Nationwide offers low rate loans for car buyers

The Nationwide Building Society has announced that it is now offering a low loan rate of 7.6% for existing current account customers.

Previously the Nationwide has targeted car buyers with its loan rates, recommending existing customers consider taking out a loan for a new car with the UK’s largest building society.

It comes at a time when the UK car industry suffered it’s worst year in 2009, with sales plunging 30% even with the government-run cash-back scheme for new car purchases.

The Nationwide’s 7.6% loan rate is only available where the customer uses a Nationwide current account as their main deposit account for wages, but also makes available other offers and mortgage incentives.

According to the Nationwide, “Nationwide’s market leading personal loan rate could be a welcome boost for those wishing to consolidate their debts, as debt consolidation typically sees a rise in the post-Christmas period. For example, in January 2009 alone, almost 60% of all loans issued were for debt consolidation purposes. On top of this, January-March 2009 saw more than 115,000 additional debt queries – an increase of over 25% – than the previous three months.”

References:
Press release
Nationwide loans
Nationwide car insurance
Nationwide current account