This week Boris Johnson announced further easement in the corona virus lockdown regarding Car Dealerships. This is a great relief to the car industry as they set themselves for a welcome boom in car sales throughout the summer. There is one major hurdle to overcome and it may not be obvious at first. How will you get car finance?
Car Finance Funders Are Not Upto Full Capacity
The story about car finance funders has been mixed, some funders closed completely to new business from the day of the lockdown and others have run on skeleton staff. On Monday however there will be a huge influx of applications for finance and some funders are still not up and running. This could cause issues for the car industry as the choice of funders maybe slim picking for car finance clients.
Why Have They Not Come Back
Some finance companies have still furloughed their staff and have sent announcements out to the brokers and dealers telling them they are not upto full capacity and to expect delays in the processing of car finance applications. It maybe that the car industry boom maybe held back until the finance companies can get back to speed and back upto 100% capacity.
Is there an alternative
There are still alternatives especially for the poor credit customers in the way of leasing. Get Me Car Finance (https://www.getmecarfinance.co.uk) have launched a brand new used car leasing service aimed at the poor credit market. Whilst it compares with poor credit HP finance rates it is a refreshing alternative to the Car Finance world and can work off affordabilty rather than poor credit scores. Although they cannot accept everybody the bad credit car leasing model can help more people than the car finance model help by the traditional car funders.