In its transition from a building society to a commercial bank, Jamaica National is revving up its stake in the market by diversifying its product offerings. These will include the JN Auto Loan, with financing of up to 95 per cent.
A special promotion will run from February to June 2016, with a six per cent rate on new cars and eight per cent on used cars. Subsequently, the interest rates will be reverted to the going market rates of 8.9 and 9.85 per cent, respectively.
Saniah Spencer, senior manager, Sales Support Unit at Jamaica National, said the auto loan allows the society to increase its delivery of convenient and cost-effective solutions for existing and prospective customers who are seeking to acquire motor vehicles in the most economical manner.
“At Jamaica National we create the best offers for our members and customers, based on their needs. This allows us to tailor our products and services based on their recognised needs and devise the most competitive solutions for them. And, based on market trends, this is one of the most competitive motor vehicle loans in terms of its financing and the overall Auto Loan package,” Spencer said.
Noting that the offer has been receiving favourable response from the public, Spencer said that it is designed to make the acquisition of a car an easier and attainable goal for a more diverse group of persons. “We know that one of the main short-term aspirations of most people is to own a vehicle, or to upgrade their current car,” she pointed out.
Customers have eight years to repay the loan and will also benefit from the value-added advantages as a member of the society. “Jamaica National has leverage in the market as part of a dynamic group which permits the ‘bundling of attractive packages’, using additional offerings from its subsidiaries.
Therefore, our Auto Loan will provide up to 25 per cent off auto insurance through JNGI and one year free membership in the Jamaica Automobile Association. This includes benefits such as unlimited roadside assistance across the island and discounts from more than 100 merchants across the country, by virtue of being a JN member,” emphasised Spencer.
