Looking into car finance recently I discovered that Clearway Car Finance are one of the first car finance brokers to introduce the soft search, which enables them to assess a customer eligibility for a particular finance product offered by a lender on their panel before a full credit search is conducted. In particular this helps people who have a bad credit rating to avoid doing additional damage by undergoing multiple credit checks with multiple lenders, this is bound to give more people the confidence to apply for finance. This is one of many technological advancements in the motor finance industry that are likely to have contributed to the rise in the take up of consumer car finance. Other contributing factors are the rise in the popularity of the (PCP) Personal Contract Purchase plan and the introduction of the payment box which is similar to that used by insurance companies, but in the case of car finance helps lender mitigate risk and ultimately means more people are eligible for car finance than ever before.
Check out an interesting article on the Finance & Leasing Association website that highlights that new car finance volumes were up 10% in March/ 2015.