PRESTIGE vehicle finance firm Bridford has launched the second phase of its variable rate calculator.
Bridford Financial Solutions has added a ‘Balanced Payments Plan’ option to its free online calculator to give dealers more products to use when closing sales with customers.
The development of the Balanced Payments Plan complements the variable rate calculator that was launched in December to give dealers the opportunity to benefit from rates as low as 3.95 per cent APR.
It allows dealers to be able to offer fixed monthly repayment fees with the term reducing or extending depending on how interest rates affect the overall amount borrowed.
For example, for a customer buying a £50k vehicle could pay a deposit of £5k // 48 x average payments of £775 // final balloon payment of £15k.
This is based on 5.95 per cent APR and will pay a dealer £2,200 commission; an extremely healthy amount on such a low rate of interest.
Owner of Bridford Financial Solutions, Tim Marlow, said: ‘The second phase of our calculator gives dealers even more control and options when offering finance to customers.
‘Both parties really benefit from the concept; users like it because they can budget as the monthly payment amount remains the same, and dealers like it because they are able to offer another option to customers in an accurate and quick way at an attracive low level of interest.
‘At a time when selling cars is particularly difficult, having as many finance options available as possible is crucial and our calculator gives dealers two extra alternatives they are able to quote directly to customers.’
By incorporating CAP data, Bridford’s calculator gives dealers totally accurate quotes with true balloon values for the first time.
This allows dealers to once again take more control of sales by speeding up the quoting process without having to spend time liaising with banks and brokers to get the best rate to secure a deal.
The calculator also has the ability to allow dealers to adjust their margins online so they can offer better deals should they need to in order to close sales and benefit from the rates as low as 3.95 per cent.
The calculator, which is found at www.bridford.co.uk/dealer-calculator also gives dealers access to a new source of funding by utilising Bridford’s established agreements with some of the biggest lenders in the UK and Europe.