Car finance firm is continuing to grow at fast pace

Picture: Isle of Wight Radio/PA Wire

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GEARING itself up for another year of growth, a car finance firm is looking at expanding its available loans.

The Car Finance Company (TCFC), based on Kingston Crescent, in Portsmouth, has announced it is raising its maximum loan from £6,500 to £10,000.

It will also allow repayment terms of up to 48 months in place of the previous 36-month limit.

The move follows database analysis of over 30,000 customers by TCFC which shows that a growing number of its non-prime borrowers are able to demonstrate five-figure affordability.

They will now be able to choose from the motor retailer’s lower mileage or higher specification stock, or even buy a completely new vehicle from franchised dealers.

It comes as the company has seen its monthly lending grow from £500,000 to more than £8m in the last three years and it expects to see that figure doubled in 2015.

Mark Smith, founder and managing director of TCFC, said: ‘So often we hear of applicants declined loans because of historic problems, even though these have been remedied and the person’s earnings are back on track.

‘Our underwriters deal one-to-one with customers to create an accurate and up-to-the-minute picture of their present position and their long-term ability to afford repayments.

‘We regard this as a much fairer approach than impersonal credit-scoring, and means we can often offer finance to individuals refused by other lenders.’

The firm’s sustained growth was recognised in December when it was named as the UK’s second-fastest growing business in the Sunday Times Virgin Fast Track 100 league table.