Who can apply for the Tesco Bank Car Loan?
✔ UK residents over 18 years old;
✔ Regular, provable income;
✔ Good credit history;
✔ Tesco Bank account holders for at least 3 months (optional, but can reduce the interest rate).
Required documents
✅ Proof of identity;
✅ Proof of address;
✅ Proof of income;
✅ Details of the car you wish to purchase (model, year, value);
✅ Proof of valid car insurance.
A piece of advice for you
Compare the interest rates and repayment terms of different financial institutions before applying for the loan, ensure you can afford the loan’s monthly instalments before applying, consider taking out life insurance to protect your family in case of death, and make a budget for the car you want to buy, including the loan amount, interest rates, insurance, and other costs.
Tesco Bank Car Loan Rates
✔ APR interest rate: Starting from 7.9%;
✔ Opening Fee: 0%;
✔ Foreign Transaction Fees: 2.95%.
Other important information
The maximum loan amount is £25,000, and the maximum loan term is 7 years. You can use the loan to purchase a new or used car, and you can use the loan to refinance an existing car loan.
Simulate your loan
Visit the Tesco Bank website and use the loan calculator to simulate the instalment values and the total paid with different amounts, terms, and interest rates. If approved, receive the money in your account quickly.
Now it’s up to you, click the button below and make your simulation today!