A company you can count on
Uncertainty in the world
The last few years have been filled with uncertainty, and with record-breaking inflation, the cost-of-living crisis, the semiconductor crisis, a war in Europe unlike anything seen since the 1940s, and a pandemic, the economic outlook for the next few years is even more uncertain.
As a result of the semiconductor crisis a few years ago, there has been a scarcity of new cars on the market, which has resulted in valuations across both the new and used market skyrocketing. Increased consumer demand for new and used vehicles has also led to some record-breaking years in terms of turnover and profit for many in the motor trade.
Challenges in the finance market
As banks and lenders typically become risk-averse during tough economic times, their appetite for lending reduces. We expect some motor finance companies will also begin to tighten their lending criteria, to minimize their own exposure as financial difficulties in the economy continue.
Many motor finance companies did temporarily withdraw from the market altogether due to the COVID-19 lockdowns. Those finance companies that did remain open for business, chose to only service customers with a good credit file, and many dealerships were unable to sell cars to subprime customers as a result!
Why you can rely on First Response Finance
We did not stop lending during the national lockdowns, we also kept our phone lines open, ensuring that even in times of uncertainty, our dealers and customers knew they could contact us to discuss their concerns and that we would be there to support them.
As a result of the support we offered, over 90% of our customers continued to pay us. In addition, we decided not to furlough our employees. Instead, we gave them the tools to improve our business processes that they felt needed improving, and the changes that were implemented have contributed to record growth as a result. Also, we have begun collaborating with third parties to ensure that our award-winning services are available to more dealerships.
Here at First Response Finance, we truly put our customers and dealers at the heart of everything we do. The most important aspect of our business is that you can rely on us when it comes to your sub-prime customers, and we will be there when you need us most.
Partner with us
If you want to work with one of the best sub-prime finance companies in the UK, First Response Finance is here for you. Our flexible criteria, award-winning service, and consistent recognition from the industry, we are the go-to sub-prime finance company in the motor trade that you can trust.
Partner with us and experience the difference of working with the best subprime finance lenders, dedicated to helping you and your dealership get more deals over the line. If you don’t currently work with First Response Finance and would like to discuss how we can help you and your sub-prime customers, click the relevant button below, and Brad from our team will be in touch to discuss how we can help you sell more cars on finance.
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