After your home, a car will probably be the biggest investment you make. Most people will need to finance at least a part, if not the whole purchase. This necessitates applying for a car loan – something you can now do quickly and easily online.

Here’s a look at two popular car loans and the process you need to follow to apply for the loan.

Lloyds Bank Car Loan

To apply for a car loan at Lloyds Bank, you need to:

– Be a UK resident aged 18 or above

– Be a Lloyds Bank current account holder

– Be employed with regular income

– Have a solid credit score

How it works:

Loans are available between £1,000 and £35,000 (with terms from 1 to 7 years). If your online application is approved, you may be able to access the funds on the same day (between 9 am – 8.30 pm) or before 9 am the next (working) day.

Use the loan calculator available on the website to get an estimate of the monthly installments and APR you’ll be paying. Then log on to Internet Banking, answer a few questions, and get a personalized quote. This will have no impact on your credit score. Once you complete the application, you’ll get an instant decision.

Barclays Car Loan

To apply for a car loan at Lloyds Bank, you need to:

– Be a UK resident aged 18 or above

– Be a Barclays Bank current account holder

How it works:

To apply for a car loan online, you’ll need to have access to Online Banking. Log in and click ‘Check now’ to see if you’re eligible and have been pre-selected to apply for a loan. You’ll be able to see how much you may be able to borrow. You can check what your monthly repayments would be using the loan calculator available.

Then, choose ‘See my personal rate’ to apply for a new loan. This will take less than 10 minutes. You’ll get an instant decision, and if possible, the money will be deposited into your account right away.