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Finding car loans when a deposit is ‘too low’

Manufacturers’ finance schemes are only good for dealers if they accept the customers who apply, said broker DSG Finance director Tim Marlow.

“A dealer’s customer had £25,000 as a deposit on a new Range Rover, over 20% of the price,” he said. “Land Rover Finance wanted £40,000 but we arranged a loan based on £25,000.”

Marlow said this allowed the dealer to sell the car and earn a finance commission: “Without a lender such as DSG, this deal might not had happened. Our finance was also more competitive on rate.”

Relationships with brokers enable dealers to cover all opportunities if a deal is not straightforward.

“We have customers offered more competitive quotations from banks than manufacturer schemes provide,” said Marlow.  “Our key is having the flexibility to structure a deal, often outside the norm.”



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Comments

  • ABC1 - 02/09/2013 12:53

    Non story stating the obvious. Different lenders, have different lending criteria, so have more than one available to you? Brilliant article.

  • Nugget - 02/09/2013 21:46

    Agreed non story. Any dealer can get the products offered by a broker, they aren't exclusive! Brokers live off the scraps or where a dealer 'can't be bothered' to work a deal.

  • Angus72 - 03/09/2013 20:43

    I also agree this isn't news. In my experience brokers don't add value and take the lion's share of the commission. Common sense dictates that because they act as middle men the dealer will earn less money than if they went direct to the lender, which as Nugget says they can easily do.

  • busterrabbit - 05/09/2013 10:38

    Another bit of free advertising for a company touting it's wares. A non story.