Car Buying Plan Questions

You can use a Buying Plan Loan to buy a new or used car, boat, motorbike or caravan.

When you come to the end of your loan period, you have the choice about how to pay off the deferred part of your loan. You can keep your car and carry on paying your low monthly repayments until the whole of the loan is repaid. You can keep your car and pay off the remainder of your loan with a lump sum. You can sell your car and use the money to pay off the rest of the loan - then buy a new car with a new Marks & Spencer Car Buying Plan.

To apply for a Car Buying Plan you have to be a UK resident aged 30 or over or a home-owner. You must also be either an existing M&S Credit Cardholder or Chargecard holder. If you have an existing M&S Personal Loan or Car Buying Plan please call 0800 363 400.

The 'deferred amount' is the part of the loan which is delayed until the end of the loan term.

No, this is fixed according to the term you wish to repay your loan over.

You can sell your vehicle at any time during the term of your loan, but you must continue your repayments or you can choose to clear the outstanding balance in full.

If you are unable to make your repayments for whatever reason, please call 0845 900 0900 as soon as possible. Our experienced advisors will advise you of the options available to you. You should also read Managing your Money which suggests ways to organise your finances and gives debt advice.

Take a look at our Credit Scoring Guide for details on credit scoring, how it works and how to appeal if you’re refused credit.