Finance Hub

Dealers are likely to see more customers shopping around for motor finance because of the pandemic. Research from the Financial Conduct Authority published last year found that because of COVID-19, 29% of people are more likely to shop around for financial products, and this excludes insurance. “With showrooms set to re-open in England, Wales, and potentially Northern Ireland on April ...

  The consumer new car finance market reported a fall in new business volumes of 34% in February compared with the same month in 2020, according to the Finance & Leasing Association (FLA) The percentage of private new car sales financed by FLA members in the twelve months to February 2021 was 92.8%. The consumer used car finance market reported ...

V12 Vehicle Finance has launched a new Prime Hire Purchase (HP) product following a successful trial with dealers. Its new HP product will provide financing between £3,000 – £55,000 to buy a used vehicle, which will be no older than 12 years old at the end of the agreement. V12VF offers a fully integrated and digital-first service with a full ...

The consumer new car finance market reported a fall in new business volumes of 38% in January compared with the same month in 2020, according to data from the Finance & Leasing Association. The percentage of private new car sales financed by FLA members in the twelve months to January 2021 held steady at 93.2%. The consumer used car finance ...

The Financial Conduct Authority (FCA) has released its latest Financial Lives survey (FLS), looking at consumers’ financial situations, the financial products they choose and their experiences of engaging with financial services firms. It found 38% shop around when it comes to motor finance compared with the highest figure of 85% for motor insurance and just 4% for pawnbroker loans. Consumers were ...

The majority of finance firms expect a rise in the number of dealer insolvencies over the coming 12 months.. The Q1 2021 survey carried oy by the Finance & Leasing Association (FLA) found that over two thirds of its members expected some increase in the number of retail motor dealership insolvencies over the next twelve months, although most (54%) expected ...

    Motor finance lenders continue to tighten their lending criteria to customers with near prime taking a bigger slice of the market. That’s the view of Startline Motor Finance CEO Paul Burgess who believes near-prime personal contract purchase (PCP) is set to be the next area to see growth in 2021. The company says that it saw an increase ...

heycar is now using Experian to enable its customers to find car finance deals and check their likelihood to get approved for finance without harming their credit score. It’s part of heycar’s strategy of giving its customers the resources they need to complete much of their car-buying journey online before visiting a dealership. Brook Bishop, head of strategy at heycar, ...

Santander Consumer Finance (SCF) is launching in early 2021 Your Red Car, an online marketplace for dealers to sell cars to consumers. According to head of channel development Denton Brock, Santander has been looking at developing a site for the past three years, working with 20 dealer groups to get the website up and running. It now has 100 dealers ...

Pent-up demand led to a surge in car finance applications in July and August. New figures from Experian show that car finance applications rose 18.6% in the first three weeks of August, following a bumper July when applications were 27.7% ahead of 2019’s figures. Experian’s figures show 390,000 fewer applications for car finance have been made in 2020 compared to ...