Startline Motor Finance is extending its concept of flexible prime motor finance to more customers with the launch of its new Finishline product.
Finishline is being targeted at used car buyers who narrowly fail to meet the company’s current lending criteria but are still considered to be good quality applicants.
Startline’s chief executive Paul Burgess (pictured) said: “With Startline we have more flexible lending criteria than prime lenders but we are able to offer similar products and customer pricing.
"We believe that, with a shifting social and economic landscape signifying changes in home ownership and employment patterns, this makes absolute sense.
“We believe our Finishline product is priced more fairly than certain sub-prime lenders where these customers may otherwise be placed.”
Burgess said that the motor finance market had historically tended to operate in terms of a strict prime/sub-prime division, but suggested that this was beginning to change.
He said: “We see the market as more of a spectrum of risk. It makes no sense and is unfair that, very often, buyers who slightly fall below prime lender requirements end up using a sub-prime offer.
“What we do at Startline is try to look at the applicant as an individual. Of course, we have some hard lending rules but in areas where other lenders take a black-and-white approach, we will take a look at the applicant in more detail. Finishline is a continuation of this approach.”