Car finance provider Marsh Finance has taken
the bold move against the “smoke and mirrors” of the sector by
keeping a public running total of the amount of business the
company has underwritten for the year-to-date on its
new-look website.

Adapting and expanding the USP of high-profile
personal loan providers to the motor finance market, Marsh’s new
portal includes a series
of sliding gauges for potential customers or dealers.

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The gauges measure amount of money required,
credit risk and length of loan to calculate payments, interest,
fees and charges for any amount of money borrowed and the
likelihood of being approved for credit.

According to Craig Rutherford, national
business development manager, both steps are “another indication of
how serious we are about lending in the near-prime market” and a
reaction to “the love of ‘smoke and mirrors’ in the industry”.

With many lenders reticent to reveal how much
money they are supplying and a tool to manage customer expectations
before they reach a showroom, Marsh appear to be putting themselves
at a disadvantage.

Rutherford sees only the potential of helping
dealers in the grey area of near-prime:

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“We feel there is a gap in the motor finance
lending market between prime and non-prime lending scorecards.
Often, the gap between these scorecards is so wide that dealers are
unable to proceed with borderline applications because of the
restrictions lenders put on the deals – the advance, the term or
the interest rate.

“We aim to provide the dealer with a sensible,
and workable, solution to the problem.”

Extended comment by Craig Rutherford will
be published in
February’s issue of
Motor Finance
magazine.

richard.brown@vrlfinancialnews.com