Today Halifax announced that customers taking out a personal loan for a car before 21st October would receive a fuel card to the value of £100.
Sounds great on the face of it, but spend a few minutes checking out personal loan deals from rival banks and building societies and you’ll soon change your mind.
A quote for a £7,500 loan for five years on the Halifax website this afternoon shows a rate of 8.8% APR and repayments of £153.90 per month.
With loans at 5.8% APR on offer from Derbyshire BS and 5.9% APR from both Tesco Bank and Sainsbury’s Bank, you can save around £10 per month on your repayments or to put it another way, between £546 and £607 over 5 years, simply by opting for a better rate and ignoring the fuel card incentive.
Another example highlighting the importance of checking out the market and not being influenced by headline grabbing incentives
My verdict – MISS
- Fixed rate savings – best buy rates edging upwards - September 17, 2020
- 0% Credit Card Balance Transfer terms on the slide since lockdown - July 13, 2020
- Mainstream credit card rates unchanged in 2020 – for now - June 16, 2020