In anticipation of a pre-holiday spending surge, several local banks and financial institutions have been lowering their car loan rates – in an effort to woo a hesitant consuming public.
Last week, First Caribbean International Bank Jamaica Limited (FCIBJ) began offering existing car owners a refinancing loan for cars no older than two years, as well as short-term financing for insurance and vehicle licensing of up to $450,000. The insurance and vehicle-licensing loan will be no more than these expenses cost, and must be repaid in 11 months, but is renewable at the end of the period. The facility is intended to “ease the cash flow” of recipients.
Last month, COK Cooperative Credit Union began marketing 100 per cent financing offers for cars again, a product which fell off the marketing radar earlier this year. For 2009 and 2010 cars, it is offering an interest rate of 19.95 per cent, with five years to pay. It is also offering 75 per cent financing for insurance at the same 19.75 rate.
At Scotiabank, a special rate of 19.25 per cent was on offer to October 31. Also, as Christmas approaches, ScotiaBank has reintroduced a rate of 19.75 per cent for new cars, along with cool payment terms up to 72 months or six years, a pre-approved Magna Mastercard or Gold Mastercard credit card, and creditor life-insurance coverage of up to $7.5 million.
Since September of this year, National Commercial Bank (NCB) began marketing its special 19.75 per cent rate for new and used motor vehicles, which includes “no principal payments” for up to three months.
Look out for more car loan specials and decreased rates as the Christmas season approaches.
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