Finance acceptance rates have fallen to as low as 10%, denying the vast majority of our customers the ability to upgrade their old car
Manchester (PRWEB) July 16, 2009
After the closure of competitor "Welcome Car Finance", Concept Car Credit announced today that their position in the field of car finance and second hand cars had considerably strengthened. Bucking recent downward trends in the industry due to increasingly risk-averse banks keeping the supply of loans low, demand for the company's services in car finance had remained rock-solid over recent months.
"Finance acceptance rates have fallen to as low as 10%, denying the vast majority of our customers the ability to upgrade their old car", said Des Porter, Concept Car Credit's Managing Director. "Although there have been many casualties in the used car and car finance arenas, we believe that we can come out the other side as an even stronger, more efficient business".
Drivers for success have included reducing the price of used cars below the official motor industry valuations, professionally referred to as "Glass's retail value", as well as undertaking more detailed reviews of every applicant's current residential, employment, marital and financial position. Offering customers an unusually wide range of models at Concept's used car showroom has constituted another key factor.
"Smaller, low emission, fuel efficient cars are very popular at the moment and we sell a large number of Ford Focus and Fiesta, Vauxhall Corsa and Astra, Fiat Punto and Renault Megane, particularly the smaller engine, diesel models. Seven-seaters are also in-demand at our used car showroom, with Vauxhall Zafira, Ford Galaxy and Renault Grand Scenic the most sought-after", Porter explains.
Pushing the drive for innovation on the hard-fought market for used cars and finance, Concept Car Credit Manchester also announced they were considering setting up their own finance book in the event that the availability of credit for customers did not considerably improve in the next 12 months.
"Concept Car Credit Ltd is a family-run used car retailer with over 7,000 vehicle sales in the past five years to its name. Concept not only offers cars from a wide range of wholly-owned stock, it also provides vehicles from a nationwide network of suppliers, putting virtually any make or model of car at the disposal of its customers. As the name suggests, Concept Car Credit also has a broad range of credit facilities available to its clients, including products for customers who may have experienced financial problems in the past. Concept is authorised by The Financial Services Authority and is based in North Manchester, but caters for customers across the country".
# # #