20 02 2007

RAC car loans with Co-operative

Posted by: UK Car Reviews in 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.”