The Nationwide Building Society are waving the flag for their personal loans, claiming that they currently offer the lowest rate (at the time of writing) on the market.

And the Nationwide Building Society is reminding people that the autumn is always a good time to buy cars.

A Nationwide spokesman said:
“Consumers may be considering trading in their old cars and buying something brand new. For those driving an old banger, they may even be thinking of taking advantage of the government’s car scrappage scheme. But with the credit crunch biting into many people’s finances, Nationwide Building Society advises to make sure to get the best deal possible to finance their purchase. So it is important to shop around, not just for a car, but for the best way to finance it.”

And that’s them say the Nationwide Building society, who point out that they have the lowest personal loans rate on the market. You need a Nationwide FlexAccount of course, but for those that do, they can enjoy the Society’s market leading rate of 7.7% APR typical on loans of between £5,000 and £14,999. This typical rate, claims the Nationwide, beats the supermarkets and all the high street banks. And they also say that the same low rate applies whether the loan is taken out through a branch, over the telephone or via the internet.

The Nationwide is also keen to warn buyers of the temptations of finance packages offered by car dealers which may look very attractive, especially if they are marketing with claims of 0% finance. More often that not, warns the Nationwide, these seemingly great 0% finance deals usually only last a year, when the rate move to a higher figure – usually very uncompetitive – for the duration of the finance package. This of course may well prove more expensive in the long run.

And tipping its hat at still recessionary times, the Nationwide is advising customers taking loans about not taking on commitments they can’t afford. They recommend that prospective borrowers not only look at the monthly payment figures to see if they can afford such amounts on a regular basis, but also to look at what the total loan costs them over the length of the agreement, to ensure that this is an amount they can afford to take on.

Guest Article by Neil Camp