According to exclusive research conducted by Motor Finance, just under half of all proposals sent to independent finance houses are being approved.
Of the total 80,450 applications for finance received over a given month by the pool of lenders surveyed, 49.5% were reported as having been accepted.
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The survey was conducted across the underwriting departments of 13 non-captive finance providers in the UK, representing 272 underwriters handling a total of £516.22m-worth of proposals in the month studied.
During the month some £242.59m worth of finance was approved by the companies surveyed, adding up to more than £3bn when projected over the course of a year.
The average approved loan size was £6,416, within a range of £3,000 to £10,000, over an average term length of 42 months, within a range of 30 months to 50.
Asked about their appetite for risk in the year ahead, the term responsible was emphasised by four companies, followed by cautious (mentioned by three) and optimistic (two).
Full statistics, data and analysis from the survey will be published in Februarys issue of Motor Finance magazine.
richard.brown@vrlfinancialnews.com
