Strong demand for “flexible prime” PCP

Startline Motor Finance CEO Paul Burgess said: “In many cases, we are helping dealers to sell cars, and customers to buy them, in a way that would be otherwise unavailable.

“They recognise that it is an innovation that could potentially open up PCP to a wider market that has previously been ignored by the motor finance sector.”

The PCP is based on assessing a broader range of factors than just work patterns or other socio-economic factors.

Burgess added: “We live in a changing world and just because someone rents their home or works on a series of temporary contracts should not exclude them from a fair approach to motor finance. Around 20% of used car buyers fall into this category.

“We take a closer look at the circumstances of the person making the finance application, often entering into a dialogue with them and with the dealer. The thinking is that if we can gain an understanding of that person’s overall financial position, then we can work to arrive at a solution that meets their needs. It’s a more holistic process.

“Too many customers who do not meet prime criteria are passed straight to sub-prime lenders when they remain good credit risks, we believe.”