Scotiabank’s Dealer Finance unit has revealed it is now offering a new variable rate auto loan product to provide dealers and customers with more options in selecting a financing option for each situation.
Saying the program will help dealers, “Sell more cars and close more deals,” Scotiabank’s expansion will offer competitive rate and reserve combinations that maximize value for the dealership business office.
“This may include countering cash sales where customers would otherwise finance though personal lines of credit or home equity,” says Ruth McBride, Director of Manufacturer Partnerships for the financial firm’s Automotive Finance and Indirect Lending unit.
“Now there is an option that allows customers to retain their borrowing capacity against their home or credit line and still access lower rates and the flexibility of variable rate financing – all while driving more volume through the business office.”
Scotiabank says the variable rate buy-down capability is unique in the Canadian market and allows dealers to buy down rates to prime or even below the prime rate offering a way to utilize manufacturer cash incentives to keep monthly payments low and provide more options to customers.
For more information on Scotiabank's new variable rate finance option, contact your local Scotiabank dealer finance representative.