V12 Vehicle Finance has launched a hire purchase (HP) product, following a successful trial of the product last year.

Called Prime Hire Purchase, the new product will provide financing between £3,000 and £55,000 to buy a used vehicle, which will be no older than 12 years old at the end of the agreement.

The company predicts that around 70% of used car finance will be on prime in lending panels, giving customers access to a range of high-quality cars, a competitive loan-to-value and fast underwriting.

Ciara Raison, sales and marketing director of V12 Vehicle Finance, said: “Launching our new Prime offering is a huge milestone moment for us. Not only is it a new market for V12VF but it will also open up more options for people looking to buy used cars.

“We know that this product will benefit both buyers and dealers. In fact, we trailed Prime in July with a select number of dealers and the attractiveness of the deal resulted in five times the number of projected dealers applying.

“We’re committed to making purchasing and financing decisions convenient and streamlined for both dealers and customers, which is why we’re a digital and technology-led business. The launch of Prime marks the start of an exciting new era for our business. We’ve got big plans in the next 12 months to make lending more efficient and more accessible.”

V12 Vehicle Finance is part of Secure Trust Bank’s subsidiaries, which also includes V12 Retail Finance and Moneyway. This means that the Group now offers Prime and Near Prime financing options. V12VF will also be developing and launching PCP options later in the year.

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Earlier this year, V12 Vehicle Finance posted strong financial results for the year 2020, despite difficult trading conditions amidst the pandemic.

David Mercer, managing director of V12 Vehicle Finance, said: “In the face of a challenging year, we’re proud to say that our colleagues have continued to do what they do best, support their customers and business partners to the best of their abilities.”