CarMoney, the fast-growing Glasgow-based motor finance business, is set to expand its financing activity into car leasing following a partnership agreement with Fleet Alliance.
Based in the east end of Glasgow, CarMoney – launched in 2016 – provides borrowers with a guaranteed funding package before they buy a car. CarMoney says it puts car buyers in the best possible position to negotiate on price.
With a strong growth rate, CarMoney employs 35 people and is financing 500 cars a month at an average interest rate of 14.9 per cent. This has led, in turn, to its customers making average interest payments savings of £1155 claims CarMoney.
Managing Director of CarMoney, Alastair Grier, said: “Our partnership with Fleet Alliance broadens significantly the base of our operations into leasing and looks set to deliver substantially increased business for both of our companies.
“Car buyers who come to CarMoney can now be offered the broadest possible range of funding options on new and used cars. At CarMoney we aspire to give everyone a brilliant, much simplified customer experience and believe our offering will be of particular value to people looking to save money on a brand new car.”
Martin Brown, MD of Fleet Alliance, said: “CarMoney has made exceptional progress since its launch in 2016 and we have been impressed by its ambition. We have entered into an exciting agreement with CarMoney and anticipate that it will provide yet another attractive financing option to boost new car sales throughout the UK.”
CarMoney was launched to source suitable ethically capped, low rate car loan packages to a range of borrowers including people whose credit records might not secure them a deal with some car finance providers and might struggle to find credit terms on which to buy a car. In addition, it guarantees to beat any car finance quote as well as offering a personal concierge customer experience with an allocated executive for each application.
CarMoney secures funding for customers with Barclays, Santander, Hitachi Capital, Blue Motor Finance and 14 other lenders. Its average Annual Percentage Rate (APR) on car finance is around half that of many of its competitors at 14.9 per cent.