Wednesday, 4 June 2014

River Canal Rescue offers ‘New Marine Finance’ option

River Canal Rescue and its Canal Contracting department have entered into an agreement with finance provider, Hitachi, giving boaters access to quick and easy finance options.  The new facility will enable people to undertake boat improvements and engine replacement or emergency repairs when needed.
The borrowing limit is £25,000 which can be repaid over an agreed time of up to 12 years and a number of options, such as ‘Buy Now Pay Later’ and ‘Interest Free*’ periods are available.  Interest rates are as a little as 7.9%** depending on the amount borrowed and payback period.
RCR Managing Director, Stephanie Horton, comments: “If something goes wrong it’s not always easy to immediately get hold of the cash you need to put things right, particularly as very few loan providers lend money for boat maintenance and the process can be long winded.  Within two weeks of making this finance option available, five people successfully applied, allowing them to spread their costs and ease the financial pressure.” 
She concludes: “Loan quotes can be provided within minutes and applications emailed to users to complete online with an immediate response.  If you don’t have email or internet access, then paper applications can be provided too.”

To find out more or get a quote, call the Canal Contracting team on 01785 785685.  Plans are underway to make this facility available online. 
*Buy Now Pay Later and Interest Free options = up to 12 months.  If cleared within the period then no interest charged.  Otherwise APR 19.9%.
** Monthly repayments for a £7000 loan over three years at 7.9% APR = £218.17. 
£218.17 x 36 months = £7854.12.