BOV Announces Enhanced Auto Loan Benefits – Financial Services
To print this article, all you need to do is be registered or log in to Mondaq.com.
Bank of Valletta has just enhanced its existing suite of auto loans with several additional benefits such as reduced interest rates, extended loan terms and higher applicable loan amounts. These benefits complement the Bank’s free life cover available on all personal loans up to €25,000 – a feature that so far places BOV as the only bank in Malta offering life cover on loans for free!
Alan Micallef, Head of Consumer and Micro Business Finance at Bank of Valletta, spoke about these enhanced benefits and how the Bank is making auto finance more accessible and attractive to customers. He highlighted how people interested in buying a new car or motorcycle and in need of financial assistance can benefit from several financing options from BOV, tailored to the needs of the customer and the type of vehicle. purchased, whether electric, hybrid or conventionally fueled. vehicle.
Mr. Micallef also highlighted another device that also gives customers the opportunity to finance their car insurance premium. “BOV offers a tailor-made Auto Credit product that finances not only the purchase of the car, but also the associated multi-risk insurance premiums for up to 7 years. This is another first on the market, in line with the Bank’s efforts to give customers improved products and services from its product line.”
To make these offers even more attractive, the Bank also covers the financing of any applicable government incentives on motor vehicles. Clients do not need to disburse the full amount until the actual grant is paid back.
On most BOV auto loans, the term can be extended up to 15 years, making repayments much more feasible. The loan amount is not capped, but the maximum loan amount depends on the client’s income and repayment capacity. No customer contribution or collateral is required on all auto loans. Additionally, when taking a Personal energy loan BOV to finance the purchase of Electric Vehicles, customers will pay no interest during the first ten years of the loan as they will benefit from a fully subsidized interest rate during this period. This is subject to current variable rates which remain unchanged.
Interested clients who may need further information or who need to make an appointment with a loan specialist can register their interest on bov.com/autoloans.
The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.
POPULAR ARTICLES ON: Malta Finance and Banking