Lloyds Car Finance Review | www.lloydsbank.com
Address: Customer Services, BX1 1LT.
Branding: Lloyds Car Finance Plus. AKA: Lloyds Car Finance.
FCA Licence: 004685.
From: Lloyds Banking Group Plc.
Related: BOS (Fin), BOS (Loan), Black Horse, Halifax (Fin), Halifax (Loan), Lloyds (Loan).
Bad Credit Lloyds Finance Available?: No.
Financed Vehicles: Cars.
Manage: Lloyds finance login provided via www.lloydsbank.com.
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: Financing was quietly launched sometime in late 2015 following on from the release of Halifax’s Car Plan Extra. All of the characteristics are matched to that side. Qualification is only open to existing banking customers who have been using them for 3 months. Through this exclusivity, there is no need for credit checking (they already have the data on the customer). The same 90% dealer coverage is headlined. The financing agreements are HP (under Fixed) and PCP (under Flex). The repayment span for PCP differs as 12 to 48 months. Logins are provided on a subdomain of www.lloydsbank.co.uk.
– Amounts: Financing higher value cars can be achieved here since they stretch up to £60,000. This may be a sizeable amount, but Black Horse heads as far as £250,000.
– Branches: This is a digital product and so the branch network doesn’t pay a benefit to those already signed up. For anyone interested in joining who will then have to get started on a current account, the lure of 1000 high street branches may hold some merit. This is larger network than Halifax’s that is one of the few differences between each choice.
– Experience: Celebrated their 250th year in operation back in 2015 that was also when they launched this featured service. Whilst being new, there is certainly experience in this market through Black Horse who have roots heading back to 1922.
– Operations: 7 day support is provided between 8am and 8pm. This differs to their general support for personal loans that extends to 10pm.
– Ownership: The larger Group has more than 30 million customers and is the dominant force in many financial markets in the UK. They of course control Black Horse that has managed to sign up 5000 dealers that shows their credentials in this space.
– Pricing: The price tag is the key USP at hand. The headed 4.6% interest rate is matched by Halifax. Both of these banks now offer the cheapest contracts on the market. To take advantage of such great value, you must choose them for your ongoing banking.
– Profile: As one of the UK’s leading banks there is a always the potential there to thrive in this market, especially so through the credentials of Black Horse as was noted above. It is clear that their search engine presence for industry terms has also come along well. The trouble they’ll face is in convincing users to switch current accounts. Some may question the need, when they could potentially get a lower unsecured loan rate without the need to switch banks.
– 4.2% APR has increased.