Deciding how long to borrow for

A small change to your loan term could make a difference to the rate we offer.

For example, borrowing for 37 months instead of 36 could give you a lower interest rate.

Before you apply for a loan, think carefully about what you can afford to pay back each month. You will not be able to change the loan amount or term during the application.

Increasing or decreasing your loan amount

We have different rates for different loan amounts. In some cases, borrowing more could mean you pay back less.

It’s worth checking whether you could get a better rate by increasing or decreasing the amount you borrow. You can do this by getting multiple personalised quotes through completing our application several times or by using our loan calculator.


Depending on the rates you're offered, for a 4-year loan, you could borrow:

  • £4,950 at 14.3% per annum and pay back £6,426.24, or
  • £5,000 at 7.9% per annum and pay back £5,817.12.

In this example, you'd save £609.12 by borrowing £50 more.

Interest rate ranges

Each loan amount has its own interest rate range. This is the highest rate and the lowest rate we may charge. The interest you’re charged on your loan will sit somewhere in this range.

We’ll confirm your interest rate during your application.

Nationwide adheres to The Standards of Lending Practice, which are monitored and enforced by the LSB: (opens in a new window)