Bank of Scotland Loan
The Bank of Scotland loan structure is only a little above the average, and if you want the support of a branch network may be attractive. Specialist services are available for car buyers.
Bank of Scotland loan examples (correct at publication date, uninsured):
| |
Monthly Repayment |
APR |
| £3000 across 2 years |
£147.37 |
14.9% |
| £5000 across 5 years |
£106.62 |
9.9% |
| £10000 across 7 years |
£160.92 |
8.9% |
|
The Bank of Scotland and Halifax are now one and the same, and the influence of the Halifax is clear- Bank of Scotland Loan rates are keener than ever, and the product is competitive on facilities offered. You can opt to put off your repayments for up to three months, loans are available from a low £1,000 up to £25,000; there's no administration fee, and you can repay across up to 7 years.
All of this is absolutely standard stuff; and the Bank of Scotland Loan rates are only a smidgin above average- the typical APR is 8.9%, at higher levels the rate drops to 7.9%. This isn't as good as some of the online banks (6.9% and lower) but with the support of a branch network, these rates compare favourably with the banks and many credit cards.
On the downside, there isn't enough information provided about the Bank of Scotland Loan "Creditcare" payment protection policy.
One more essential to mention is Freeway, a specialist Bank of Scotland loan scheme for car purchases. As well as being a personal contract purchase scheme, Freeway lets you bundle servicing and repairs into the package, which is effectively an insurance policy for the duration of the scheme.