Used car finance provider V12 Vehicle Finance has expanded its range with a new hire purchase product.
Prime gives financing of between £3,000 and £55,000 for a used vehicle that will be no more than 12 years old by the end of the agreement.
V12 Vehicle Finance (V12VF) sales and marketing director Ciara Raison said: ‘Launching our new Prime offering is a huge milestone moment for us.
‘Not only is it a new market for V12VF but it will also open up more options for people looking to buy used cars. We know that this product will benefit both buyers and dealers.’
It was tried out last July with a select number of dealers and proved so attractive that five times the number of projected dealers ended up applying, she added.
‘We’re committed to making purchasing and financing decisions convenient and streamlined for both dealers and customers, which is why we’re a digital and technology-led business.
‘The launch of Prime marks the start of an exciting new era for our business. We’ve got big plans in the next 12 months to make lending more efficient and more accessible.’
The lender, which works with independent and franchised car dealers, will also be developing and launching PCP options later this year.
It is backed by Secure Trust Bank, whose subsidiaries include V12 Retail Finance and Moneyway.