The Finance & Leasing Association (FLA) has relaunched its online guide to car finance ahead of the annual surge in new car sales in September.

The FinancingYourCar.org.uk website outlines finance options available to customers in showrooms and points potential car buyers toward dealerships approved under the Specialist Automotive Finance (SAF) scheme.

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The SAF competence test for dealerships, retaken every 12 months, was introduced in 2007 with the aim of increasing finance professionalism on the forecourt and consumer confidence in accepting finance. Around 74,000 SAF tests have been taken since 2007 with around 25% of UK showrooms approved, including 28 out of the top 30 dealer groups and 37 of the top 50.

Videos and calculators

Among other tools on the website are product videos to explain finance, explanations of finance ‘jargon’, a submission form for finance queries, and a finance calculator for customers.

Product videos are becoming increasingly popular within the industry with IT provider iVendi offering a short film for car finance clients to embed on their websites as of this month. In 2009, Mark Standish, chief executive of MotoNovo (then Carlyle Finance), told Motor Finance the use of such clips helped "bring the [finance] experience to life and there is a lot more that can be done in that area".

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Similarly, many finance providers – ranging from independents such as MotoNovo and Marsh Finance to captives such as RCI Financial Services – supply online finance calculators to demonstrate affordability to customers. Meanwhile, Black Horse has trialled an equity calculator and web-led broker Car Loan 4U has integrated a finance calculator into a trial smartphone application to help customers track payments.

Seasonal change

Paul Harrison, head of motor finance at the FLA, said: "September always sees a surge in car sales because of the new registration. This new website will be a timely resource for those planning a purchase.

"The range of motor finance products can be daunting but the FLA’s Financing Your Car website is designed to talk car buyers through the complexities and simplify jargon, helping them be more informed when visiting a showroom."

September is typically the second-biggest month for new car sales, after March, on the back of the new registration plate. Last September, 80% of dealers surveyed by Motor Finance reported a positive plate-change day with an average finance penetration of 67% during a month which saw £2bn written in car finance and an 8.16% year-on-year rise in new registrations.

richard.brown@timetric.com