Moneyway, the motor finance arm of Secure Trust Bank, has increased the loan-to-value (LTV) ratio of its near prime product from 110% to 120%. The increased LTV applies to used cars up to 72 months old financed by the company.
It said the move was designed to continue the growth of the firm’s market share, having raised lending values by 19% in the last year.
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"The increased lending criteria will provide car dealers with additional flexibility when sourcing vehicles for their customers – ultimately the consumer will have a greater choice of vehicles to choose from," the company wrote.
John Simpson, managing director of Moneyway’s Motor Finance, said: "We are always looking for new and innovative ways to extend our product range, so it is extremely pleasing to be able to extend our LTV offering. The 120 per cent mark provides both consumers and dealers with increased flexibility on both vehicles and products.
"We have enjoyed a buoyant last 12 months, enjoying significant growth, and this change in LTV policy will help us maintain this momentum as we go into the traditionally busy New Year period."
Last month, Simpson spoke to Motor Finance about the performance of the Moneyway’s prime motor finance product pilot.
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By GlobalDataThe motor finance provider began piloting its prime offering with six motor finance brokers in May.
