NCB offering 100% financing on used car purchases

Friday, March 25, 2011

The National Commercial Bank (NCB) is offering 100 per cent financing on used car purchases and interest rates as low as 15.5 per cent to stimulate lagging car sales.

"There are some great benefits associated with our current NCB Automobile Loan campaign of which persons interested can avail themselves," Joseph Montague, marketing officer, National Commercial Bank told Auto last week.

This special loan programme is expected to last until March 31.

Montague was at the launch of the Kingston Industrial Garage (KIG) 2011 auto show held last weekend in New Kingston where NCB was a partner.

According to NCB, when the initiative to partner and host the KIG motor show surfaced, there was no hesitation.

"Partnering with new and used car dealers is not only a strategic alignment but also an important way for us to showcase our products," Montague commented.

He said that the benefits from the special loan promotion also included 50 per cent discount on commitment fees and a four-month moratorium on principal payment.

Before the promotion, which has been running for over two months, the base rate for NCB auto loans was 16.95 per cent with repayment period at a maximum of six-and-a-half years.

According to Montague, to qualify for the 15.5 per cent loan, customers have to identify a motor vehicle valued at over $2-million, provide identification, utility bills, a job letter and their last three pay slips.

He cautioned however that the rates differed for commercial vehicles with a maximum of eight years repayment period offered at an interest rate of 17.5 per cent.

At last week's KIG show, representatives of NCB walked potential loan seekers through the loan application process at the location across from their Atrium New Kingston head office.

"It's all about convenience and service as well as providing customers with excellent terms," said Montague.

"This promotion is the first of its kind being offered by NCB Automobile Loan," he added.

Motor vehicle dealers have complained about a fall in sales in the region of thirty per cent over the past two years.