Flexible Car Finance Criteria | First Response Finance
More flexibility means more opportunities to sell
Not every customer who walks into your dealership will have a straightforward finance application.
They might have a provisional licence. The vehicle they want might be older or have higher mileage. They could be self-employed, working through an agency or receiving benefits. Or perhaps they've had credit problems in the past.
For some lenders, those things can make it harder to get a deal done. At First Response Finance, we take a more flexible approach.
We look at the individual customer, the vehicle and the application as a whole. And with our recent increase to the maximum credit limit for eligible provisional licence customers, from £6,000 to £8,000, there are now even more reasons to see what we can do.
Provisional licence customers have more options
Let's start with the recent change.
We've increased the maximum credit limit for eligible customers with a provisional driving licence from £6,000 to £8,000. For you as a dealer, that could mean more vehicles are worth considering when you're talking to a provisional licence customer.
The extra £2,000 doesn't mean every customer will be offered £8,000. Every application is assessed on its individual circumstances and is subject to our normal lending criteria. But it does give you more scope to help eligible customers find a vehicle that works for them.
And that's really what our flexibility is about.
Not every customer fits the usual mould
We know that customers don't all arrive with the same circumstances. Some might have a low credit score. Others may be in an active IVA or have an employment situation that doesn't fit the standard lending model. That doesn't automatically mean the conversation has to stop.
We can consider applications from customers who are:
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Self-employed
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Working on an agency basis
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In receipt of benefits
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In an active IVA
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On a provisional driving licence
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Working to rebuild their credit history
Our specialist approach means we're used to looking at applications that may be more complicated than the straightforward cases. It doesn't mean every application will be approved. But it does mean you don't necessarily have to rule a customer out before we've had the opportunity to look at their application.
The vehicle matters too
It's not just the customer who can fall outside the usual criteria.
The vehicle they're interested in might be older, have higher mileage or have a condition marker that some lenders won't consider. That's where having a flexible finance partner can make a difference.
We can consider vehicles over 10 years old and vehicles with more than 100,000 miles. We also provide finance for 125cc motorbikes and can consider Category D and N vehicles in certain circumstances. We even have a minimum lend of just £1,000.
That can give you more options when you're selling vehicles across different price points and stocking a wider range of cars, vans and motorbikes.
So, what does that mean for your dealership?
Quite simply, more opportunities to sell the car the customer wants. Imagine a customer comes into your dealership and finds a car they're happy with.
They've got a provisional licence, and the vehicle is slightly above the price range they may previously have been able to consider. Or perhaps the car has 110,000 miles on the clock. Maybe the customer is self-employed and has had some credit problems in the past.
These are the situations where having a lender that understands the motor trade and is prepared to look at the individual circumstances can be useful. Rather than immediately telling the customer that finance isn't an option, you can put the application through and see what we can do.
Real people making real decisions
One of the things that makes our approach different is the role of our Underwriters. We don't rely solely on an automated system to make every lending decision. Our manual Underwriters can assess applications on their individual merits, helping us consider more complex deals. That matters because sometimes there's more to an application than a credit score or a single piece of information.
Every customer is different, and so is every vehicle.
There may be occasions where we can approve a customer but not the exact vehicle they've proposed. That's why we're happy to discuss a vehicle with you if you're unsure whether we'll consider it.You don't have to know exactly where our criteria starts and ends.
If you're unsure, just ask.
Don't rule the deal out too soon
We know that getting a customer approved is only part of selling a vehicle.
You also need a finance partner who understands that you're trying to get the customer into the right vehicle, keep things moving and get the deal completed. That's why we aim to make the process straightforward for dealers too.
Our Dealer Portal gives you a simple way to submit applications and keep track of them, while our team is available if you need help with an application or want to discuss a vehicle. And if you've got an application ready to go, you can also send it to us through WhatsApp.
More flexibility. More opportunities.
The increase to £8,000 for eligible provisional licence customers is one example of how we're continuing to look at ways we can help our dealer partners. But our flexibility goes much further than provisional licences. Whether it's an older vehicle, higher mileage, a customer with a more complicated credit history or an employment situation that doesn't fit the usual mould, don't assume we can't help.
We can't guarantee that every application will be approved, but we can look at it and give you an answer. And sometimes, that's all you need to keep the conversation going.
Got a customer you'd like us to look at?
The next time you have a customer who doesn’t quite fit the usual criteria, don’t rule them out. Whether they have a provisional licence or are looking at an older or higher-mileage vehicle, we’ll always take a closer look to see what options may be available.
Ready to get an application started? Send it to us in the way that works best for you.
Use your Dealer Portal
Submit your customer’s application through your Dealer Portal and get the process started as normal.
Send it via WhatsApp
Simply send the word APP to 0115 671 1720 and we’ll take you through the next steps.