Bank of Ireland Launch new rates for motorloan campaign

Bank of Ireland, the largest provider of motor finance in the country, launched its 2005 Motorloan campaign today, 17/12/04, with new rates on offer from now until March 4th2005.   The campaign rates from 7.4% to 10.4% APR for loans from €1,000 to €25,000 are very competitive. These rates position Bank of Ireland's Motorloan as one of the most keenly priced methods of financing new or used car purchases over the coming months. 

Customers applying for their Motorloan online can avail of even greater savings as Bank of Ireland is offering a 1% discount off standard loan rates on all online loan applications. In addition, many Bank of Ireland online banking customers have already been pre-approved for a motor loan, making this not only one of the most competitive but certainly the most convenient way to finance your car in 2005.

Bank of Ireland's Motorloan also offers customers a choice of making 10, 11 or 12 repayments per year whether they apply online, in a branch or over the phone, while no arrangement fees, deposits or up-front payments are necessary. Importantly, with a Motorloan the customer owns their car immediately and doesn't have to wait until the end of the finance agreement, unlike hire purchase or leasing options.

Commenting on the launch of the 2005 campaign, Eddie Ryan, Head of Marketing Bank of Ireland said, "Buying a car can be fun, but the process of arranging finance to pay for it can sometimes be long and frustrating. Often to avoid the hassle, we see buyers not being prudent enough in terms of looking at all the options available to them. Our aim at Bank of Ireland is not only to be extremely competitive with our rates but to facilitate and aid people to make the right choices that suit their needs.

"Our online pre-approval facility can allow people the comfort and confidence to avoid the pitfalls and the possibility of making a bad choice when going out onto the forecourt. When buying a house people look for mortgage approval first. A car is probably the most expensive asset a person will own after a home and likewise pre-approval for a loan to purchase a car needs to become top of mind for consumers. Our online pre approval mechanism is designed to be convenient while being offered only on a customer's proven ability to repay.

"Recent customer feedback has shown that the internet is playing an ever increasing role in car purchasing, with many consumers researching quotes on the internet before making a decision regarding their motor finance package and provider. This is very promising and we would urge people to consult withwww.cbg.ie-use it as a research tool, not only to compare car prices and to check out the extensive online car listing, but as the sole online finance provider on the site, browsers can avail of the Bank of Ireland special 1% discount on loans over €1,000, get a quote and arrange their motor finance online in a few simple steps", concluded Mr Ryan.

A Bank of Ireland Motorloan can be arranged online atwww.boi.ie/motorloan, at any Bank of Ireland branch nationwide or by calling Banking 356 on 1890 365 100.  Visitors to the site can check information on all aspects of car ownership including a database of thousands of new and used cars. They can calculate their monthly repayments using the calculator facility and apply for their Motorloan online. The site also offers useful advice on selling a car.

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Bank of Ireland Motorloan Sample Repayment Table

Rates quoted do not include Payment Protection Insurance

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For further information:

Eddie Ryan/Scott Kirkwood                                
Cards & Loans Business                                 
Bank of Ireland                                               
Tel: (01) 617 6055/617 6407                         

Mary Brennan
Group Corporate Communications
Bank of Ireland
Tel: (01) 6043838