Experienced motor finance lender The Funding Corporation (TFC) has announced the launch of Inisium – a new alternative finance package intended to help motor dealers expand their customer base.
The company says that Inisium has been structured specifically for credit-challenged buyers, including those whose higher incomes don’t limit their choice solely to budget vehicles.
It will, believes TFC, meet an important and growing need for finance which recognises that many customers with a poor credit history have now overcome their previous financial difficulties.
TFC says that Inisium marks a fresh commitment by the firm to partnering with independent motor retailers, dealer groups, car supermarkets and finance brokers.
Inisium is a Hire Purchase product which offers a level of borrowing consistent with the person’s ability to afford the repayments, plus terms of up to five years with no initial deposit.
According to TFC Managing Director David Challinor, the facility will benefit all borrowers:
“A decade or so ago, mainstream lenders tended to overlook minor credit blemishes – but since the credit crunch, it’s been almost a case of one strike, and you’re out,” he said.
“This leaves a large number of people with comfortable earnings and secure employment whose purchasing power is capped by restrictions on how much they can borrow.
“Inisium will enable car retailers to promote themselves to a much wider market,” said Mr Challinor.
The facility will be available with full on-line management, and same-day advance and commission payments.
TFC was formed in 2001 and was nominated once again this year for the “Alternative Lender of the Year” accolade from Credit Today magazine – a title it won outright in 2011.
Mr Challinor says TFC is keen to develop a close partnership with dealers which offer Inisium, and to become an invaluable ally in their business objectives.
“The retail motor industry is constantly changing, and Inisium will similarly evolve as a lending product to help our partners improve their bottom line, whilst ensuring that their customers get a product that suits their needs and circumstances” added Mr Challinor.