Startline Motor Finance’s new “Finishline” product targets used car buyers who narrowly fail to meet the company’s current lending criteria.
CEO Paul Burgess explained the companies take on the non-prime market: “With Startline we have more flexible lending criteria than prime lenders but we are able to offer similar products and customer pricing. We believe that, with a shifting social and economic landscape signifying changes in home ownership and employment patterns, this makes absolute sense.
“We believe our Finishline product is priced more fairly than certain sub-prime lenders where these customers may otherwise be placed. We see the market as more of a spectrum of risk. It makes no sense and is unfair that, very often, buyers who slightly fall below prime lender requirements end up using a sub-prime offer.
Paul concluded: “What we do at Startline is try to look at the applicant as an individual. Of course, we have some hard lending rules but in areas where other lenders take a black-and-white approach, we will take a look at the applicant in more detail. Finishline is a continuation of this approach.”
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