A significant player in the world of asset finance has begun writing a modest amount of consumer motor finance business, with a view to assessing a fully fledged market entry next year.
At present the finance company, which is not owned by a bank and which has an eye on the prime end of the market, has got to the stage of developing its IT infrastructure to accept consumer motor finance, and is writing a small stream of deals introduced through a single broker.
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Its understood that after this phase of the trial, the lender plans to expand its activity through "six low-key broker relationships", before deciding on the scale and viability of a full roll-out.
A contact at the organisation, who did not wish to have his company named before a decision over whether to engage with UK motor finance had been made, said: "Its early days for us so I am not sure we would want to put out any messages at this stage.
"Maybe we will have more to say next year once we are sure we want to enter the sector."
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By GlobalData
