Halifax Loan
For a big player, the Halifax loan beats the banks on range and service (but you'll find cheaper rates!). A good selection of secured, unsecured and specialist car buyers' loans matches up to expectations with extras including repayment holidays, easy application and discounts for existing Halifax customers.
Halifax Loan examples (correct at publication date, uninsured):
| |
Monthly Repayment |
APR |
| £3000 across 2 years |
£145.95 |
13.9% |
| £5000 across 5 years |
£109.16 |
10.9% |
| £10000 across 7 years |
£166.13 |
9.9% |
|
The Halifax has one of the broadest ranges of loans on the market- that's because their main business has always been lending money, and as the UK's largest mortgage company they have plenty of funds to dish out. To help you dig around to find the right product, the "Halifax Loan selector" will examine your requirements and pick out a deal.
For car buyers, for example, a standard Halifax Loan includes an RAC discount; or there's also a car loan option- you'll pay 1% more, but you can defer up to 60% of the loan to the end of the initial period, which allows you to borrow more. There's also a personal contract plan available (drive away now, servicing included if you wish, and hand the car back for an agreed price later).
The unsecured Halifax Loan is at a rate somewhere between the banks and the other online providers- not the best value around, but with some good extras, for example a three month payment holiday at the start; and application is made very easy indeed (online, via branches, or they can call you).
And dealing with a big lender does have advantages: if you have a mortgage, savings account or major current account with the Halifax already, you'll get a further discount on your Halifax Loan.