TSB gives car loan customers free MOTs

Tom Wilson
15 September 2015
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Car buyers can get free MOTs when taking a personal loan to buy a car thanks to a limited-time offer from TSB.The banks existing current account holders seeking to borrow £1,000 to £25,000 for a vehicle over one to seven years will be eligible for the freebie.Borrowers will receive one MOT voucher for each year the loan is arranged for, a saving of up to £54.85 a year.The offer runs until 23 October and is subject to availability. Further information is available at tsb.co.uk/car-loans. Moneywise VerdictIf you're buying a car on credit you could probably save a little money with this offer.TSB charges 3.9% APR for loans in this bracket, so borrowing £10,000 over three years would cost £294.49 a month, paying £601.75 interest over the loan.RateSetter currently offers the best comparable terms, charging 3.5% APR. That would cost £292.78 a month, or £540 interest overall.That’s a £60 difference, which will be more than offset by the three free MOTs.

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