Wednesday, March 03, 2010
NCB lowers auto loan interest rate further
National Commercial Bank has announced one low rate of 16.95% for both new and used vehicles effective March 1, 2010. NCB was the first commercial bank to lower its rates on motor vehicles loans from 19.75% earlier this year to 16.95% for new and used vehicles up to two years old. Other used vehicles attracted rates ranging from 17.25% - 17.95%.
"This further reduction to 16.95% for new and used vehicles up to 7 years old will allow a wider range of consumers to access more affordable financing to meet their needs” says Mrs. Tugwell Henry, Snr. General Manager, Retail Banking.
NCB works with over fifty (50) new and used dealers across the island and provides up to 95% financing for the purchase of vehicles through a special Auto Dealer Referral programme. With all documentation in place, consumers can access their auto loans from NCB within three (3) working days through any of the forty-two branches or apply directly online at www.jncb.com where they can immediately receive conditional approval of their loan.
NCB has also extended its maximum repayment period on new vehicles to 7 ½ years and used vehicles to 6 ½ years, currently the longest in the market. Mrs. Tugwell Henry noted that “consumers are very mindful of their monthly payment amount and with a lower interest rate and a longer repayment period, we are responding to these needs as we continue to work at ensuring we have the best automobile loan product in the market."
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