Hitachi Capital Consumer Finance introduces accelerated payment product
Friday, 6 February 2009
Hitachi Capital Consumer Finance today unveiled their latest point of sale finance solution to assist retailers and consumers during the UK’s economic downturn. The Accelerated Payment product enables consumers to make extra payments on their finance agreement, enabling them to reduce the interest and in turn the agreement end date.
With the Bank of England today cutting interest rates to just 1%, many homeowners will now be making an average saving of £300 on a £150,000 mortgage. Hitachi Capital’s Accelerated Payment scheme, means that those with extra disposable income will be able to reduce the overall interest on items by simply making extra payments.
The Accelerated Payment product interest is calculated on the daily outstanding capital balance of the agreement. Therefore, if customers make overpayments the effect will be that the term of the agreement is reduced and less interest will be paid overall.
Gerald Grimes, Divisional Managing Director, Hitachi Capital Consumer Finance said: “Accelerated Payment will allow retailers to benefit from those customers with a greater level of disposable income following the cut in interest rate. This product is part of a raft of finance solutions that Hitachi Capital Consumer Finance is developing in order to assist the UK retail sector. Coupled with a market leading sales generation and profiling tools, we can really help retailers dramatically increase sales during these difficult trading times. All this is possible because we’ve been helping retailers sell more goods for over 25 years.”
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