Go Car Credit has launched a lower interest 29% APR product that will be available from September 2021.
The company will introduce the new product to sit alongside the current 39% and 49% hire purchase products.
The launch follows a post-pandemic review of the market conducted by the company, which found that lenders had tightened their criteria in the face of an uncertain market.
By expanding its product range, Go Car Credit is hoping to reach customers who would otherwise not be eligible for its services. The company will review the current term and loan amounts with a view to expanding these further in future.
Mark Giles, chief executive of Go Car Credit, said: “We are thrilled to now announce the launch of our new product as well as enhancements to existing products at this critical time. We know the pandemic has been a huge challenge for many of our dealers and customers, it is therefore more important than ever to provide access to finance for cars to as much of the population as possible.
“Go Car Credit was established in 2017 to support customers experiencing difficulty accessing finance. Since that time, we have lent over £100m to almost 17,000 customers to enable them to buy a car and improve their credit.
We are committed to continuing to strengthen and enhance our proposition to our dealer network and brokers, and to bring greater confidence to consumers across the UK.”