Best rates for members

With the weakness in the UK car market over the last few months, it has become a buyers’ market. Dealers and finance providers are cutting their rates aggressively to boost sales. 

In reaction, bira finance will continue to offer the best rates possible to members through a significant cut in vehicle loan rates by up to as much as 0.90% APR. This cut will see bira finance jump back to the top of the comparison charts, with a headline rate of 6.4% APR (based on £10,000 over 3 years). 

This cut in rates is a substantial undertaking for bira finance in the current climate, demonstrating their commitment to lending favourably to members. 

Intensified regulation on banks means that the costs of running a bank have soared. And for big banks the cost of 12 month wholesale money has fallen after the banking crisis back to well under 0.75% (n.b Libor rate or the London Interbank Offered Rate). The cost of money to bira finance is currently in excess of 2%. This, in addition to the increased costs imposed through regulation, makes reasonable margin and competitive lending a difficult balancing act, but one which the whole team are committed to achieving for the benefit of members. 

John Collins, bira finance  Managing Director comments “it’s in our constitution to make the terms upon which money is advanced as favourable as possible in the current market conditions. We monitor competitors and benchmark our rates on a regular basis to ensure we are as competitive as we can be, whilst also remaining profitable in light of the intensified regulation and associated costs recently imposed on banks of all sizes. We react as quickly as we can to changes in the market rates to provide the bestpossible rates to small businesses;which is exactly who we’re here to support.” 

Vehicle loans are core to the success of bira finance, providing a highly competitive alternative to the finance offered on the forecourt. And the current increase in used car sales as a result of the current economic climate has also prompted bira finance to reduce the used car rates to the same level as new cars. This means that financing a vehicle needed for business or personal use is as economical as possible.  

To find out more about the rates available on all loans and savings from bira finance, visit www.birafinance.co.uk or contact the bira finance team on 0121 446 6688.

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