Peer-to-peer lender Ratesetter has broken the £100m car financing mark, the first peer-to-peer lender to do so.
Finance through Ratesetter is now available through over 60 affiliated dealerships, car supermarkets and brokers, across 209 locations across the UK.
The lender has been operating since 2013, and wrote £15m of motor loans in its first year. It credited its growth on the decision to focus on a personal loan product, as opposed to hire purchase, as well as its emphasis on speed, transparency, customer service, and the use of modern technology.
Nick Elkan, head of Motor Finance at Ratester, said: “These are exciting times and £100m is a fantastic milestone for us to reach. It proves that we are providing finance that car buyers need, competitively and efficiently. Obtaining finance via a peer-to-peer lender is no longer niche, but something that increasing numbers of car buyers are aware of and choosing.”
“Our competitors in motor finance have often been around for decades, but by building up a strong track record and understanding how the car industry works and exactly what buyers require, we’re increasingly able to win people over.”
Ratesetter also offers personal loans directly to consumers outside of its motor finance arm. Although these direct loans could be used for motor finance, company said the £100m did not include these.