Bank of Ireland has introduced a fixed rate motor loan with flexible options tailored to the needs of the individual. The loan is not restricted to Bank of Ireland customers and is available to anyone, with loan amounts ranging from E300 or as much as E65,000.
Interest rates start from 7.5% APR fixed for amounts of E10,000 or more, over three, four or five years, and are available until March 30, 2007.
Market sources predict that sales of new cars in 2007 will reach the 200,000 milestone, substantially up from the estimated 180,000 year-end figure for 2006. This is down to buoyed consumer sentiment due to favorable economic circumstances and the availability of matured SSIA funds, stated Bank of Ireland’s loan marketing manager Sinead O’Connell.
Over 50% of new cars for 2007 will be sold by the end of March, although the market for used cars is expected to grow at an even higher rate, with three used cards being sold for every new car, she continued.
Features of the new motor loan include quick decisions with a maximum time limit of 24 hours, the opportunity to fix at the current rate and no upfront payment or arrangement fees.
Flexible options are also available complimenting these features – to include a choice of 10, 11 or 12 repayments per year, the option to defer the first three monthly payments and the choice to pay weekly, fortnightly or monthly.