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Dealers should shop around for funding, says RMI

The RMI is urging dealers to shop around for the best deal on funding.

Louise Wallis, head of business development, said: “Some members say their banks are being much stricter with their lending requirements.

“The problem tends to be more expensive borrowing and stricter terms, such as personal guar-antees, rather than a lack of availability.”

Wallis said another issue raised by members was with overdrafts: either their removal, or a limit reduction when dealers did not use them and just keep them as a buffer.

Sue Robinson, RMI franchised dealer director, has welcomed the Government announcement that it will set up a British business bank.

Robinson said: “Competition in the banking market can only be good for dealers.” She said the RMI had frequent contact with banks.

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