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Interest rate decision 'keeps car credit affordable'

Thu, 08 May 2008
Today's interest rate decision will maintain consumer confidence in vehicle credit, it has been claimed.

The base rate level of interest has been kept at five per cent by the Monetary Policy Committee of the Bank of England, with the Retail Motor Industry Federation (RMIF) calling the hold disappointing.

It added that it would like to see a cut next month, which could be a good see people looking for car buying advice hold off on a new purchase until then.

Furthermore, it stated that the car market will remain strong as long as competitive credit deals and incentives are provided by automotive manufacturers.

The RMIF represents the interests of the retail motor industry in the UK, according to the organisation's website.

It has divisions which deal with issues involving scooters, motorbikes and vehicles being bought and sold at auction.

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Value my car

Amount to borrow
Sorry. The minimum loan amount is £1000
To pay back over

My credit score

Best available rate 9.20%

Total repayment £8,930.17

Total cost of credit £1,430.17


48 monthly payments

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Representative example

Borrowing £7,500 over 4 years with a representative APR of 25.4%, an annual interest rate of 25.4% (Fixed) and a deposit of £0.00, the amount payable would be £239.77 per month, with a total cost of credit of £4,008.96 and a total amount payable of £11,508.96.

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