Yorkshire Bank Car Finance
Good:
Option to defer paying back up to 40% of your loan (interest still applies)
Bad:
You have to buy your car from a reputable and recognised dealer - can't get loan for private purchase
Verdict:
Only apply if you know you have good credit and have a 10% deposit for the car you want to buy - you can only buy from a recognised dealership
Yorkshire Bank also offer specialised finance deals on cars. You will have to use one of their designated dealers across the UK but you can get finance ranging from £7,500 to £25,000. If you do not have a deposit then you won't be able to use this company as they require a 10% deposit of the value of the finance.
You can only apply via telephone for this loan. Firstly, you must choose a car to suit you from a recognised dealer so they can organise a payment plan for you. Once you have applied and if you are accepted, a letter and a loan agreement will be sent to you. Once signed, you need to send it back to them so they can review the agreement. If they request for you to send any other documents, make sure to include these. Once you have found a vehicle, Clydesdale will then transfer the money directly to the recognised dealer when you need them to, providing you are accepted.
If you're looking for an endless choice of cars then this might not be a great choice as you have to go to one of their allocated dealers. This can also be a pain if you don't live particularly close to any. There are quite a lot nationwide but you are still more restricted than if you use a company like Infinity. Their car finance also starts at £7,500 so if you're looking for a relatively cheap car they can't help.
Loan Calculator (Representative 8.9%APR)
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I was appalled by the lack of customer service shown to me on the phone. Was on hold for a good 15minutes and then got cut off. I even said that I would like a call back set which never happened. Luckily it is a free phone number, but the time and effort put in with no result just really got to me. Didn't get round to taking the finance out with this company as I found the money elsewhere but judging on my first experience with these guys I am confident I made the right decision.
I had bit of a mixed experience with these guys. I applied to take the loan out to finance a new car as a present to my daughter for passing her driving test but was a bit disappointed with the customer service. The operators didn't sound too interested in what my personal circumstances were and it made me feel I was just another person they had to “deal” with before they were allowed to go home. The application went absolutely fine and I only had to provide one or two bits of documentation and was even given the ability to defer paying back the loan should the need ever come about!
Really impressed with the service for this company. When my car limped to a halt, something which is pretty essential to me considering a work quite a way away from where I live, I was in desperate need of some help and quickly. Luckily, Yorkshire Car finance were on hand to lend me £7500 to help me put towards a brand new car. I simply rang the free phone number on the website and with minimal fuss and effort was presented with the funds relatively quickly.
Loans up to £25,000 - 5 years
- You must have a good credit history
- You must have been a UK resident for 3 years or longer
- You must be in full-time, part-time or self-employment earning £400 per month
- If you already hold a current account with them, you may not have to provide any documents
- The vehicle you are purchasing must be 5 years old or less
- You must purchase the car from a recognised dealer
- You must be 18 years of age or older to apply
- You must have an initial deposit of 10% for your purchase
- You must have a bank account with Direct Debit facilities
- Letter from collections department - £20.00
- Letter from solicitors - £20.00
- None
