Startline claims ‘dramatic’ performance from new PCP product

Startline Motor Finance is claiming a big success with its new ‘flexible’ PCP product.

The finance firm said that half of all the business it writes with TrustFord Now uses product, just six months after its launch.

It is offered by Trust Ford dealerships and designed as an alternative source of funding when applicants are declined by more traditional prime lenders.

Startline said it does not resemble a sub-prime product, instead having competitive APRs and general terms.

TrustFord Now enables customers to buy and drive away their new vehicle within an hour.

Startline CEO Paul Burgess said: “Our PCP product has hit the ground running and been adopted by a number of major dealer groups.

“However, the most dramatic results have been at Trust Ford, who have been very quick to recognise its potential and unique place in the market.

“Being very forward looking, they understood the potential for a near prime option that meets the needs of a relatively large group of car buyers who would otherwise probably be excluded from using PCP and are likely to be lost as customers.

“Our vision for our PCP product was always that it would fill this type of niche in the motor finance sector, sitting alongside established prime lenders as an alternative when applicants are refused, and Trust Ford are finding that this strategy is working well in practice.”

The PCP product was especially finding favour with dealer groups who recognised the current importance of the used car market and wanted innovative finance solutions to maximise its potential at a time when new car sales were less than robust, Paul said.

Paul added that many customers who had been rejected by prime lenders remained good credit risks but simply they did not meet lending requirements of more traditional lenders because of their work patterns or other socio-economic factors.