9:22 am, January 4, 2017
PARAGON Car Finance is ringing in the new year with a change to its terms that will see finance extended to older vehicles.
Currently, cars financed by Paragon Car Finance cannot be more than 13 years old at the end of the loan term. With cars performing better over longer periods however, finance will now be extended to vehicles up to 15 years old.
The decision to extend the range of finance available follows a strong full-year performance by Paragon Car Finance, which saw its loan book grow by 120 per cent on full-year 2015 results. It also follows the widening of Paragon Car Finance’s geographic reach through the appointment of four new regional sales managers covering Wales, Yorkshire and southern England.
The new terms being introduced by Paragon Car Finance will see finance offered to a broader range of customers, and on a wider range of vehicles.
Julian Rance, head of Paragon Car Finance, said: ‘After a strong set of full-year results, and with an expanded sales team targeting further growth for the business, we are pleased to be able to introduce these new terms, which will make our products available to ever greater numbers of customers.
‘Cars are performing increasingly well over longer periods, however there’s a gap in the market when it comes to financing older vehicles. By extending the age we’ll allow a car to be at the end of a loan period from 13 to 15 years, and we will be able to offer finance on a greater range of models. This will be useful for the individual looking to finance a prestige vehicle they’ve had their eye upon.
‘This will allow us to reach new, niche markets, offering customers the flexibility they need, and positioning us for further growth in 2017.’
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