GE Money is raising its profile in the New Zealand car loan market.
From Monday, August 5, it will be offering to do car loans at 11.99% p.a. This is down from the 15.0% rate it uses in its online car loan calculator.
All loans are subject to GE Money's credit and lending criteria, and fees apply, including their $275 documentation fee.
The new promoted rate is for car loan 'secured' against sufficient assets, which may include the vehicle purchased, and which will depend on the level of equity in the vehicle transaction.
Their 11.99% rate expires at the end of October 2013.
"Interest rates and actual repayment amounts will vary depending on a number of factors including amount borrowed, security offered, deposit paid, and applicant's credit rating," they say.
An 11.99% car loan rate would make it competitive with the benchmark AA Finance car lending rates which are currently priced from 10.95% to 14.95% depending on the value of the loan amount. AA Finance's loan documentation fee is $425. AA Finance loans are supplied by "MARAC Finance" a division of Heartland Bank.
You can see all current car loan offers here.
GE Money withdrew from the New Zealand car loan market in October 2008, but have since re-entered the market and are back active and working as an exclusive car loan provider with Trade Me.
GE Money also recently entered into a credit card venture with Countdown. It has a major presence in retail finance via its GE Creditline program, and is active with its GEM Visa program.
Major car leasing business CustomFleet is also part of GE Capital.
Recently GE Money said it is looking at the possibility of raising retail funding in New Zealand.
