Barclays puts the wheels in motion for motor loans

Barclays has launched a new personal loan package designed specifically for motorists borrowing money for a car.

As well as a competitive rate of 7.4% APR typical, customers will be able to save money on motoring essentials including breakdown cover, insurance and vehicle checks.

Motorists taking out a loan from Barclays will get a 25 per cent annual discount on any RAC breakdown package, which could save up to £41.50 a year. Customers can also claim a free HPI vehicle check from www.HIPcheck.com worth £39.95 – essential for anyone buying a second-hand vehicle to confirm that it has not been stolen, accident damaged and that it does not have any outstanding finance against it.

In addition, motorists can take advantage of Barclays current ten per cent discount on motor insurance purchased online. Loan customers can also claim a five per cent discount if buying motor insurance from Barclays over the telephone.

Mark Till, product director for Loans from Barclays said; “Many motorists will find that this is a much better rate than they would get on a car finance deal plus they have the additional benefits of the RAC discount and the essential free HPI check. With the launch of the latest ‘57’ number plates just around the corner it is a great time of year to be upgrade your vehicle and this loan package could really help.”

Customers can apply for a loan in branch, online or over the telephone. Loans from Barclays are available from £1,000 to £25,000 over a range of terms. Go to barclays.co.uk/loans