Finance Hub

CarFinance 247 plans to hire more than 125 people to meet the growing needs of the company as it responds to significant consumer demand. The Manchester-based company, part of the 247 Group, has seen strong growth post-pandemic. CarFinance 247 is now hiring across its divisions with a focus on building an enhanced sales team to support consumers looking to find ...

MotoNovo Finance has appointed Karl Werner as its new managing director. He replaces long-serving CEO Mark Standish who has decided to leave the business having overseen the integration of MotoNovo within parent Aldermore Group. Standish, who has led MotoNovo for 22 years, taking the organisation from under 1% market share to over 20%, said: “I am enormously proud of what ...

The consumer new car finance market saw business volumes up by 25% in June compared with the same month in 2020. The value of new business grew by 29%. In the first half of 2021, new business volumes in this market were 31% higher than in the same period in 2020. The percentage of private new car sales financed by ...

Car buyers are paying higher deposits on their motor finance deals to counter rapidly rising used car prices. The average deposit processed through the iVendi platform has increased by 58% since January 2020 but the average loan amount paid out over the same time period has risen by just 14%, while the average length of repayment period is unchanged. James ...

With the so-called Freedom Days looming large starting in England from July 19th across the UK, there can be no doubt that the impact of the pandemic will continue to shape people’s lives. Personal finances have been affected positively and negatively; it has implications for dealer finance. It will be increasingly difficult to operate with a fixed rate finance ‘one size ...

The quality of online motor finance applicants has improved in recent months as pandemic lockdowns eased, new iVendi data shows. It said that finance checks by aspiring car buyers show an increasing number of potential hire purchase and personal contract purchase deals assessed as likely to be approved. In January 2021, 50% of these checks were categorised as green, meaning ...

Bumper has secured a £10m flexible working capital facility from Secure Trust Bank Commercial Finance to support its ambitious growth plans. Bumper is a payment platform for car servicing, accessories and repairs. It offers finance to customers, enabling them to spread their aftersales costs over monthly payments interest and fee free. It used to be known as Auto Service Finance ...

Vehicle subscription firm Wagonex is claiming interest in its services has risen dramatically and it now has 10,000 registered users on its platform. The Wagonex platform, which was created in 2016,  enables dealers to offer subscriptions of between one and 36 months. It said consumer searches now exceeding 11,000 a month, 10 times more than this time last year. Dealers ...

Mann Island Finance celebrated its total financing activity passing the £1bln mark. The finance case that made the milestone moment took place at Alpha Motors in Wigan and, to celebrate the moment, Mann Island Finance MD, John Hughes, presented the customer with a voucher to pay for their first service. Hughes said: “Over the difficult last year, we stood side-by-side ...

New figures released today by the Finance & Leasing Association (FLA) show the consumer used car finance market reported new business volumes up by 24% in March compared with the same month in 2020. The value of new business grew by 32%.  In Q1 2021, new business volumes were 15% lower than in Q1 2020. The consumer new car finance ...