Motorpoint freezes interest rates to help car buyers
Motorpoint has capped financial interest rates at 8.9% APR in a bid to help its customers through the pain of the cost of living crisis.
CEO Mark Carpenter has committed the company to the rate for at least the next three months as UK inflation continues to soar and a further drop in new car sales is expected to push prices further higher cars.
He urged anyone considering a car change in 2022 to act now to get the best rates and secure their monthly repayments while they can.
He said: “Our company values are ‘proud’, ‘honest’, ‘happy’ and ‘supportive’ and for 24 years we have strived to provide our customers with the best value and service.
“For us, it’s not just sound bites, we sincerely believe in it, and so we can’t sit back and do nothing while our customers struggle to make ends meet.
“As a car dealership, we were faced with two choices in the current climate: raise our prices or cut our profits by passing the savings on to our customers.
“We chose the latter option without hesitation because our entire business is based on honesty, transparency and value.
“The cost of financing through a car dealership or borrowing from a bank is rising and we have decided to keep ours at an APR of 8.9%, which is one of the lowest of the market, and to maintain it at this level for the next three months.
“This means customers who act quickly and buy from Motorpoint today can lock in their monthly repayments for the next three to four years and have the security of knowing that their monthly financial payments won’t increase, even if inflation increases. .”