Motor finance broker Creditplus is reporting a
rise in acceptance rates, average advances and applications for car
credit in the past 12 months.
Acceptance rates are up 58% year-on-year for
customers applying for car finance and the company has brokered an
average loan of £7,714 per customer, up 10% over the same
period.
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Applications for finance rose 7.47%
year-on-year though Creditplus did not disclose the number of
applications received.
Both the acceptance rate and average proposal
value exceed those found in
a survey by Motor Finance in February of independent
finance providers who were accepting 49.5% of proposals at an
average of £6,416.
Shaun Armstrong, MD at Credtiplus said: “With
an increase in the number of applications over the last year, it’s
clear to see that there is more confidence in the consumer
market.
“Although we have seen an increase in car
finance acceptances, the lenders are still very particular about
the type of consumers they want to lend to.”
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By GlobalDatarichard.brown@vrlfinancialnews.com
