Car finance lending panel report 82% of consumers taking out car loans


Recent statistics from a panel of lenders has shown that 82% of consumers are taking out car loans, according to Creditplus.

Creditplus, the UK’s leading online car finance provider, work with a panel of more than 90 lending options, enabling them to provide car finance options to consumers from across the credit rating spectrum. With Cap HPI’s recent statistics on the increase in used car sales this year, it’s likely that the number of consumers applying for and taking out car loans with Creditplus and other online brokers will increase during the remainder of 2016.

Above and beyond service

As well as an increase in car loan agreements, Creditplus have also seen a 34% rise in the number of customers enquiring about car supply. With many consumers being mainly driven by budget allowance, Creditplus have also noticed that their full car buying service option - Find, Fund & Deliver - is being utilised more among their network of quality and trusted dealers. While consumers are interested initially in being able to secure their car finance first, and searching for their perfect car second, Creditplus’s full car buying service option is a welcome extension of what the company can already offer each of their customers.

Ethical approach to lending

This ‘full package’ is also supported by the ethical approach that Creditplus take with each of their customers. Like any trusted and reputable finance company, Creditplus are no exception when it comes to being fully regulated by a number of trade bodies and associations, including the Financial Conduct Authority (FCA). As well as this, each customer is treated fairly, with their well-being always bought into consideration when a car finance agreement is being built for them.

Shaun Armstrong, Managing Director of Creditplus, welcomes the increase in car loan applications, commenting: "In a competitive marketplace, it’s important that traditional lending checks, such as affordability and risk, are adhered to. It’s currently too tempting for certain lenders to be far too bullish and reduce their lending criteria.

Creditplus always look to place the applicant with the right car loan, specifically to their circumstances.”

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