Car loans

A Shawbrook car loan is an unsecured personal loan. 

With a Shawbrook loan, you could borrow between £1,000 - £50,000.  You can take the loan over one to seven years, depending on the amount you wish to borrow. 

Because it's a personal loan, at the end of the loan term, you won't owe anything else.

There are a few types of car finance, including unsecured personal loans, personal contract purchase (PCP), hire purchase (HP) and leasing.

A Shawbrook car loan is an unsecured personal loan.

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.

Of course — you have the right to pay a personal loan back early or make an additional monthly repayment under the Consumer Credit Act. But it’s important to know that this may be subject to an early repayment charge.

To discuss your options with a member of our team, please contact us. If you have taken out a loan with us on or after 13th December 2021, you can also log in to your customer portal to contact us: https://myloan.shawbrook.co.uk/.

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.

If you get approved for a loan from Shawbrook, you'll need to sign a loan agreement. For most new loan accounts, this will be a Fixed Sum Loan Agreement, which means it allows you to borrow a fixed amount over a fixed term at a fixed rate of interest.

The agreement sets out the terms and conditions which relate to your loan, so it's really important to read and and ask us any questions if there is anything you don’t understand before signing the agreement. You'll also get a document called Written Adequate Explanations that will highlight the key features of your agreement and help you understand the agreement in a bit more detail.

If you want to see what these documents look like, you can click the links below. Just keep in mind that the actual documents you receive might look different based on your type of loan and when you applied. If you already have a loan with Shawbrook but can't find your agreement, just reach out to us and we can send you another copy.

• View an example of our Fixed Sum Loan Agreement
• View an example of our Written Adequate Explanation

The loan agreement you'll get after you apply will have all the details that are unique to your loan. The examples above are just to give you an idea of what these documents might look like.