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Bank of Ireland Announces New Fixed Rate Motor Loan with Fixed Rates from just 7.5%APR

24-Nov-06

    COMPETITIVE FIXED RATES, DEFERRED PAYMENTS FOR UP TO 90 DAYS AND TWO 'HOLIDAY' MONTHS EACH YEAR PLUS MANY MORE FLEXIBLE OPTIONS

    Bank of Ireland, today Thursday, 23rd November 2006, announced details of its new fixed rate motor loan offering. Rates start at just 7.5%APR fixed for amounts of €10,000 or more over three, four and five years and are available until 30th March 2007. You don't have to be a Bank of Ireland customer to apply for this new loan and loan amounts range from as little as €300 or as much as €65,000.

    Commenting Sinead O'Connell, Loans Marketing Manager, Bank of Ireland said: "Market sources predict that sales of new cars in 2007 will reach the 200,000 milestone, substantially up from the estimated 180,000 year-end figure for 2006. This is down to buoyed consumer sentiment due to favourable economic circumstances and the availability of matured SSIA funds. Over 50% of new cars for 2007 will be sold by the end of March, although the market for used cars is expected to grow at an even higher rate, with three used cards being sold for every new car.

    Our new Fixed Rate Motor Loan offers extremely good value to customers at a time when interest rates continue moving upwards. We've already seen a pronounced shift in behaviour with many borrowers choosing the guaranteed fixed rate loan offers over previously more popular variable rate options", she concluded.

    Key features of Bank of Ireland's new Fixed Rate Motor Loan include:

    Flexible options:

    Motor Loan Fixed Rates
    Available until 30th March 2007

    Loan AmountAPRAPRAPRAPRAPR
     1 Yr2 Yr3 Yr4 Yr5Yr
     FixedFixedFixedFixedFixed
    €300 - €4,99911.4%11.4%11.4%11.4%11.4%
    €5,000 - €9,99910.3%10.3%10.3%10.3%10.3%
    €10,000 - €14,9999.2%8.9%7.5%7.5%7.5%
    €15,000 - €19,9998.9%8.6%7.5%7.5%7.5%
    €20,000 +8.7%8.3%7.5%7.5%7.5%

    Ends

    For further information:

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

    Charlotte Mooney
    Loans Marketing
    Bank of Ireland
    Tel:01 6113234

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