Paragon Car Finance has begun financing older cars, for models which perform better over longer periods of time.

Up until now, Paragon would only finance cars which would not be more than 13 years old at the end of the loan term. Under the new system, for some models, the vehicle age could be extended to 15 years.

The company said it hoped the new range would see it able to offer finance to a broader range of customers and on a broader range of vehicles.

Julian Rance, head of Paragon Car Finance, said: “After a strong set of full year results, and with an expanded sales team targeting further growth for the business, we are pleased to be able to introduce these new terms, which will make our products available to ever greater numbers of customers.

“Cars are performing increasingly well over longer periods, however there’s a gap in the market when it comes to financing older vehicles. By extending the age we’ll allow a car to be at the end of a loan period from 13 to 15 years, we will be able to offer finance on a greater range of models. This will be useful for the individual looking to finance a prestige vehicle they’ve had their eye upon.

“This will allow us to reach new, niche markets, offering customers the flexibility they need, and positioning us for further growth in 2017.”