Creditplus Defying the Used Car Finance Market Trend

Mar 17 2010

Despite the motor industry struggling to fund deals for consumers Creditplus, a leading Car Finance provider, have still been providing their service to hundreds of happy customers looking to finance used cars.

Industry news is stating that the demand for vehicle finance has fallen below the level of 2009. Creditplus however are finding a sharp increase in the amount of applicants applying directly for car finance. New car sales have seen an increase in sales helped by government incentives such as the scrappage scheme. The problem for many consumers has arisen when trying to gain finance for used cars.

The industry has struggled over the last couple of years with the ‘credit crunch’ taking its toll on companies supplying finance. This is due to the lenders drastically changing their rules with very strict provisions as to who they will lend finance. This makes it hard for anybody who isn’t a prime candidate to obtain finance.

Creditplus have a unique solution which has allowed them to thrive in a struggling market due to the superb relationships they have with a comprehensive range of lenders. With the largest range of lenders in the industry Creditplus can still acquire finance for a variety of prime, near prime and sub prime consumers.

With the interest base rate at the lowest ever level in the UK many consumers have more expendable income however job security remains the biggest issue due to the weak economy. Many of these consumers are using this income to look for used cars, and often finance is needed to complete the purchase of these vehicles. However with more expendable income consumers can put deposits down on cars, increasing the lenders confidence in these individuals.

2010 has certainly started brightly for Creditplus with Shaun Armstrong, the Managing Director, commenting: “2010 has started brilliantly for us, week on week we are having record levels of applications for finance and some lenders are starting to become more open to increased business. All in all this is allowing us to complete more and more deals which is helping us to satisfy the consumer demand.”

About Creditplus

Creditplus (www.creditplus.co.uk) is a leading UK car finance specialist with over 25 years experience in sourcing car finance and cars for consumers with any credit status. Their website offers an instant lending decision and is fully regulated by the Financial Services Authority.

The Creditplus unique offering is a free and flexible service for consumers wishing to purchase a car, from sourcing finance, to finding cars, negotiating a price on the consumer’s behalf and delivering it straight to their door.

Creditplus won the Bowshot eDen award 2008, of best eCommerce trade site in Dorset and Hampshire for high achieving entrepreneurs.

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