Two thirds (66%) of motor retailers expect sales via customer finance packages to rise by 2017, a survey by UK point of sale credit provider Pay4Later has found.
Out of 90 retailers interviewed last October, 36% thought that sales of these products would increase by over 10% in this period.
Go deeper with GlobalData
Increasing efficiency and speed in the process of offering credit to customers was identified as the main reason for the potential growth of retailer finance packages.
This was followed by people being more willing to take out credit (44% of retailers said this) and more credit being made available to them (the view of 25% of retailers), especially through the rise of new and alternative lenders.
New software platform
Pay4Later has also launched a new point of sale finance software, Version 2, which was released to its retailers across the UK.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe company hopes that through the new platform credit acceptance rates will increase by up to 20%.
Customers using Version 2 have up to five chances of being accepted if they failed a credit score. Those initially rejected at a certain interest rate can be offered a loan at a higher annual percentage rate (APR) by the same lender or credit from another lender.
In addition, Pay4Later claims that the new facility’s credit application process takes less than 10 seconds.
