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.
Example
*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.
