsecured personal loan

Applying for and accepting an unsecured personal loan is a serious commitment and not one to be taken in a rush or without planning. You can be committed to paying a loan for up to 5 years with JN Bank UK, so doing your research and making the right decision is very important.

Why take out a loan for a car?

Taking out a loan for a car instead of paying upfront provides both the flexibility and affordability to add a new upgrade to your life, and spread the repayments across your budget. This means you can get the car you need without having to save for potentially years to get it or withdrawing your savings to make the purchase up front.

Getting a loan for a car also opens up your access to a wider range of vehicles than if you worked within your budget which narrowed your affordability. If the budget you have set yourself only allows you to look at cars up to a certain value, you can be limited by the car type, brand, and age of the car. Whether it's a bigger car for a growing family, or an upgrade because you've always wanted it - a loan for a car can get you the car you need right away, and pay off what you have borrowed over time. All without paying upfront and out of your pocket.

Things you should consider when buying a car

You may already have an idea for the type, brand, and cost of the car you want to purchase but it's a good idea to plan as much as possible before making your car loan application and making your purchase:

Are you looking for a car that only you will use or something to share with a partner, friend, or family member?

Do you need extra seats for a growing family?

Do you have a particular brand in mind or are you happy with four wheels and an engine?

Have you looked at the cost of your ideal car, can the loan amount cover it, and can you keep up with the monthly repayments?

These are all important questions that you should put some time into thinking about before applying for your loan.

What's the difference between a loan for a car, and car finance?

Taking out a loan for a car means you take out a personal loan, you receive the money upfront for the car, and then make the purchase. You will own the car from the beginning of the journey and will make your repayments back to the loan provider and not the car dealership.

Car finance, however, is what you would typically be offered when you purchase a car through a car dealership. The payments you make will go to the dealership you bought the car from, and at the end of the agreed repayment period, you will then become the owner of the car.

 

Why choose JN Bank UK for your unsecured personal car loan?

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Get a quote without impacting your credit score

Get a quote, find out the actual rate you could be offered all without impacting your credit score!

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Affordable rates

Affordable rates with no upfront fees to pay

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Easy online application

Complete our simple 5-step process to find out if you'll be offered a loan

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Money in your account within 5 working days

If approved, and you accept the loan, the money will be with you within 5 working days

Three steps to a JN Bank UK unsecured personal car loan

Step 1

GET A QUOTE
Get a quote that is specific to you, and find out if you will be accepted with no impact on your credit score

Step 2

SUBMIT YOUR APPLICATION
Sometimes, we may need you to upload documents such as payslips and bank statements

Step 3

SIGN YOUR AGREEMENT
If approved, digitally sign your agreement and receive your money within 5 working days

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Car loan FAQs

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To apply for a loan for a car with JN Bank UK you must:

  • Not have an existing JN Bank UK loan
  • Be a homeowner with or without a mortgage
  • Be over the age of 21
  • Have been a UK resident for more than 3 years
  • Have no active or pending CCJs, bankruptcies or IVAs
  • Be employed, self-employed, or retired with a minimum monthly income of £1,000 after tax
  • Have a UK mobile phone number and a valid email address
  • Have a UK bank account with a direct debit facility

You can't use your loan to:

  • Buy shares/stocks
  • Make a deposit for a house
  • Pay a tax bill
  • Gamble

If your loan application for a car has been accepted, you will be asked to read and accept our terms and conditions, and other contractual documents before you accept the quote.  

If your loan application for a car has been referred, we will let you know if we need to check anything else regarding your application. This may require documentation to be provided to help verify some of your details. These documents are known as JN Bank UK acceptable forms of identification and are used to confirm your identity, home address, income, bank account, or your affordability. This protects you from criminals who might try to use your identity without you knowing.

If you are asked to provide this documentation, please make sure that:

  • The name and address detailed on your identification is the same as the name and address you provided us during your application
  • Your proof of address is dated within the last three months
  • Your proof of bank account shows name, sort code, and account number

Car loans can be both secured and unsecured. It will depend on the contract you have agreed with your personal loan provider. If a car loan is secured, it will mean that the car is used as security and could be repossessed in the case you are unable to keep up with the monthly payments.

If the car loan is unsecured, this means that the car is not used as security, and the loan usually has a higher interest rate to reflect the higher risk of the loan for the lender. 

JN Bank UK offers unsecured car loans.

Apply for a JN Bank UK unsecured personal car loan today!

Our range of unsecured personal loans suited for your requirements

Helpful Guides

How do credit scores work?

Credit scores play a key role when applying for a personal loan or a mortgage for your house. Read our guide to find out how credit scores work.

Click here to read more.

How to manage debt?

Debt can creep up on anyone, and before you know it you can be overwhelmed by it. Here's our guide on how to put a stop to the debt spiral and manage your debts.

Click here to read more.

5 ways to simplify debt?

From refinancing your finances to automating payments, in this article we'll explore five strategies to help you take control of your debt. 

Click here to read more.

Need more help regarding loans?

You can contact our lending team at underwriting@jnbank.co.uk

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