Member Article

Moneyway increases Loans to Value

Moneyway’s Motor Finance near prime product has been enhanced with an increased loan-to-value (“LTV”) from 110 to 120 per cent, providing both consumers and dealers with increased flexibility and choice. The increased LTV applies to used cars (up to 72 months) financed by Moneyway’s Motor Finance.

The motor finance provider has announced it will lend a greater amount against the CAP retail value of vehicles. This is designed to continue the growth of the firm’s market share, having raised lending values by 19 per cent in the last year.

The increased lending criteria will provide car dealers with additional flexibility when sourcing vehicles for their customers – ultimately the consumer will have a greater choice of vehicles to choose from.

This builds on the firm’s ongoing focus on providing its consumers with a transparent and fair approach to motor finance. This has been recognised by the industry, with Moneyway claiming the ‘Treating Customers Fairly’ award at this year’s F&I Conference and Awards Dinner.

John Simpson, managing director of Moneyway’s Motor Finance, said: “We are always looking for new and innovative ways to extend our product range, so it is extremely pleasing to be able to extend our LTV offering. The 120 per cent mark provides both consumers and dealers with increased flexibility on both vehicles and products.

“We have enjoyed a buoyant last 12 months, enjoying significant growth, and this change in LTV policy will help us maintain this momentum as we go into the traditionally busy New Year period.”

This was posted in Bdaily's Members' News section by Charlie Francis .