According to
vehicle finance news this morning,
car buyers may soon be able to find
car finance from an alternative source. The Retail
Motor Industry Federation are considering setting up alongside
an existing
banking entity to create a new
motor finance facility.
The RMI is the
motor sector trade body that represents some 8,000 different
businesses that sell both used and
new cars . The RMI bank would in theory give
car dealers their own finance resource, meaning consumers would
be able to benefit with
car loans and new
cars would finally be sold.
The RMI will take the idea to the government. Chief Executive Rob
Foulston reportedly commented: The current economic situation
has made it clear that the retail motor sector would benefit from
having its own source for consumer finance. While
credit is available, this additional resource can only be of
benefit to the industry. By having its own finance house, the
retail motor sector will have control over its own finance, and be
able to market this directly to consumers and
businesses.
