ACF Car Finance expects continuing growth in its provision of sub-prime loans because of a new two-year agreement between its main lender, The Funding Corporation, and Barclays Capital.
This is the longest loan agreement in the history of TFC, whose registered address is IM House, Coleshill, near Birmingham, the headquarters of Bob Edmiston’s International Motors, the UK Subaru/Isuzu and Daihatsu distributor.
Norman Beaumont, ACF sales and marketing director, said: “TFC’s funding agreement secures our immediate future as market leader and allows us to power on with further planned developments.
ACF arranges credit throughout its network of eight used-car dealerships. Beaumont said ACF is the only remaining prominent sub-prime lender.