BHF Finance reduces vehicle loan rates
Published: 3 October 2008
Members to benefit as rates for used cars and vans are brought in line with new vehicles.
The move follows the success of the special summer promotion, which featured typical APRs of nearly 2%.
The company stresses that, as it does not raise its funds on the money markets but, instead, "has cash ready and waiting to meet members' borrowing", it is able to match competitive rates with readily available funds.
New car sales have fallen to the lowest level since 1966 and, according to BHF Finance, only 63,225 new cars were registered in Britain in August - an 18.6% dip compared to the same period last year.
A lack of consumer confidence and escalating fuel prices have impacted on orders taken for new vehicles and, BHF Finance predicts that dealers will try to 'shift' new cars any way they can, in turn, hitting the value of the used car market.
It said: "October should be a good month for buyers of used vehicles, with dealers keen to shift trade-ins taken against new registration car sales in September."
BHF Group members can contact the finance team on 0121 446 6688 o visit the website for more information at
www.bhf-finance.co.uk