Paragon Bank, the banking arm of FTSE 250 finance provider, Paragon Group, has launched Paragon Car Finance (PCF).
PCF offers a range of hire purchase and lease purchase finance products to support new and used car purchases, with loans anywhere between £2,500 and £50,000 being offered.
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Paragon only acquired a banking licence in February 2014, and PCF will be Paragon Bank’s first product range. Finance will be provided from savings deposits at the bank.
Finance will be made available via car dealers and finance brokers, and the company offers an online application system, plus the opportunity to speak directly with underwriting staff and simultaneous payment of funds and commission upon loan approval.
This is Paragon’s second time in the car finance market, having written £900m worth of business between 1998 and 2008.
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By GlobalDataJulian Rance will lead the operation, as head of Car Finance, having originally joined Paragon in 1997 as managing director of consumer affairs. His most recent role was as director of sales for the Group, a position he took up in 2010.
He is joined by Richard Hardy and Scott Yendell, who have been named Regional Sales Manager for the North and the South, respectively. Hardy joined Paragon in September 2013 from insurer Mapfre Abraxas, where he had worked since 2011. Prior to this he spent 15 years at Blackhorse Motor Finance.
Yendell joined Paragon in October 2013 from his role as territory manager at Northridge Finance. Before this, he spent time at the Bank of Scotland Dealer Finance and also Black Horse Finance.
Rance commented on the launch "I am confident that Paragon will bring new competition and additional liquidity to the market and rapidly establish its credentials."
PCF is launching with a structured dealer sign-up programme.
