It’s been an eerily quiet few months on the roads. However, with schools starting to re-open, and the majority of people back on their work commute; the dreaded traffic jam is once again very much part of our daily routine. While we may still be some way off a return to ‘full normality’, car sales certainly look like they are getting back on the right track.
According to figures released by Experian, car finance applications rose to 597,000 between July 1st and August 24th – a 24% increase on the same period in 2019. Meanwhile, searches on Experian’s Marketplace, where people can compare car finance deals, have increased by 291% since the lockdown began.
Why are new and used car finance applications on the rise?
Showrooms may have been forced to close during lockdown, but that has evidently only fuelled consumer demand. The need for a new car it seems is never far away.
- Maybe you’re worried about an upcoming MOT or service.
- Maybe your unreliable car battery can already sense those wintry cold mornings are on the way.
- Maybe you have concerns over using public transport. A car would certainly help put your mind at rest.
With vehicles sold in September bearing the new ’70 plate, many are anticipating the forecourt frenzy to continue as motor traders look to build on that bumper July/August while making up for lost time during the pandemic. This could lead to a flurry of tempting deals, putting anybody on the lookout for a new car firmly in the driving seat. Of course, not everybody is in the market for a brand new car and that’s why used car finance is also an option buyers often find themselves exploring. At Northern Community Bank, we’re asking you to forget about ‘new or used car finance’ for a moment and come on a little trip with us.
Northern Community Bank is here to give you a lift when it comes to car loans
Car dealerships are driven by sales and commission with new or used car finance deals often communicated in an intentionally misleading manner. Many garages and dealers, for example, offer finance which starts at 12.9% Representative APR, which is more than we’ll charge for a loan of over £3,000. The word ‘representative’ means that the rate in question only has to be offered to 51% of applicants. With us, on the other hand, the rate we quote you is the rate you pay, every time.
Northern Community Bank offers car loans of up to £15,000 meaning you can look at buying your new or used car outright, without being tied into high-rate finance plans with dealers.
There are no set-up fees, no early settlement penalties – allowing you to make extra payments if you wish to pay off the loan quicker – and our interest is calculated on a decreasing balance. On top of this, there’s also no balloon payment at the end of your agreement, just a straightforward tailored arrangement to suit your financial circumstances. If you’re still a bit unsure, give us a call on 01282 691333 and let us help point you in the right direction.
