Startline Motor Finance
Motor Finance. With Added Flexibility.
Startline is a different kind of lender. Many forward-thinking dealer groups place the company alongside established prime providers to add agility and flexibility to their lending panel.
Using a unique mix of technology, financial acumen and human skills, it can often approve applicants who have been previously declined, while still offering sensible rates and highly attractive terms.
Startline describes itself as a ‘flexible prime lender’ because it offers service standards and products comparable to a conventional prime but with a much less rigid approach.
Why is this approach needed? Well, the company’s research shows that almost 20% of all used car customers fall into the near prime category, underlining the need for dealers to meet their specific needs. CEO Paul Burgess explained that the findings meant that dealers could potentially be passing one in five customers straight from prime to sub-prime lenders if they had no flexible prime option.
He said: “For dealers whose panel does not include a spread of risk appetites among lenders, the drop from prime to sub-prime is vertiginous with the APR rate rising by pehaps as much as double figures.
“Our approach instead is to take a closer look at the circumstances of the person making the finance application, often entering into a dialogue with them and the dealer. The thinking is that if we can gain an understanding of that person’s overall financial position, then we can potentially work to arrive at a solution that meets their needs.
“There are all kinds of ways in which the factors traditionally used to credit score people no longer apply to many who are actually solid applicants. These include the decline in home ownership, the rise in contract and temporary working, and a host of other general changes to overall economic circumstances.
“All of these would place them outside of the scope of a prime lender but, in many dealerships, the only other solution is a sub prime offering. Instead, Startline’s flexible prime lending provides a further option.”
During the last year, there had been a 25% increase in dealers utilising Startline’s offering. Paul said that this underlined the increasing demand in the market for this kind of lending.
He added: “Our growth indicates a realisation among dealers that this large group of near prime motor finance customers requires – and deserves – a more specific approach.”
• Your customer, your rate – our highly competitive terms mean you can offer the customer equally competitive APR rates
• Fast decisions, fast payouts – with responses while the customer is still in the showroom
• Direct access to underwriting staff – sometimes, getting the best outcome for the customer involves dialogue and we are always available to talk
• Technology and people – we work hard to find and employ the best of both in order to deliver people-based finance that really works
About Startline Motor Finance
Headquartered in Glasgow, Startline Motor Finance was established in 2013 by a highly experienced motor finance team and has a sales presence throughout the whole of the UK. More details at startlinemotorfinance.com or email firstname.lastname@example.org.