M&S Money will, from tomorrow, 5 November 2009, reduce the rate on its personal loans from 9.9% to 8.7% APR (typical).

The personal loans are available for between £7,500 and £15,000.

There is also the M&S Car Buying Plan for those who want to buy a new car. This allows customers to defer a fixed percentage of their loan, giving them the following options at the end of the term

• keep the car and carry on making payments until the loan is fully repaid


• keep the car and pay off the remainder of the loan with a lump sum


• sell the car and use the money to pay off the outstanding loan amount

The car scrappage scheme was extended to build on its success and encourage more people to buy a new car.

As we reported earlier today, many people though do not haggle over the price as they buy a new car, despite the fact that they could get a good discount if they did.

M&S Money was founded in 1985 as the financial services division of Marks and Spencer Group plc. It was sold to HSBC in 2004 and now has an executive committee comprising an equal number of HSBC and Marks and Spencer representatives.
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