New Car Registrations Drive Loan Applications
With the new registration date fast approaching and car buyers on the lookout for the best deals, Clydesdale and Yorkshire Banksí lowest ever loan rates could help ease the financial pressure.
In the year when the UK recorded its highest level of UK car sales* at the March registration date the Banks are offering their best ever rates through to the end of September. New and existing customers can now take an unsecured personal loan of between £7,500 and £15,000 with a rate of 3.8% APR*.
Rates on loans between £5,000 and £7,499 have been cut to 4.5% APR* while loans over £15,000 are now available at 4% APR*. The rates will be available until Wednesday 30th September 2015.
Steve Fletcher, Director of Retail Banking, Clydesdale and Yorkshire Banks, said: ìThe launch of a new registration remains a popular time to change your car whether you are buying a brand new or a used model.
ìOf the car loans we agreed in February, some 81% were for used cars with the remaining 19% of drivers opting to finance a brand new model.î
The average Clydesdale and Yorkshire Banks loan value for those buying a used car was £7,348 whilst those now driving a new 15 plate borrowed an average of £11,826.
Steve added: ìTaking a personal loan can be an effective way to spread the cost of larger purchases such as a car and we have a range of different options to suit different needs and budgets. Arranging finance in advance can take the strain out of upgrading your car and also place customers in a good position when negotiating the best possible deal.î
For more information, customers can contact their local branch, call 0800 22 24 26 for Clydesdale Bank or 0800 20 21 22 for Yorkshire Bank, or visit our websites: www.cbonline.co.uk or www.ybonline.co.uk
*Source ñFT.com ñ 8th April 2015
**Terms and conditions apply. Loans are subject to status.
All loans are subject to status. The interest rate offered will vary depending on our assessment of financial circumstances and the chosen loan amount. The rate offered may differ from the Representative APR shown.
Loans below £15,000 are available over terms of 1-5 years. Terms greater than 5 years and up to 7 years are available for loans greater than £15,000 (and if the purpose of the loan is to repay an existing Clydesdale Bank loan, the additional amount borrowed is of greater value than the existing loan that is to be repaid).