Moneyway Motor Finance has seen its balances increase to £152.3m, up 19% on last year, according to its latest financial results.

The previous 12 months have witnessed the company grow its market share by increasing its appetite to lend and winning the Sub-Prime Lender of the Year award at the Motor Finance Europe Awards in April.

The motor finance arm of AIM-listed Secure Trust Bank, Moneyway Motor Finance has also seen an increase of 10% in balances over the first six months of 2015.

It follows the extension of its maximum lend by 25% to £25,000 this year, enabling the business to tap into the prestige vehicle sector and offer credit on a range of larger vehicles.

John Simpson, managing director of Moneyway Motor Finance, said: “Moneyway has gone from strength to strength in the last 12 months, as we continue to grow our produce range to cater for motorists across the risk curve, including our recent prime product launch.

“Our strong figures for the first half of 2015 are early indicators of the success of this expansion, at a time when consumer spending is on the rise.

“Low interest and inflation rates make this an attractive time to buy a car through finance, and with the automotive market now hitting pre-recession levels, we’re confident that this momentum will continue for the rest of the year.”