With mortgage lenders, banks and building societies electing not to lend to ‘risky’ sub-prime borrowers, it appears the impact of the credit crunch has now reached into the car finance sector.
Welcome Car Finance, one of the largest UK providers of hire-purchase schemes for second-hand vehicles, are now choosing not to lend to those borrowers with heavy adverse credit ratings.
Welcome have been regarded as a company who would lend no matter what the circumstances, although often borrowers paid very high interest rates for the privilege, some almost as high as 50%.
Welcome have around 700,000 customers, and revealed this week that they would stop using vehicle brokers to arrange deals on their behalf. Now Welcome will only offer vehicle finance through their own car showrooms.
Furthermore, Welcome will also concentrate on more expensive vehicles, seen as posing lower risks.
Welcome Car Finance close the door to heavy adverse
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Welcome Car Finance close the door to heavy adverse
Tue, 22 Apr 2008
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