Poorest car buyers hit by car loan changes

Mon, 21 Apr 2008



One of the largest UK providers of bad credit car finance loans has suddenly pulled funding from numerous independent dealerships around the country. The car finance company will now concentrate on their own outlets.

For those consumers seeking car finance on a second-hand vehicle, particularly those with a poor credit history, the decision could narrow options. However, Welcome Car Finance, the company in question, were clear to stress that the move had nothing to do with the credit crunch.

Welcome Car Finance, who are part of Cattles, have seen numerous customers looking for finance from third-party dealers in the last year. But providing finance from their own outlets is more profitable than this alternative, and Welcome have pulled the pin.

Experts in the vehicle finance industry say it will be a crushing blow for dealers.
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