BMW’s independent arm Alphera Financial Services has urged dealers to work with their finance providers to deliver creative finance packages in order to take advantage of the growing car finance market.
The car finance provider said it believed these packages are vital, as changing interest rates and governments could create an unpredictable environment.
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Samantha Cripps, head of sale development at Alphera added that motor finance companies should provide a range of products as part of FCA regulations.
"The FCA has now had full responsibility for all consumer credit activities since April 2014, creating a regulatory environment in which those who offer motor finance now have to show evidence of treating the customer fairly. This means providing access to competitive lending options and offering all suitable products and rates to suit different customers’ needs," said Cripps.
The car finance market has grown significantly in recent years. According to FLA figures for the twelve months ended January 2015, consumer car finance rose by 11% and car finance volumes reached a new high at 76.2%.
Commenting on the figures, Cripps said: "This record-breaking FLA figure highlights the increasing popularity of finance options for both new and used car purchases. The FCA rules, encouraging greater transparency and fairness regarding car finance, should be seen as a further opportunity to maintain this robust penetration rate."
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By GlobalData
