Moneyway has formally launched its prime product for the UK motor finance market, following a six month pilot.

The product features a two-tiered approach and Moneyway will offer a loan to value (LTV) of 115% on a maximum lend of up to £25,000. This is slightly below the 120% LTV the lender offers on its near-prime product.

Moneyway launched the prime pilot in May of 2015 with six brokers, including Carfinance 247. Other brokers were added at a later date.

In October, John Simpson, managing director of Moneyway, told Motor Finance that the product was performing well, and that he had received positive feedback from it.

Describing his experiences with the product, Louis Rix, director of Carfinance247, said: "During the pilot scheme, Moneyway’s prime product has been received extremely well by both our internal sales teams and consumers alike. It offers competitive terms, high approval rates and strong commercials, whilst also resulting in quick and efficient payouts.

"The new product strengthens Moneyway’s offering in the space, as it enables us to cover customers from a wide range of the risk curve, and we look forward to continuing our relationship with the firm in the coming months."

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By GlobalData