New product targets executives

Business
Credit Corporation head of lending Don Hallem speaking during the launch of the finance company’s new zero equity executive car loan on Tuesday. – Nationalpics by KENNEDY BANI

By DALE LUMA
CREDIT Corporation has launched a new zero equity executive car loan product targeting the executive class.
Head of lending Don Hallem said it was an easy loan product to get with maximum limits of up to K50,000, a five-year repayment term and a fixed interest of 18 per cent.

Port Moresby Chamber of Commerce and Industry president Rio Fiocco at the launch of Credit Corporation’s zero equity executive car loan product on Tuesday.

“We found that we advertise and promote vehicle loans but many people struggle to come up with the equity,” Hallem said.
“We normally ask for about 20 per cent and that can be a struggle for anyone here or overseas.
“So we looked at this and said there’s a lot of people out there with well-paid positions often with car allowances and they are good clients who can afford to borrow 100 per cent of the car price.

Stotick Kaprangi from Nambawan Super Ltd (left) with PNG Air marketing and media coordinator Christopher Lam at Credit Corporation’s zero equity executive car loan product launch on Tuesday. Kaprangi won tickets for two to anywhere in the country in a business card draw sponsored by PNG Air.

“It’s a very easy loan to get and there’s not a lot of information that we require, just standard stuff,” he added.
“We are looking at new cars and cars up to two years old that really fits the executive position.
“We know there’s a lot of people out there with well paid jobs,” he said.

From left: Peuna staff Lawry Mark, Umang Raj, Paul Wiltie and Nadi Lavett at the launch of Credit Corporation’s zero equity executive car loan product on Tuesday.

Hallem also said that Credit Corp had been operating in the country since 1975 and the company was pursuing strategic business initiatives and objectives that included banking.
“That’s where we are moving forward really nicely and we hope to have some more announcements later on in the year,” he said.
“In the meantime, we still want to be a successful, innovative finance company.”

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