At Stoneacre, we’re always looking to make car buying as affordable an experience as possible, but with turbulent events such as Brexit and interest rates being increased, it’s getting harder to apply that approach.
But we’re here to change that, and on the December 4 2017, we’re bucking the trend to make car finance easier to obtain, especially for those who may have encountered credit troubles in the past.
What is it?
Through Stoneacre Financial Services’ new product, we’re here to help make car buying more affordable by bringing down our own interest rate for motorists in the non-prime spectrum.
As a result, those looking for either a Hire Purchase (HP) deal with no deposit or a Personal Contract Purchase (PCP) deal with no deposit will benefit from the changes we are making. This will help make newer and better cars much more affordable.
For more information on our new product, you can find out all about on our dedicated page.
Why release this product now?
“Our customers need us more than ever,” Mark Zavagno, Head of Digital Sales here at Stoneacre, commented. “A new, cheaper finance product will help people who have had turbulent credit histories to access affordable credit.”
Recently the Bank of England increased its base interest rate from 0.25% to 0.5%, which means they will charge commercial banks more to borrow money from them. So while these changes may benefit your savings, every time we borrow money, we’ll have to pay back more to make up the difference.
As such, this will affect the rates we offer on our car finance packages, possibly hindering car buyers’ chances of obtaining credit. In reducing our interest rate for this group of consumers, we are keeping the door open for those who may have incurred credit issues but can suitably afford to finance a car.
If you’re wondering about the interest rate changes, check out our blog article about the rise in interest rates.