Fix Auto UK has launched a new interest free finance scheme to help car owners fund vehicle repairs that they don’t want to claim on their insurance for.
Fix Auto Finance offers monthly payments over three, six, nine and 12-month plans, a first for the network.
Ian Pugh, director of Fix Auto UK (pictured), said: “Fix Auto Finance has been designed with the consumer in mind. Consumers are opting for higher excesses in order to lower their overall premiums. This has created a new self-funded market space for minor vehicle damage, which is below their excess levels.”
The finance requires a 60 second application process and currently has a 96% acceptance rate on all applications.
The process is fully automated through Fix Auto UK’s existing Fix System software and users will be pre-approved for credit up to £2,000 if they use the estimate request function online.
The platform has already been adopted by more than 30% of the Fix Auto UK network, since its launch last month at the 2019 Fix Auto UK National Conference.
“With 45% of all our damage claims below £1,000, our finance platform offers an alternative payment structure to help remove some of that initial financial pain if needed. It’s only been a few weeks since the launch now, but we are seeing a very positive response from both our network and customers. I look forward to seeing how this develops into the new year,” Pugh added.