Higher credit limits for provisional licence customers
Provisional licence customers can now borrow up to £8,000
We've increased the maximum credit limit for eligible customers with a provisional driving licence. The new £8,000 maximum gives you another option when you're helping a provisional licence customer find their next car.
What’s changed?
The maximum credit limit for eligible provisional licence customers has increased by £2,000, from £6,000 to £8,000. Every application is still assessed individually and is subject to our normal lending criteria. £8,000 is the maximum credit limit, not a guaranteed amount for every customer.
So, if you have a provisional licence customer in your dealership, you now have more options!
What could this mean for your dealership?
A customer with a provisional licence may already have an idea of the type of car they're looking for. The challenge can sometimes be finding something that fits their budget. The previous £6,000 limit could have restricted the vehicles available to some customers. Increasing that limit to £8,000 gives you more room to work with.
It could mean your customer can consider a wider selection of your stock, rather than having to focus solely on the lowest-priced vehicles. That gives you more opportunities to have a conversation about the cars you have available and find something that works for your customer. It also means you don't necessarily need to rule out a provisional licence customer simply because they're looking at a vehicle above the previous £6,000 limit.
More choice can make the difference
You might have a customer who has found a car they want, but the amount they can potentially borrow doesn't stretch far enough. With the maximum now increased to £8,000, there could be more of your stock that's worth considering.
It doesn't mean every provisional licence customer will qualify for £8,000, but it gives you another option when you're working out what's possible for your customer. So, if you've got a provisional licence customer on your forecourt, don't rule them out. Have the finance conversation and see what we can do.
More options for your customers
A customer with a provisional licence might already have an idea of what they're looking for. It could be a particular make or model, a newer car or simply something that fits their budget.
The increase to £8,000 means eligible customers could now have more options to consider. Of course, what a customer can borrow will depend on their individual circumstances and our lending criteria. But with a higher maximum credit limit, there could be more opportunities to find a vehicle that works for them.
And for you, that could mean another opportunity to get the deal over the line.
Don't rule out the customer before they've applied
We consider applications from customers with provisional driving licences, subject to our lending criteria. Eligible customers must have passed their theory test and have their practical driving test booked. So, if you've got a provisional licence customer who's ready to buy, don't assume finance won't be available. Send us the application and let us review it.
Got a provisional licence customer?
The next time a customer with a provisional licence is looking for a car, don’t rule them out. With the maximum credit limit now increased to £8,000, there could be more options available to eligible customers.
Ready to get an application started? You can 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.