Honest vehicle finance from trade association bank, plus top prize draw for members

[01/07/2010]

The wide range of tempting offers on vehicle finance makes it difficult for buyers to choose the best deals to suit them whilst avoiding a multitude of hidden costs. BHF Finance prides itself on offering members a transparent and honest service. The rate you see is the rate you get, with no additional fees or penalties, hidden or otherwise.

John Collins, Joint Managing Director of BHF Finance commented saying: “Zero % finance deals are often used to shift slow-selling cars or to fool the buyer into believing that they are getting the whole package at a heavily discounted rate. Beware! Assuming that you can afford the deposit, which can be as high as 70% of the vehicle cost (as with the Land Rover Freelander Advance Payment Plan for instance) thereby minimising the amount of credit you can tap into, you will also find that the finance profit that appears to be sacrificed is now held in the vehicle selling price which cannot be negotiated on sales of this sort. It is in your interests to negotiate the best price you can with the dealer and then look around for the best finance deal available to get the best of both worlds.”

BHF-BSSA Group members who enter into a BHF Finance vehicle loan agreement between 1st July – 30th September 2010 will qualify for entry into a prize draw, with a chance to win £500 Superbreak gift vouchers towards a luxury break of their choice.

For more details on vehicle loans and entry into the prize draw, please call the finance team on: 0121 446 6688 or visit www.bhf-finance.co.uk

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Lowest vehicle loan rates, plus top prize for BHF-BSSA Group members

[01/02/2010]

With the Government’s scrappage scheme ending this month, the preponderance of  generous dealer discounts and extremely competitive fixed rates on vehicle loans from BHF Finance, there has never been a better time to apply for a new or used vehicle loan.  If that isn’t enough of an incentive, BHF Finance is also offering BHF-BSSA Group members the chance to win £500 worth of De Vere Hotel & Leisure gift vouchers towards a luxury break of their choice.

John Collins, Joint Managing Director of BHF Finance commented saying: “BHF-BSSA Group members know from personal experience that their Trade Association bank is built on trust and transparency.  It’s aim is to provide members with a valued service and, despite it being virtually the smallest bank in the UK, it is able to top the price comparison tables on vehicle lending rates because it has no need to maximise its profits or strengthen its balance sheet.  I sincerely hope that this will encourage our new BSSA member colleagues to give BHF Finance a try.”

To qualify for entry into the prize draw, simply apply for a new or used vehicle loan from BHF Finance before 31st March 2010.

For more details of this fantastic prize please visit www.bhf-finance.co.uk and for a free no obligation quote on a vehicle loan, call the finance team on: 0121 446 6688

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Top of the league on savings too

[01/01/2010]

BHF Finance is increasing it’s Easy Access Cash ISA rates from 1st January to 3.0% gross (3.02% AER) for a minimum of six months at the end of which it may revert to the new standard 2.5% gross (2.52% AER).

John Collins, joint managing director of BHF Finance commented saying “BHF Finance is currently topping the best buy table on Easy Access Cash ISA accounts as well as consistently outperforming the competition on vehicle lending rates over the past 18 months. Undoubtedly, you can get better than 3.0% gross if you are prepared to tuck your money away for 4 or 5 years but if you want to keep it within easy reach then look no further. Don’t just take our word for it, go onto moneysupermarket.com and simply enter your Cash ISA account requirements.”

Along with the recent increase in the annual Cash ISA allowance to £5100 for anyone turning 50 by 5th April 2010, this strengthens the case for BHF-BSSA Group members sheltering their savings now in a Cash ISA to avoid paying tax on the interest they earn.   

For more information give the BHF Finance team a call on 0121 446 6688 or visit the website at www.bhf-finance.co.uk 

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Scrappage scheme boost brings more benefits to members

[01/10/2009]

The UK Government has announced that the Car Scrappage Scheme has been extended and will fund another 100,000 vehicles. This will bring the total budget to £400 million covering up to 400,000 vehicles in total.

In conjunction with the increased funding the rules of the scheme have also been amended to boost the benefits to drivers. The scheme will now include vans registered on or before 28th February 2002 (over 8 years old instead of the previous 10), and the car qualification will be extended by 6 months to include cars registered on or before 29th February 2000.

To help members take full advantage of the extended car scrappage scheme BHF Finance continues to retain incredibly low vehicle loan rates. Not only are the rates competitive on new vehicle loans, but used vehicle rates have been cut for one month only until 31st October 2009, giving members even more for their money.

John Collins, Joint Managing Director of BHF Finance commented saying:
“While used car values have escalated throughout this year, the underlying new car sales market has remained weak. Environmental benefits and increased VAT revenues apart, non retail consumer spending is in need of a boost and, although this extension is only scratching the surface, it does further consolidate the bargaining strength of a new car buyer."

For more details on the car scrappage scheme visit www.bhf-finance.co.uk and for a free no obligation quote on a vehicle loan call 0121 446 6688.

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Retailers to win a fantastic trip on the Orient-Express!

[01/06/2009]

A luxury excursion for two aboard the glamorous Orient-Express plus a luxurious night at the Ritz in London will be won by one lucky BHF Group member in the lastest promotion from BHF Finance. All members need to do for a chance to win is enter into a vehicle loan agreement between 1st July and 30th September 2009.

John Collins, Joint Managing Director of BHF Finance commented: “Not only do BHF Group members have the exclusive opportunity to be entered into a fantastic prize draw but together with the best vehicle loan rates, substantial dealer discounts and the £2000 car scrappage scheme, the time couldn’t be better to apply for a vehicle loan. We are delighted to be able to offer this great prize draw opportunity to our members, a trip on the Orient-Express is a once in a lifetime experience and I am sure that the winner will be thrilled.”

The prize draw details can be found at the website homepage www.bhf-finance.co.uk (where full terms & conditions can be viewed), or members can call the BHF Finance team on 0121 446 6688.

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S-Day Scrappage starts today!

[18/05/2009]

BHF Finance retains lowest vehicle loan rates to help members take full advantage of the car scrappage scheme that starts today (18th May). On top of the £2,000 scrappage allowance this adds up to a major saving for members.

John Collins, joint managing director of BHF Finance commented saying:“These measures together with other substantial price discounts from manufacturers across a broad range of vehicles have helped to solidify the enviable position that BHF Group members find themselves in at this moment in time. Members will find that BHF Finance remains very competitive on vehicle loan rates, and is still on top of the best buy table when compared to other leading loan providers, as listed on moneysupermarket.com. Not only do we have the lowest new vehicle loan rates but we’ve also extended our special offer on used vehicle loan rates until 31st May 2009, where the rates have been cut to the same as those for new vehicles. If members choose to take advantage of the scrappage scheme, we recommend that they contact BHF Finance to ensure they get the best deal on a loan and receive an honest and straightforward service.”

For more details on the car scrappage scheme visit www.bhf-finance.co.uk and for a free no obligation quote on a vehicle loan call 0121 446 6688.

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BHF rate beats best web comparison offer

[29/01/2009]

Gordon Brown has cited the shortage of demand (rather than overproduction) and availability of credit as the two main issues facing the car industry. Credit arrangements are not so readily available or as attractive from car companies at a time when buyers are realising just what a strong position they are in and now is the perfect time to take advantage of the best car offers available.

John Collins, joint managing director of BHF Finance has commented: “This is where independent retailers can to turn to us for support. We have cash on hand and ready to lend at the best rates available.” He went on to say: “Don’t just take our word for it, go onto moneysupermarket.com and enter your vehicle loan requirements. Let’s say that you are looking for a £10,000 loan over 3 years. You will find that the best APR rates available from over 400 products start at 8.1% APR (as at 21st January 2009). Compare that to the 6.4% APR available from BHF Finance in the case of a new vehicle (or 6.8% APR in the case of a used vehicle) on exactly the same terms and you will see for yourself just how competitive your own Trade Association bank’s lending rates are."

When BHF Finance announced a special promotion on vehicle lending rates last July, a similar exercise would have shown that the best rates from moneysupermarket.com were 6.9% APR for the same loan. In other words, the best rates on the market have increased by 1.2% when base rates during that same period have fallen from 5.0% to 1.5%. John Collins commented: “This is a result of lenders looking to strengthen their margins to maximize profits. As I have said many times before, that is not an objective for the Trade Association as we are here for our members and want to give them every reason to use all the services available.”

For further information contact the BHF Finance team on 0121 446 6688.

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Motor finance is available for independent retailers

[16/01/2009]

Gordon Brown and Lord Mandelson want the Bank of England to make millions of pounds available for replacing existing cars, it was announced yesterday (15th January). Lord Mandelson, the Business Secretary, unveiled plans to guarantee up to £20 billion of loans to small and medium-sized companies to help them to survive the downturn. Mr Brown said that the two issues facing the car industry were a shortage of demand and the availability of credit.

John Collins, joint managing director of independent bank BHF Finance has reacted strongly saying "motor finance has not completely dried up, we have funds readily available for our members." He went on to say "Now that credit arrangements are drying up from the car companies, independent retailers can turn to us for support. We're an independently strong bank; we've always been here for our members offering very competitive rates and in the current climate we're more competitive than most of the high street banks, supermarkets and finance providers."

He continued "Undoubtedly, the car market is suffering, but there is still a need for new and used cars in the independent retail industry and now is the time to buy."

BHF Finance is the banking subsidiary of retail trade association BHF Group, who recently announced a merger with the British Shops and Stores Association to form an 8000-strong group representing UK independent retailers and dealers.

For further information contact the BHF Finance team on 0121 446 6688.

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BHF Finance ramps up buyer power

[1/10/2008]

BHF Finance has strengthened the hand of members buying vehicles in October by bringing loan rates for used cars and vans down to the same levels as for new ones.

New car sales have fallen to the lowest level since 1966 and only 63225 new cars were registered in Britain in August, a fall of 18.6% on the previous year. Orders taken by dealers have fallen off a cliff as a result of the credit crisis, a lack of consumer confidence and the impact of escalating fuel prices. Dealers are trying to shift new cars any way they can and this will hit the value of the second hand car market. October should be a good month for buyers of used vehicles, with dealers keen to shift trade-ins taken against new registration car sales in September.

The move follows the extraordinary success of the special summer promotion which featured typical APRs reduced by nearly 2%. The company stresses that as it does not raise its funds on the money markets but instead has cash ready and waiting to meet members’ borrowing, it is able to match very competitive rates with readily available funds.

For further information contact the BHF Finance team on 0121 446 6688.

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Credit Squeeze becomes Credit Stretch

[1/7/2008]

As the big banks continue to squeeze small business credit, trade association bank BHF Finance has, in an unprecedented move made major changes to its new and used vehicle loans, to loosen the straightjacket of the credit crunch.

In a series of major changes BHF Finance has brought relief to independents with:

• A straight cut of almost 2% from it’s normal APR’s on all new and used vehicle loans
• A reduction in the deposit required on all vehicles to 10% from the previous 20%
• The introduction of a cash back to unlock cash from the trade-in value of a vehicle

The key aim in making these moves is to persuade members of the association to make BHF Finance their preferred choice of finance for their vehicle investment.

The rate reduction for vehicles will be a three month special offer until the 30th September 2008. Unusually it applies to both new and used vehicles.

The cash back facility will be available to vehicle buyers who have a trade-in and apply for a BHF Finance loan to help with the purchase. BHF Finance will release up to 80% of the trade-in value in the form of a cash back payment to release the equity.

BHF Finance is well aware of the belt tightening that high street banks are imposing on small business and is also well aware of the need to remain competitive in a saturated marketplace.

Newly appointed Joint managing director, John Collins commented: “With the new vehicle registrations due in September, the timing of this special offer is perfect to demonstrate to members that we are not just their trusted source of finance, but that we do our best to compete with heavily sponsored competitors and manufacturer offers and to help their credit stretch to meet their needs.”

For further information contact the BHF Finance team on 0121 446 6688.

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"It doesn't hurt to ask" says BHF as OFT cleared to investigate bank charges

[30/4/2008]

A High Court ruling on 24th April has given the Office of Fair Trading the authority to press ahead with it’s investigation into unfair bank charges. This was first launched in March 2007 following a consumer backlash which saw thousands of Britons reclaiming fees going back up to six years. In the first half of 2007, banks refunded more than £400 million. Banks are thought to make £2 billion to £3.5 billion per year on fees imposed when customers go into unauthorized overdraft, or where a cheque bounces. Campaigners claim that the actual cost to the bank in these circumstances is £2.50 whereas banks levy penalties as high as £39.

The test case is expected to take years to resolve. Thursday’s decision follows a hearing in January at which lawyers for RBS, Abbey, Barclays, Lloyds, HSBC, HBOS, Clydesdale Bank and building society Nationwide disputed whether the banks could be sued under the 1999 Unfair Terms in Consumer Contracts Regulations.

John Collins, BHF Group Financial Director comments: “I would advise any BHF member who believes he or she has suffered unauthorised bank charges to ask for their money back. You can claim up to six years worth of charges. There are websites available to guide you through this process e.g. (www.thisismoney.co.uk).” BHF Finance has always prided itself on the transparency of its loan agreement charges, with no administration fees and no early settlement charges. As the only Trade Association owned bank, it relies upon the support of its members. It is not driven by maximizing shareholder value at the expense of members

For further information contact the BHF Finance team on 0121 446 6688.

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BHF Finance reduces lending rates

[14/4/2008]

Despite the quarter point interest rate cut by the Bank of England last Thursday, the rates at which banks lend to each other, i.e. 3 month LIBOR (London Interbank Offer Rate) went up on Friday which suggests that the move has done little to encourage interbank lending. If this is the case then the move will do little to benefit borrowers either.

As the BHF Finance company is not dependent upon interbank funds, as it benefits from funds deposited by members, it is able to pass on the full impact of the rate cut to it’s members. Consequently, all APR lending rates have been reduced by 0.25% with immediate effect whether for new or used vehicles, computers or equipment, working capital or personal loans. 

For further information contact the BHF Finance team on 0121 446 6688.

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Credit squeeze pressure: Banks tighten up on lending

[4/4/2008]

After speaking to several reliable sources recently, it is obvious that the major high street banks have tempered their appetite for lending. This is especially obvious in the asset based finance area where one or two household names have declared that they are not offering help to new applicants or have simply reduced the size of their dedicated team as the credit squeeze has depleted their interest in low margin business. Such is the premium price being paid by banks for cash at present that they cannot make ends meet on asset based finance.

As we know, BHF Finance does not rely on other banks for funds but on it’s member deposits which remain high. Consequently, neither it’s appetite nor it’s capacity for lending has diminished as a result of the lack of funds in banking circles. It remains committed to making funds available at all times to members to assist them with both business and personal needs especially in the asset based lending arena.

If you have been turned away by your bank recently in your efforts to secure funding for whatever purpose, speak to one of the BHF Finance team who will only be too happy to help.

For further information contact the BHF Finance team on 0121 446 6688.

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The waiting is over for new members

[17/10/2007]

BHF Finance has abolished the six month waiting rule for new members, which until now has precluded them from using the company’s finance services during this period. New members will now be able to deposit savings or apply for a loan of a business or personal nature from their trade association owned bank upon joining BHF Group. As a result, all new subscribers will now have access to all group services from day one.

Group Financial Director John Collins commented: “BHF Finance raises its capital from members’ deposits. The finance company has always strived to make cash available to members at competitive rates and continues to do so. We need to ensure that members always come to us for a quote at least when they need extra cash, whether they are a longstanding member or new to the federation. For this reason the six month waiting period has been consigned to the dustbin with immediate effect.”

For further information contact the BHF Finance team on 0121 446 6688.

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Rate freeze offer stays frozen

[5/10/2007]

With the decision of the Board of England’s Monetary Policy Committee on the 4th October to keep interest rates on hold and with a degree of uncertainty surrounding the next move, BHF Finance is offering further comfort to its members by maintaining its special rate freeze offer on new vehicle loans which has now been extended until 1st November 2007. BHF Finance is keeping costs low by offering members a competitive 8.6% typical APR based on a 12 month loan.

As the only trade association-owned bank in the UK, BHF Finance is proud to promote its points of difference to high street banks and other lenders, having no set up fees, no early repayment penalties, no hidden extras, no hard sell on loan insurances and the “guarantee of a real person to speak to on the phone every time.” Members will find that dealing with BHF Finance is trouble free.

For further information retailers should contact the BHF Finance team on 0121 446 6688.

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Rate freeze on new vehicle loans as base rate heats up

[16/8/2007]

As interest rates have continued to rise in recent months, BHF Finance have decided to freeze their rates on all new vehicle loans until 1st October. The special offer for BHF Group members comes at just the right time for the new vehicle registrations, due out on 1st September. To keep costs low BHF Finance are offering members a cool 8.6% typical APR based on a 12 month loan, and as all BHF Finance loans are fixed for the entire term of an agreement they insulate borrowers against the further rate rises that many expect.

As the only trade association-owned bank in the UK BHF Finance makes a point of its differences to high street banks and other lenders having no set up fees, no early repayment penalties, no hidden extras, no hard sell on loan insurances and the “guarantee of a real person to speak to on the phone every time.”

BHF Finance also provides finance for other items such as, computers and equipment, fixtures and fittings, showroom refurbishments and much more. A full range of financial services are offered to Group members, designed to suit the individual requirements of independent merchants and dealers such as, business loans, personal loans, working capital loans, deposit accounts and cash mini ISA’s.

For further information retailers should contact the BHF Finance team on 0121 446 6688.

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More than Rock solid

[14/9/2007]

Businesses are being shaken by rising interest rates as movements in financial markets force even heavyweight lenders to borrow money at higher and higher rates of interest. This is making business finance more and more expensive and less and less certain. BHF Finance is reminding members that as the company is entirely self-financing not only are its lending rates frozen at already competitive rates, its rates are fixed once an agreement is signed.

Director John Collins commented: "Just because Big Finance is suffering a credit crunch doesn't mean that businesses have to delay purchases, such as vehicles or fittings, that they need today. Neither does it mean that they have to pay over the odds if they have to buy now. BHF Finance is not subject to the climate in the money markets for its cash and it is not driven to making excessive profits from its customers as it is the only wholly trade association-owned bank in the country."

For further information retailers should contact the BHF Finance team on 0121 446 6688.

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