We offer flexible payment plans with low interest rates with personal loans from just £100 right up to £15,000 which are available for both new and existing members at rates as low as 14.9% APR, so you can easily budget for your new car. With no hidden costs or surprises, you can trust us to help you get the best deal.

Our friendly and knowledgeable team are always on hand to help you make the right decision and get the most out of your purchase. Get the wheels rolling and get that dream car today with our Car Loans.

Apply Today!

cheapest car loan

Top 5 Tips For Buying a Car


1. Ask yourself “what do I need from a car?”

Be realistic. Do you need a family car? Boot space? Will you be using it to drive long distance or on motorways? Do you need it for something specific?

Don’t buy a car that isn’t going to fit your needs.


2. Work out your monthly expenses

Before you even look at cars to purchase, you need to go through your finances to figure out how much you spend monthly and how much you have left over that can go into your monthly repayments.

Consider how much fuel will cost as well as insurance and car tax. Once you know this, you can then use it as a guide for your budget.


3. Check as many dealers as possible

Once you’ve done a bit of research into what cars you like and fit your needs, shop around and see what different prices you can get for the same make/model/year, most dealerships can do a price match.


4. Avoid any unnecessary add-ons

Once you know how much your car is going to cost and you take out your loan, you don’t account for any extras, most of which aren’t needed and you can always plan to buy these in the future.

Car dealerships may try to push you to purchase things like audio systems, warranties, gap insurance, tire protection plans, model upgrades, or central locking systems. They make a lot of money out of selling these extras which are expensive.


5. Know your options: Credit Union Car Loan vs. Car Financing

Credit unions are member-run not-for-profits, meaning that we always put our members’ needs first, so you know you will always be heard. As long as you share a common bond, you can join a credit union (ours being anyone living or working anywhere in Nottinghamshire or Lincolnshire (excluding Humberside).

With most car financing options, you are effectively hiring the car and will have to pay a hefty lump sum at the end of the period in order to own the car, however, our loans offer no hidden fees or charges so you own the car right after purchasing it. We also only offer loans to members that we know will not end in unnecessary debt.

Before you apply

We Want to Help!

Application Information Tips

We’re committed to making your application process as easy and secure as possible. Here are some key things to keep in mind:

Accurate Information Speeds Up Your Application

The information you provide helps us verify your identity and make a quick decision on your application. Accurate details will streamline the process and get you on your way faster!

Security is Our Top Priority

We use secure technology to verify your application. To ensure your safety and prevent fraud, we can only accept applications with your bank account details. Providing inaccurate information, including using someone else’s bank account, can lead to your application being withdrawn.

Open Banking: A Secure and Convenient Way to Apply

We use Open Banking technology to securely access your bank statements directly. This eliminates the need for manual uploads and keeps your information safe.

Here’s How You Can Benefit:

  • Faster Application Processing: Accurate information using your bank account and Open Banking will speed up your application review.
  • No Need for Uploads: Open Banking takes care of retrieving your bank statements, saving you time and effort.
  • Secure Technology: We prioritise the security of your information using the latest technology.

Still Have Questions?

We understand that applying for something new can be confusing.  If you have any questions about using Open Banking or acceptable application information, please don’t hesitate to contact us on 0330 004 0842. We’re happy to help!


Important information about our loans!


This document serves as a comprehensive guide, providing valuable insights into the various types of loans we offer, their terms, interest rates, repayment options, and essential terms and conditions. We encourage you to read this document thoroughly before considering any loan with us.

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Just enter how much you’d like to borrow, and for how long, to get an idea of your monthly payments and the total you’ll have to repay.

Go to the loan calculator

Our Loans

See which of our loans is best for you, depending on how much you can afford to borrow and your recent credit history.

Find the right loan


Save time by making sure you meet our conditions before you apply for a loan from us.

Check your eligibility

Our loans

Credit Union

  • Easy to apply
  • Affordable, flexible repayments
  • Borrow from £100 up to £3,000
  • No hidden costs or sign up charges
  • People with poor credit history can apply
  • You can grow your savings as you reduce your loan balance
Find out more


  • Easy to apply
  • Affordable, flexible repayments
  • Borrow from £1000 up to £15,000
  • No hidden costs or sign up charges
  • People with poor credit history can apply
  • You can grow your savings as you reduce your loan balance
Find out more


  • Take back control of your debts
  • Simplify multiple repayments with one amount
  • Up to a maximum balance of £5,000
  • Your monthly repayments may be reduced
  • No hidden costs or sign up charges
Find out more


Can I apply?

Whether employed or in receipt of benefits, you can apply with us.  As a responsible lenders we have to check that you can afford the repayments and have a good history of repaying your debts.  However, we are more understanding about financial problems and poor credit than most lenders.

We look at all circumstances and consider more than just your credit score.  We promote responsible lending and all loans are based on your ability to repay.  The maximum loan we currently offer is £15,000.

We offer Personal Loans for a variety of purposes – whether that be a loan for your dream holiday, wedding, a new car, home improvements or electrical goods.  However, we cannot currently offer business or property loans.

There are some other occasions where we cannot lend, for instance where someone is in an active Debt Relief Order, Individual Voluntary Arrangement or Bankruptcy.  Borrowers must be over 18 and be able to demonstrate that they can afford repayments.

We don’t currently offer loans to anyone with an income lower than £130 per week altogether.

When can I apply?

If you’ve never applied with our credit union before then you can apply straight away!

If you have applied with us before then we ask that you wait at least 6 months before applying again.

How long does it take to get a decision?

When assessing our loans we perform some checks first of all to help us get an idea of your circumstances.  We start off with checking affordability and we credit score all of our applications.  As soon as these checks are made, a member of our loans team will review this during working hours and, if we feel we require them, we may ask that you provide some documents in support of your application.

While we do credit score our applications, this isn’t the only thing we consider when making our decisions.  When looking at loans we consider a number of factors including:

  • Affordability – Income / Expenditure
  • Credit history (existing defaults, CCJs, DROs, IVAs and also debts you’re paying off well)
  • Length at current address and addresses in the last 3 years
  • Length of time served in current employment (if applicable)
  • Existing and outstanding debts, their APR, value and length of time you have had the debt and over-the-limit balances
  • Any history with us (both Savings and Loans)


This process on average takes us around 1-2 working days (usually dependant on how soon we receive supporting documents), at which time we will get back to you with our decision and how to proceed going forward.

How much interest will I pay?

We will always offer you the best loan rate that we can. Our rates are capped which makes them considerably cheaper than some lending options, but we offer lower rates for people who pay us through Payroll or who are Homeowners.  For more info on our typical APRs, see our Loans page.

We charge interest only on your reducing balance. That means the sooner you repay the less interest you will pay.   There are no charges or additional fees for early repayment of loans, either through making larger monthly payments or one off lump sums.  We only charge you for the outstanding balance, which is better for your pocket.

Can I repay my loan early?

You can make extra repayments towards your loan or settle your loan early if you want to – this will save on the total interest that you will pay back and we charge no fees for this.

If you require a settlement figure for your loan then please get in touch with NLCU directly and we will be able to provide you with this – our interest is calculated daily, so you will require the figure on the day you are due to pay.

For the bank details to make a payment toward your loan balance, please get in touch with the credit union.

How do I apply?

To apply, you need to complete our loan application form – online, by mobile app or on paper (in branch or by post). We usually ask that you provide 3 months bank statements and proof of your income in order to get the best idea of your current situation as part of this.

If applying on paper, we ask that you always provide these documents with your application, to make sure there are no delays in getting a decision back to you.

Having difficulty repaying your loan?

Some of our members experience difficulty repaying their loans due to unforeseen circumstances. Please contact us as soon as possible, and we will do all we can to try to help. We will review your income and expenditure and may restructure your loan if necessary.

We have many members who we support in this way and, once you are back on your feet, you can borrow again from us if you want.

If you need to speak to us about making payments to your loan, please contact us on:

Telephone: 0330 004 0842 opt. 2 (weekdays 10am-3pm)

Email: arrears@nottsandlincscu.co.uk

If there has been a change in circumstances that could affect your repayments then let us know.  Remember, missed payments can affect your credit score and your standing with the credit union.  The sooner you let us know of any problems, the better.