Volkswagen Commercial Vehicles has launched a new interest-free loan option to help customers spread the cost of servicing and repairs, up to a value of £5,000 (including VAT).
This news follows hot on the heels of VW’s announcement that you can also get a three-month payment holiday on new Volkswagen vans until the end of June 2020. This 0% finance offer is a response to concerns that large numbers of van owners and operators are putting off essential repairs because they’re struggling to afford them.
How does the VW vans interest free repair loan work?
As you’d expect, the loan is subject to terms and conditions (T&Cs) from Volkswagen Financial Services (VFS), but it means customers can defer paying for expensive repairs and spread the cost over six months instead of facing a lump sump on the day of the work.
This will no doubt be particularly helpful if your van goes in for a routine service and suddenly needs some kind of additional unexpected repair. There’s even an option to not pay anything at all on the day.
What can the VW 0% loan be used for?
Volkswagen says the loan option is available for servicing, repairs and accessories. So you can’t buy yourself a new van with it, but you can give a vehicle a bit of a spruce up.
What’s prompted Volkswagen to introduce this new finance offer?
There are some scary stats doing the rounds – with claims that up to four million drivers are put off regular maintenance because they’re afraid this will bring up additional problems that result in a bigger bills, and the £13.8 million in critical repair work (sometimes called ‘red work’) isn’t being carried out due to the cost.
And critical includes issues with safety items such as the steering, tyres and brakes. So the idea here is that even expensive extra work can be made affordable by helping customers to avoid a sudden lump sum.
Head of aftersales at Volkswagen Commercial Vehicles, David Hanna: ‘Making remedial work more affordable by offering customers interest-free payment terms means we can support owners in getting their van safety back on the road with all repair work completed.’
He added: ‘As part of our Working With You promise, we are committed to taking the stress out of vehicle ownership and allowing our customers to focus on running their business on a day-to-day basis.’
No doubt this offer could prove handy for some customers who have had vans standing unused during the coronavirus (COVID-19) pandemic as well, as some of these may now need some maintenance to get them going properly again as the lockdown begins to ease.
Is this a limited time offer?
Not at all, this is a new service that VWCV is offering to its customers from this point on (27 May 2020).