Best Buy Leading credit union ‘offering cheapest loans in the country’ after rate cuts

[WizardDr]

Mr Weston has an interesting article here.

Leading credit union ‘offering cheapest loans in the country’ after rate cuts

A leading credit union has cut the interest rates on the loans it issues in a move that means its lending rates are far lower than banks and other loan providers.

www.independent.ie

 

[Brendan Burgess]

Is that true?

Home-improvement loan rates are going down by 0.5 percentage points to 4.25pc (this is an annual percentage rate of 4.34pc).

Car loan rates are falling by the same percentage to 4.95pc (APR 5.07pc).

For green loans, there is a cut of 0.35 percentage points to 4.15pc (APR 4.24pc). What the credit union calls everyday loans will see a cut of 0.4pc to 7.85pc (APR 8.16pc).

Can people not get home-improvement loans at similar rates from their mortgage lender?

Are there not 0% interest loans for car purchases?

Brendan

 

[WizardDr]

Mr Weston is always correct.

This pricing does not apply at all Credit Unions.

Home improvement used to be done by equity release (2nd loan) but I stand to be corrected but I don't think the Banks do that much now compared to what they used to do or at least I don't see it advertised at mortgage rates.

At 0% do you mean the PCP loans? I think the issue here is that you are effectively in a scheme that needs to be rolled over at the end or else you have a bullet payment. I could stand corrected here.