14 September 2015

TSB Launches ‘FR33 MOT’ offer for car loan customers

TSB is today launching free annual MOTs for customers taking out a car loan. TSB customers will not only receive free MOTs, worth up to £54.85 per year, they can also benefit from a great rate of 3.9% APR representative on loans from £7,500 to £20,000 over 1 to 5 years.

Key information  

  • The number of free MOTs received in total is dependent on the original loan term, for example one for a 12 month loan, two for 13 to 24 month loans, and so on. 
  • Vouchers are valid for consecutive years from the date the welcome letter is sent to the customer. 
  • 3.9% APR representative on amounts between £7,500 and £20,000. These rates are applicable for loan terms between one and five years.
  • Other loan amounts and terms are available, and all new TSB loans taken out to fund a car purchase are eligible for this offer.

Nick Smith, Head of Loans at TSB says: "Offering free MOTs for the duration of the car loan's term, alongside our competitive loan rate, is just another example of how TSB is helping customers to 'borrow well', by enabling them to borrow money in a way that supports their needs and makes the best financial sense for them. 

"Borrowing well is not just good for TSB and its customers. Responsible borrowing is a fundamental part of the life-blood of our economy, helping people to get on and thrive. And people thriving right across the country is what TSB's local banking for Britain is all about."

During the six week offer period, customers can apply for a TSB car loan in branch, online or over the telephone.  They will receive a personalised quote instantly without leaving a credit footprint. Customers' bank accounts are credited instantly with the loan amount when they successfully apply in branch or online*. 

Customers can make overpayments helping to reduce the overall interest that is paid during the loan term. Payment holidays are also available, subject to status.

More information on TSB car loans can be found at www.tsb.co.uk/personal-loans/car-loan or TSB loans can be found at www.tsb.co.uk/loans  .

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Notes to editors

*Once approved, loans are transferred between the hours of 9am and 8.30pm or by 9am the following day.

The offer will run for six weeks until 23rd October 2015 but could be withdrawn at anytime. This offer is only available to customers who:

  • Are an existing TSB current account holder and have had their account for more than three months , are over 18 and UK resident.
  • Apply for a TSB personal loan and select 'car' as the loan purpose.
  • And are approved for the loan between 14 September and 23 October 2015 and who draw down the loan, and do not close the loan within the 14 day cooling-off period.

The offer is only available for class 4 vehicles, such as cars (up to eight passenger seats), Goods vehicles and Dual purpose vehicles as determined by VOSA (see www.vosa.gov.uk for more details.)

Eligible customers will receive vouchers for the free MOTs within 28 days of the loan funds being placed in their account. Joint loans receive one single issue of vouchers

TSB was created to bring more competition to British banking - to be a real challenger to the big banks and to deliver the kind of banking the people of Britain want. TSB only serves local customers and local businesses, to help fuel local economies, because communities thriving across Britain is a good thing for all of us.

We have a simple, straightforward and transparent banking model and make clear on our website how we operate and make money. We offer the products and services people tell us they want, with none of the funny stuff people normally associate with traditional banks.

Our 4.7 million customers, award winning mobile and digital banking, nationwide network of branches and 8,600 Partners mean we are big enough to make a difference, but small enough to be an agile challenger to the entire market.

For further information about TSB Bank plc, please visit our website www.tsb.co.uk .