Advertisement feature from V12 Vehicle Finance
V12 Vehicle Finance (V12VF) - powered by Secure Trust Bank - has bolstered its financial offering with the launch of its new Prime Hire Purchase (HP) product.
Launching its new Prime product in the wake of Covid-19, the Solihull-based company helps independent and franchised dealers across the UK, source, buy, sell and finance used vehicles more efficiently and more often.
While the global pandemic has momentarily staggered the auto industry, the used car market has showcased its resilience and agility, underpinned by rapid digitalisation.
Recognising the demand for digital solutions, the launch of V12VF’s HP Prime product has been welcomed by dealers who are taking advantage of technology to navigate through a demanding and uncertain market.
Working closely with strategic partners to create a seamless and fully integrated service, V12VF is committed to improving operational efficiencies for independent and franchised dealers across the UK, through its range of products and services. Combining auction services, dealer stock funding, and customer financing, the V12VF ecosystem provides dealers with the right tools to meet customer expectations.
V12VF’s new Prime HP product will provide financing between £3,000 - £55,000, with terms ranging from 24 to 60 months, to buy a used vehicle, which will be no older than 12 years old at the end of the agreement. V12VF offers a fully integrated and digital-first service with a full suite of software that facilitates quick decision making and fast payouts for both dealers and customers.
Furthermore, automatic referrals to Near Prime, e-sign capabilities and reduced admin will help to bridge the gap between the online and physical experience, helping dealers to streamline operations, reduce physical contact and cut costs.
Ciara Raison, Sales and Marketing Director of V12 Vehicle Finance, said: “Launching our new Prime offering is a huge milestone moment for us. Not only is it a new market for V12VF but it will also open up more options for people looking to buy used cars.
Having dealt with the initial shockwaves of the pandemic back in March 2020, many used car dealers have worked hard to pivot in the wake of the crisis, shifting the parameters of their business model to make room for new buying habits and shifting customer journeys.
We’re committed to making purchasing and financing decisions convenient and streamlined for both dealers and customers, which is why we’re a digital and technology-led business. The launch of Prime marks the start of an exciting new stage for our business. We’ve got big plans in the next 12 months to make lending more efficient and more accessible.”
The launch of Prime HP kickstarts an exciting period of growth for V12VF as the used vehicle finance company looks to expand and build upon its current financing options even further over the next 12 months.
V12 Vehicle Finance and Moneyway are trading names of Secure Trust Bank. This means that the Group now offers Prime and Near Prime financing options tailored for each customer and their requirements. V12VF will also be developing and launching PCP options later on in the year.