Car Finance

High street lender The Co-operative Bank has signed a five-year deal with RAC to provide and service car loans.

As well as receiving a competitive rate, RAC car loan customers will also get a free vehicle examination (worth up to ?156) to help them choose their new car wisely. Existing RAC customers who take out a car loan will also get a free RAC Vehicle Status Check on their potential new set of wheels.

Other benefits of the RAC car loan* include:

* 6.9% APR typical on loan amounts between ?7,000 and ?25,000
* Loan terms from one year to seven years
* Option of having the loan agreement delivered the following day
* Free next day transfer of loan to the customer’s bank account (working days only and when the customer opts for courier service).

Frank Wilson, director of RAC individual sales, said: “This is a very exciting deal which will enable both businesses to combine their expertise in providing great value propositions for customers.

“By signing up with The Co-operative Bank, RAC is using its expertise and motoring heritage to offer a car loan with a great rate and benefits that could provide peace of mind for car buyers.”

And John Hughes, director of retail banking at The Co-operative Bank, said: “We are delighted to be joining forces with RAC. This deal will provide customers with the opportunity to obtain loans at a very competitive rate with the knowledge that they are receiving a financial package backed by our ethical approach to banking.”

When applying for car finance, a loan or a credit card, lenders will look at the information in your credit report when deciding whether to offer you credit.

View your credit report for free with CreditExpert, the online credit monitoring service from Experian.
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