High street lender The Co-operative Bank has signed a five-year deal with RAC to provide and service car loans.
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 Ł156) 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 Ł7,000 and Ł25,000
- 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.”
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RAC Press office contact:
Jenny Chapman on 01603 684224/07800 699668 or Lucy Haughey on 01603 354337/07800 690149
Notes to editors:
About RAC
With around seven million members, RAC is one of the UK's most progressive motoring organizations, providing services for both private and business motorists. Whether it's roadside assistance, windscreen repair and replacement, learning to drive, vehicle inspections and checks, legal and financial services or up-to-the-minute traffic and travel information - RAC is able to meet motorists’ needs. RAC incorporates BSM, RAC Auto Windscreens, RAC Direct Insurance and HPI.
Aviva bought RAC in May 2005. The acquisition brings together RAC's powerful brand and customer base with the expertise and leading position in motor insurance of Norwich Union Insurance (part of Aviva). Norwich Union is the UK's largest insurer, insuring one in seven motor vehicles and with a market share of around 15%.
RAC’s news releases and a selection of images are available from the internet press centre at www.racnews.co.uk.
* RAC Loans are provided by The Co-operative Bank plc on behalf of RAC Financial Services Limited (Registered No 5171817). Registered Office: 8 Surrey Street, Norwich NR1 3NG which is authorised and regulated by the Financial Services Authority. Applicants must be UK residents, aged between 23 and 69, have a minimum annual income of Ł10,000 and be either a homeowner or hold a debit, cheque guarantee, store or credit card. Terms and conditions apply. Credit facilities are provided by The Co-operative Bank plc (Registered No 990937), of PO Box 101, 1 Balloon Street, Manchester, M60 4EP and are subject to status. The Co-operative Bank reserves the right to decline any application or offer a loan at a rate that differs from those advertised. Interest rates are correct at time of going to press. Calls may be monitored and/or recorded for security and/or training purposes.
The Co-operative Bank is authorised and regulated by the Financial Services Authority (No 121885), subscribes to the Banking Code, is a member of the Financial Ombudsman Service and is licensed by the Office of Fair Trading (No 006110).