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High street discount plan for car buyers

Carlyle Finance is giving car buyers the chance to save money at a range of high street stores and when paying for holidays to offset the cost of interest charges.

The scheme is also intended to counter the effects of the financial squeeze applied by the Government and Bank of England.

Mark Standish, Carlyle Finance CEO, said Carlyle Discount Shopping is unique in the UK motor finance sector: “Seeking discounts and redeeming vouchers has become an increasing currency in today’s economic climate.

“Discounts are common as part of many paid-for banking arrangements, but tend to be limited to premium services or are available for limited period

"We want to offer something that provides tangible discounts from retailer brands that average consumers use every day.”

The scheme is also designed to increase income for dealers selling Carlyle’s finance products.

Discounts of between 5% and 10% are available from brands including Marks & Spencer, Morrisons, Sainsbury’s, PC World, Asda, Thomas Cook and Argos.

Cheaper fuel is available from some supermarket forecourts.

After development by Carlyle, benefit scheme provider Edenred adapted and now manages it for the bank. The idea began as a way for major employers to offer staff benefits.

Standish said Carlyle Discount Shopping gives dealers a chance to introduce savings that are not available from direct lenders: “It is a tangible benefit that further underpins the value of point-of-sale finance.”

Carlyle says a loan of £5,000 over 36 months at an annual flat rate of 5% to buy a car means interest charges of £1,050 (£20.83 a week).

The company adds that a 5% discount on an average weekly household bill of £455 delivers a weekly saving of £22.75.

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