Startline Motor Finance PR shots Pictured – CEO Paul Burgess First Use Supplied Courtesy of Startline/John Linton Photography © John Linton 2016 john@lintonpix.com 07986592673 Simon Wells Paperchase Public Relations Email : simon@paperchasepr.co.uk Web : www.paperchasepr.co.uk Tel : 03301 004 912 – Mob : 07768 912 430

Independent lender Startline Motor Finance has launched a PCP product for what it describes as the “flexible prime” used car buyer.

The product is designed to be offered by dealers alongside PCPs from traditional prime lenders, and Startline suggested it could be used as an alternative source of funding when applicants are declined.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

According to Startline, around 20% of used car buyers are believed to be in this “flexible prime” group, which the lender described as still presenting a strong credit risk but often not meeting the requirements of prime lenders because of their work patterns or other socio-economic factors.

Although PCP accounts for the vast majority of new car finance, in 2017 it accounted for less than half of used car finance – with the more divergent credit spectrum of customers part of the reason for this difference.

Chief executive officer Paul Burgess said: “This is an innovative development that could potentially open up PCP to a wider market that has previously been ignored by the motor finance sector.

“Used car buyers who have been rejected by a traditional prime lender but remain a highly credible credit proposition now have a PCP designed especially for their needs, accessing APRs and general terms similar to those offered by a prime lender.

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.

Company Profile – free sample

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 GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“We believe that this product offers something different and valuable for both car buyers and dealers, especially as the new car market continues to fall and more attention turns to used. It is a unique PCP offering that very much reflects changing market trends.”

The launch of PCP brings Startline’s product line up to three. As well as PCP, it offers HP and FinishLine, a further hire purchase option targeting used car buyers who narrowly fail to meet the company’s primary lending criteria but that Startline still considers good quality applicants.