With so many lenders now saying they offer motor finance to people with a less than perfect credit history I have been asked why and how are we different? I’m going to answer this in 5 points;
- Our staff; Our staff are all recruited based on their personalities and ability to understand credit situations. We don’t judge, we endeavour to help and support you through the application process. The staff understand that issues sometimes beyond your control have perhaps tainted your credit history but they are trained to review your application with you and understand your position now rather than your historic position. They enjoy being able to make a positive difference to our customers’ lives.
- Our rate; Unlike many other lenders we only offer one rate. Therefore if you apply with us you know that the rate we will offer is the rate we advertise. Other lenders can offer up to 8 rates! By offering a single APR, we make sure that you don’t receive any nasty surprises when you receive your loan offer. With us we offer complete transparency on the rates we offer with no added document or application fees.
- Manual approach; Unlike many other lenders Premium Plan do not aim to have an answer on your application to you within an hour. In fact we pride ourselves on taking longer to make our decision. We endeavour for 24 hours for a response however we manually look at all our cases rather than rely on a computer to credit score you. We like to discuss your situation and credit report with you and take the time to understand your financial situation both in the past and present. A computer can’t understand reasons for missed payments and cannot look at the overall story like our staff can.
- Affordability; We base our decision on whether you can afford the car not whether a credit report says you will make the payments. We conduct a short but friendly affordability assessment with you where we look at your income and expenditure and understand your surplus cash available for a finance payment each month. If we think you can afford the car we will give a positive response. If we think you can’t afford the car we will say no which we believe is in your best interests rather than just charge you a higher APR on the loan like many other lenders.
- The Car; We will allow you to choose your car as long as it is from a dealer that has been approved by us. Alternatively if you are struggling to pick a car that is right for you then we can provide help through Red Potato; A team of motoring specialists who have access to over 7,000 vehicles and can provide you with advice on which one to choose based on your needs and wants. Our criteria for cars we lend on ensure that you find a car that will have fairly low mileage and of an age suitable for the term of your HP agreement and provide you with many happy years of driving!