x Abu Dhabi, UAETuesday 25 July 2017

Driving off into the sunset just got a little bit cheaper

Best buy A summer promotion from Emirates NBD has slashed interest rates on auto loans for new Jaguars.

Buying this Dh500,000 Jaguar XKR convertible at Emirates NBD's special 1.99 per cent rate will save you about Dh45,000 in interest alone.
Buying this Dh500,000 Jaguar XKR convertible at Emirates NBD's special 1.99 per cent rate will save you about Dh45,000 in interest alone.

Jaguars are a polarising breed of car - the brand seems to produce as many devotees enthralled by their performance and style as critics who don't trust the vehicles to go around the block. If you're one of the former and looking to add a new saloon or convertible to your collection, a promotion from Emirates NBD could save you serious cash.

Until the end of September, new Jaguar buyers can take advantage of discounted 1.99 per cent financing on select models as part of the bank's "Summer Freshest Offers" programme. "This time of year is usually a quiet period when vehicle sales are not at their peak," says Shekhar Krishnamurthy, the head of retail assets at Emirates NBD. "As well as generating more business, this attractive offer makes owning a luxury vehicle more affordable."

Because these quasi-British driving machines are expensive, often approaching Dh500,000 for the latest models, securing a lower interest rate will save you a bundle over the life of the loan. For instance, if you finance Dh500,000 over three years at 1.99 per cent with no money down, your monthly payment will come to Dh14,718.06, not including processing fees and other charges. But mortgage an identical amount for the same period of time at 5 per cent, which is a more common rate for auto loans, and you'll pay Dh15,972.22 a month. That's a difference of Dh1,254.16, every month.

And while that sum may not even scratch the financial surface for those who can afford a Jaguar, multiply that by three years and you'll save about Dh45,000 in interest alone, which is a much more significant amount to sneeze at. However, the promotion only lasts for the the first three years of a loan. Also, not all models qualify for the lower interest rate. Eligible vehicles include the 2009 model XJ and XK as well as the 2010 XF and XK.

All other terms and conditions are the same as for normal auto loans. Applicants must meet salary requirements and any discounted rates are not guaranteed. The auto loan discount is just one of a dozen summer offers for Emirates NBD customers. Other deals include introductory home loan rates of 6.99 per cent and 25 per cent off food and beverage at Atlantis The Palm restaurants when using the bank's cards.

The programme has proved popular enough that the bank decided recently to extend its end date from July 31 to September 30. "This is a unique promotion that has created a very positive response from our customers," Mr Krishnamurthy says. mryan@thenational.ae