Motorpoint freezes interest rates to help car buyers

Motorpoint has capped finance interest rates at 8.9% APR in a bid to help its customers as a result of the discomfort of the price-of-dwelling crisis.

CEO Mark Carpenter dedicated the enterprise to the fee for at minimum the future three months as United kingdom inflation carries on to soar and a even further slump in new car or truck revenue appears to be established to generate car rates even larger.

He urged anybody wondering of shifting their vehicle in 2022 to act now to secure most effective premiums and fix their monthly repayments when they can.

He said: “Our organization values are ‘proud’, ‘honest’, ‘happy’ and ‘supportive’ and for 24 many years we have set our stall out to present our buyers the most effective value and the very best provider.

“For us these are not just soundbites, we genuinely imagine them, and so we are unable to sit again and do almost nothing whilst our consumers are battling to make finishes meet up with.

“As a automobile seller we were confronted with two selections in the present-day climate – place our prices up or make a lessen profit by passing cost savings on to our shoppers.

“We have picked out the latter alternative without the need of hesitation as our total business is primarily based on honesty, transparency and worth.

“The price of financing as a result of a car or truck dealer or borrowing from a bank is heading up and we’ve resolved to maintain ours at an 8.9% APR, which is one particular of the least expensive in the current market and to keep it there for the upcoming a few months.

“This signifies that buyers who act swiftly and purchase at Motorpoint these days can resolve their month-to-month repayments for the upcoming 3 to 4 yrs and will have the stability of being aware of their regular finance payments won’t increase, even as inflation does.”