Offer to switch your car loan to FirstCaribbean, and they will examine your payments, offer you cash back for switching costs, offer you a revolving loan to help pay for auto insurance and license, and offer no commitment fee.

For more information, please visit firstcaribbeanbank.com/switch or your nearest FirstCaribbean branch.

Clovis Metcalfe, managing director of FirstCaribbean Jamaica, issued a short statement announcing the adjustment. According to him … “FirstCaribbean is committed to providing access to affordable lending to all sectors of the economy … This two-point reduction in our prime base rate comes within the context of the success of the Jamaica Debt Exchange (JDX) and the correlated stability in interest rates over the past few months.”

Under the JDX programme, FirstCaribbean Bank exchanged approximately $2.3 billion of its domestic bond for lower-yielding securities, and while interest income earned from those securities were expected to be affected negatively, the bank had noted that management was actively pursing income diversification as part of its strategic objectives to offset the reduction. Additionally, the bank’s move follows the June 17 adjustment of the Bank Of Jamaica’s (BOJ) policy rate to 9.0%. A day before, the benchmark Treasury bill was also lowered – by 65 basis points – to yield 9.26 per cent in the BOJ-managed monthly auction.

New residential mortgages (house or land) – 15.50%
New home equity / home improvement loans – 16.50%
New auto loans (new or used vehicles) – 16.99%

* Interest rate applies to new loans only. Normal terms and conditions apply.

For more information, please visit your nearest FirstCaribbean Bank branch.

Are you seeking an exciting career opportunity?

Available position: Personal Credit Services – Manager

Responsible for assessing personal credit applications for the retail, wealth and cards segments, while adhering to FirstCaribbean personal credit risk management policies and guidelines to meet agreed quality objectives.

For further information, please visit their website: firstcaribbeanbank.com/careers.htm

It’s the second of seven commercial banks to cut its lending rates, following Scotia-bank’s one-point adjustment of its base rate in August to 20.5%. Both have taken their cue from the Bank of Jamaica which has already cut signal rates five times this year (taking a cumulative 4.5% off benchmark rates since July).

FirstCaribbean said that the cut in its prime rate follows previous adjustments in June on interest rates applied to auto loans and general purpose loans “in line with the industry“.

Several other commercial banks are reportedly considering a cut in their lending rates as well. National Commercial Bank (NCB) says that its current base lending rate of 21.75% is negotiable, while First Global Bank says that its 20.75% rate is under review.

It is hoped that lower domestic interest rates will make borrowing relatively more attractive than savings in domestic instruments (i.e. deposit instruments etc.). In this context, households will increase expenditure, particularly on durables, while businesses would have a greater incentive to expand or retool, as financing costs will be lower. The increased expenditure would theoretically (and hopefully) provide some impetus to economic activity.

Lower your car payments!
Ease your cash flow with our new JumpStart Automobile Package.

On cars up to 2 model years old, we will refinance your car loan and work with you to reduce your monthly payments.

You will also be entitled to a pre-approved loan of up to the equivalent of J$450,000, renewable annually, to finance your vehicle insurance and vehicle licensing payments. Note, the loan amount will be equivalent to the total cost of your vehicle insurance and licensing fee, not exceeding $450,000. Repayable over 11 months. Special conditions apply.

In the market for a new car?
JumpStart is available to you as well.

Come into your nearest FirstCaribbean branch today!

The ad goes on to say: Let FirstCaribbean put you in the driver’s seat of your dream car with our easy and affordable car loans. Come into one of our 13 conveniently located branches and talk to our friendly sales specialists about our new lower rates and flexible repayment options.

You may call them at: 1-800-744-3243