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Car loans

Are you looking to replace your existing car or buy a new one? Have you thought about using the council’s car loan scheme?

If you are on a permanent contract and confirmed in post (following a 6 month probationary period) you can borrow up to 50% of your salary (maximum £15,000). The loan must not exceed the purchase price of the car you are buying and will also take in to account the value of your current car. The value of your current car will need to be off-set against the new car.

Repayments are made through salary deductions.

The maximum period over which the loan must be repaid varies between 4 or 5 years depending on the age of the car you are buying.

If you choose to buy a second-hand car, an independent engineer’s report is required where the vehicle is over 12 months old and has done over 20,000 miles.

The interest rate is set in April each year, but any change does not affect existing loans.

This scheme is available at any time during the year.