The Bank of Nova Scotia is now offering 100% financing on used cars, up from 95%, as part of an attempt to boost its loan portfolio and sagging car sales.
The agreement is to run for a year and cars are financed under the deal will attract interest rates in the range 15.95% to 17.95% for used cars under four years.
It was signed Thursday night between the bank and the Used Car Dealers Association.
ScotiaBank says used car sales account for 10% of its portfolio saying that a previous deal signed in February has resulted in an improvement in the Bank's car loan portfolio.
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