Press release -
RAC offers bargain-hunting borrowers a top-rate with new personal loan
The RAC is confident its newly launched personal loans will help borrowers secure their dream set of wheels with a motorist’s champion deal-clinching rate of 4.7% APR Representative* for members and 4.9% APR Representative* for non-members on unsecured loans between £7,500 and £15,000.
As the oldest motoring organisation in the UK the RAC has been serving motorists for more than 116 years and aims to make owning and running a car easier, safer, more enjoyable and ultimately more affordable.
To launch its new personal loans, which can be used to buy anything from a new car to paying school fees, the RAC has teamed up with Hitachi Personal Finance to provide a quality solution at a highly competitive headline rate.
The unsecured personal loans are available from £2,500 to £15,000 for a term of two to five years. There is a quick and simple online application process, available on rac.co.uk, which provides an instant decision and once approved the funds could be paid into the individual’s nominated account, usually within 24hrs. With fixed monthly payments, no set up fees or hidden charges, everything is transparent and will take the worry out of finding affordable and trusted finance.
RAC chief marketing officer John Orriss said: “We are launching RAC Loans to offer our members a secure quality finance package to fund their next car purchase, or for anything else for that matter, with the backing of leading provider Hitachi Personal Finance.
“The RAC is a trusted brand renowned for the level and quality of its breakdown service. We also offer our members a comprehensive range of motoring services and benefits. Over the last 18 months we have launched RAC Cars, our online used car website, the enhanced online RAC Shop with over 80,000 parts and accessories and a host of new products and services to help our members.
“Whether you are looking to buy a car, order a new kitchen or book the ultimate Caribbean holiday, an RAC Loan is quick and easy to take out. It offers one of the very best rates around and of course it is backed by two of the biggest brands in the UK.”
“And, if you are planning on buying a quality used car, customers taking out an RAC Loan will be eligible for a 30% off our Car Data Checks and 25% discount on an RAC Vehicle Inspection3 so you can be confident in what you are buying.”
Existing RAC members could benefit from the low rate of 4.7% APR Representative* on loans between £7,500 and £15,000 while non-members are offered a competitive rate of 4.9% APR Representative*. If the customer is not already an RAC member the savings they will make on their loan could easily cover the cost of their first year's RAC membership. RAC Breakdown Cover starts from just £29.991, but given they could save £52.802, for example on a loan of £10,000 on a five year term, with the great low rate it's clear to see the RAC could save them even more money.
Gerald Grimes, MD of Hitachi Personal Finance said; “We are excited to be working with a quality brand like RAC, offering our personal loan product to their customers. This partnership compliments our ambitions to continue to grow our market share, which has seen significant growth over the last 12 months.”
The deal launches on Wednesday 22nd January and the introductory headline rate is available until Monday 3rd February.
Visit our RAC car check page for more information about understanding the historical data of cars you're looking to buy.
Ends
Notes to Editors:
* The rate offered may vary due to personal circumstances and the loan amount. This loan is not permitted for business use.
Representative 4.7% APR example: Cash price £10,000. Deposit £0. Amount of credit £10,000. 60 monthly repayments of £186.87. Total amount repayable £11,212.20. Interest rate 4.7% fixed. 4.7% APR Representative.
Representative 4.9% APR example: Cash price £10,000. Deposit £0. Amount of credit £10,000. 60 monthly repayments of £187.75. Total amount payable £11,265.00. Interest rate 4.9% fixed. 4.9% APR Representative.
4.7% APR Representative* is only available to RAC members
1 £29.99 is based on RAC vehicle based Roadside cover (1 vehicle) purchased online with payment on a continuous annual basis.
2 The saving of £52.80 is based on a £10,000 loan taken over 5 years at a 4.7% APR representative (RAC member rate) compared to that of 4.9% APR representative (non-member rate) also based on a £10,000 loan taken over 5 years. The rate you are offered may vary due to personal circumstances and loan amount.
3 The RAC will give borrowers looking to use the loan to purchase a quality used car, the option of a 30% off its Car Data Checks reducing the cost of an online HPI check to £10.85 (Quote voucher code: RACCDC30; normal price £15.50 or £18.19 instead of £25.99 for three checks) and a 25% discount on its vehicle inspection service for members and non-members (Quote voucher code: RACCDC30; offer price for a standard Vehicle Inspection on a car 1800cc or below RAC members £101.25 (normal price £135.00); non-members £111.75 – normal price £149.00) until Friday 28 February 2013.
