9:00 am, January 26, 2025
I’m pretty sure Christmas and New Year celebrations seem to come and go quicker each year. As nice as it is to spend time with friends and family, like most in the motor trade, there comes a point where I’m just itching to get back to business.
Recently, we surveyed our dealer partners to find out what they thought about us, our service, and the finance companies they work with.
One theme that came up time and time again was the frustration dealers had with the differences in every lenders criteria. I can understand the frustration, and I know that dealers want to help customers drive away in the right car, but it often feels like there are unnecessary barriers getting in the way of getting the deal done.
For example, higher mileage cars are a common sticking point. I’ve heard dealers tell me how frustrating it is that some lenders won’t touch them, even though these cars are practical, affordable, and a lifeline for many customers.
The same goes for cars that don’t meet certain age restrictions. Perfectly good cars sit on forecourts because they’re ‘too old’ in the eyes of some lenders, which in my opinion doesn’t make sense.
And it’s not just the cars, it’s the customers, too. Dealers told me that rigid rules around provisional licence holders or customers in active IVAs shut out people who could easily be driving off in one of their cars.
Whether it’s customers credit history, employment status, or something as simple as being self-employed or on benefits, these customers are often declined and not given a second look.
That’s what really sticks with me: every one of these hurdles is a missed opportunity for a dealer to sell a car, and isn’t that what we’re all here to do?
It’s clear from the conversations I’ve had that the motor trade wants more flexibility from their finance lenders, and that’s exactly what we’ve built into everything we do at First Response Finance.
We’re not here to add hoops for you or your customers to jump through. Instead, we’re focused on approving customers, whether that means higher mileage cars, older cars, provisional licence holders, or those with lower credit scores.
At First Response Finance, our approach is simple: we’re here to make your life easier and your customers happier. By focusing on flexibility and simplicity, we aim to help you sell more cars and grow your business.
If you don’t currently work with us, and want to know more, please visit out dealersite.
This column originally appeared in issue 203 of Car Dealer Magazine. You can read the full edition here.
