Big Motoring World Launches Personalised Finance To Help More People Secure Their Ideal Used Car

· Customers can now borrow at finance rates starting at 9.9% APR, and access reduced monthly payments

· Big Motoring World will offer tailored finance deals to those refused finance by other lenders

Big Motoring World, which operates 10 used car supermarkets across the UK, has introduced a new finance package where the lending rate is more closely aligned with the personal circumstances of the customer, improving affordability and helping more people secure the vehicle they really want.

To maximise access to the best rates, Big Motoring World is working with a range of leading car finance providers. While over half of customers will qualify for a standard 11.9% representative APR, those with better credit scores can now borrow at rates starting at 9.9% APR, as well as access reduced monthly payments.

It’s not just those with a more robust credit history that stand to benefit. Even those who are more likely to be refused finance by other lenders can still access a tailored finance deal from Big Motoring World, albeit at a higher rate. According to the Finance and Leasing Association, over 80% of private new and used car buyers in the UK now require some form of finance to complete their purchase.

The new finance package from Big Motoring World is already having a positive impact for car buyers, with early indications showing a five percentage point increase in finance penetration.

Big Motoring World has showrooms across the UK as far north as Leeds, West Yorkshire, and as far south as West Malling in Kent. Staff at each site can talk the buyer through the available finance options and help identify vehicles that suit their budget and lifestyle.

Steve Archer, Director of Financial Services at Big Motoring World, said: “Many used car dealerships offer a single, standardised rate to all customers. We’re taking steps to deliver a fairer, more flexible lending solution. Whether it’s offering our lowest finance rates to those with the best credit scores or providing an accessible rate to those customers who might ordinarily be declined elsewhere, we’re ensuring that all our customers have access to fair and affordable finance.

“When purchasing from Big Motoring World, buyers often need to borrow less, as we cross-check the price of our cars against other leading car marketplaces every day to ensure we are always competitive. This means that the majority of our cars are priced below the rest of the market, so customers are always assured of a great deal with no need to haggle.”

To support the uptake of electric vehicles (EVs), Big Motoring World recently introduced a £500 EV deposit contribution offer, together with an industry-leading new warranty package that includes unlimited parts cover and battery cover up to the value of £10,000. The warranty package also includes 12-month’s RAC breakdown cover and a guaranteed courtesy car if the customer’s vehicle cannot be repaired on the spot.

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