Bank of Scotland Car Finance Review | www.bankofscotland.co.uk
Address: PO Box 23581, Edinburgh, EH1 1WH.
Branding: Bank of Scotland Car Finance Plus. AKA: BOS Car Finance.
FCA Licence: 593292.
From: Lloyds Banking Group Plc.
Related: Black Horse, BOS (Loan), Halifax (Fin), Halifax (Loan), Lloyds (Fin), Lloyds (Loan).
Bad Credit Bank of Scotland Finance Available?: No.
Financed Vehicles: Cars.
Manage: Bank of Scotland finance login provided via www.bankofscotland.co.uk.
Opening Hours: Monday to Sunday (8am/8pm).
Products: Hire purchase, personal contract purchase.
Sums: £3000 to £60,000 (new and returning).
Terms: 12 to 60 months.
Notes: Plans are exclusive to existing banking customers who have held accounts for at least 3 months. There is also a requirement to be signed up for internet banking. No credit searches are required since they already hold customer data on record. Payments can be made to around 90% of UK dealerships. For same day clearance, you’ll need to get the application signed off in your banking before 3.30pm. The 2 products include Fixed (HP) and Flex (PCP). The latter has a shorter max repayment of 48 months. The login is served on a subdomain of the headed site.
– Amounts: Credit up to £60k is available. In comparison, their personal loans stop at £25k.
– Branches: This may be web-only service, but sizeable branch networks help to reward long term brand loyalty. The Scottish BOS network was headed at 294, but there has been 13 closures taking place between April and June 2016. More are likely to follow in future years.
– Experience: Car Finance Plus hasn’t been around for long, but BOS is one of the UK’s oldest surviving banks established way back in 1695. They have been involved in banking much longer than their Scottish rivals noting RBS (1727) and Clydesdale (1838).
– Operations: Support times are matched 7 days a week between 8am and 8pm.
– Ownership: Part of The Lloyds Banking Group that with all brands combined are only beaten locally for market cap by HSBC. The LBG has over 30 million customers with 2.8 million being the tally of BOS. Halifax actually runs as a subsidiary even though they are much larger.
– Pricing: Both the HP and PCP plans carry the same competitive 4.6% rate. To access a lower APR you’d need to receive direct manufacturer credit. Their loans start from 4.9%. This means that you obtain a better price and higher sums here, but the contract is secured.
– Profile: When we conducted several web searches relating to Scottish finance they were popping up as the highest ranked lender. In such a short time of being active this is an impressive feat. Their main local banking rivals however only provide unsecured car loans. RBS does own Lombard, but they only offer business financing rather than consumer. Current account exclusivity is an issue, but 4.6% APR may be enough to attract new customers (remember that there is a 3 month holding point for those looking to switch across).
– Launch rate was lower at 4.2%.