BMW’s independent finance arm Alphera Financial Services has launched an annual payment product for its premium captive partners.

Rather than using monthly payments, the new product has been designed with individuals who take advantage of bonus and dividend pay-outs to funds their vehicles.

The launch follows a successful trial held at the end of 2015.

Initially, Alphera has made the annual payment product available through both Rolls Royce Motor Cars Financial Services and Aston Martin Financial Services.

Alphera’s head of premium captives, Nick May, said: “We are seeing strong growth in the premium captive finance market area and the roll-out of innovative products like Alphera’s annual payment solution are key to continuing that growth. With a number of new model launches on the horizon, it makes sense to offer customers a product which allows them the freedom and flexibility to purchase a new vehicle or upgrade their current vehicle in way which best reflects their annual income schedule.”