Paragon Motor Finance has expanded its electric vehicle (EV) finance offering to include vans, in response to customer demand.
Finance is offered on hire purchase and lease purchase agreements, with loans available to both consumers and businesses through intermediaries.
Julian Rance, managing director of Paragon Motor Finance, said: “Our brokers, dealers and customers have highlighted the desire for an expanded electric vehicle offering that meets the needs and growth in this market. After our initial introduction of lending on BEVs in 2021, it was only natural to expand our product range into the LCV market, and also enhance our criteria for cars.
“We want to support the increase in the number of zero emission vehicles on UK roads. We have been pleased with the reaction to our BEV offering and we look forward to working with the trade to satisfy the growing market for LCVs.”
The launch follows the debut of Paragon’s EV finance for cars, at the end of last year.
The UK Government has set the requirement for all new vehicles to have significant zero emissions capability by 2030, before becoming fully emission-free from 2035. Paragon said it will continue expand its product range in the EV market with lending criteria that aims to support and encourage customers to move away from Internal Combustion Engine vehicles.
New LCV registrations have strongly increased this year, resulting in a growing used market. Society of Motor Manufacturers and Traders (SMMT) data showed a 60% increase in new LCV registrations in the six months to the end of June, compared to the same period last year, representing 8,100 vehicles.
Paragon Motor Finance saw its car retail lending soar during the first half of their financial year.
A total of £75.7 million was lent by Paragon Banking Group’s motor finance division during the six months to the end of March 2022, over twice the amount loaned in the comparative period in 2021 and 6% greater than the value in the second half of 2021.