TSB gives car loan customers free MOTs

Published by Tom Wilson on 15 September 2015.
Last updated on 16 September 2015

car bonnet

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 Verdict
If 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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