SANTANDER Consumer Finance is to roll out its new contract hire product for the business and personal sectors on a nationwide basis.
Following a successful pilot programme, it will be sold through selected intermediaries including motor dealers and finance brokers.
The trial lasted 10 months and involved businesses with which Santander Consumer Finance (SCF) already has strong business relationships.
A new quote management system has been built for the launch, which SCF states will help to deliver industry-leading underwriting and pay-out times.
Gary Corkish, head of broker and leasing, said: “This launch marks an important step in SCF’s strategy to widen our product portfolio and gives us an important foothold in the contract hire market for the first time.
“Our pricing is competitive and the new quotation management system has been very well received by users. I’m looking forward to the national rollout as it continues to dealers and brokers over the coming months.”
Stewart Grant, commercial director, added: “Launching a contract hire offering for individuals and businesses is a key part of our 2016 business strategy and one which provides us with a route into an important and growing part of the market.
“By widening our product portfolio we can now reach new market segments as well as protect existing business streams. Certainly, it will give SCF a competitive edge within independent automotive finance, building on our already market-leading proposition.”