In Tough Times, You Can Count On Us!

The last few years have been filled with uncertainty and with record-breaking inflation, the cost-of-living crisis, the semiconductor crisis, a war in Europe unlike anything seen since the 1940s and lockdowns due to the pandemic, the economic outlook for the next few years is even more uncertain.

As a result of the semiconductor crisis, there has been a scarcity of new cars on the market, which has increased valuations across both the new and used market. Consumer demand for new and used vehicles has also led to some record-breaking years in terms of turnover and profit for many in the trade.

"expect some motor finance companies to tighten their lending criteria to minimise their own exposure"

However, there are already reports that consumer demand is already declining. It is true that some car valuations have started to drop slightly, and although we do not wish to be negative, we have some tough and difficult times ahead of us. As banks and lenders typically become risk averse during tough economic times, their appetite for lending reduces, and the Bank of England is predicting a deep and long recession towards the end of 2022. In the coming months, expect some motor finance companies to tighten their lending criteria to minimise their own exposure as financial difficulties in the economy start to bite.

Many motor finance companies temporarily withdrew from the market altogether due to COVID-19's lockdowns, and those who remained chose to only service high credit rating customers to reduce their non-prime lending exposure.

First Response Finance did not stop lending during the national lockdowns, we also kept our phonelines open, ensuring that even in times of uncertainty, our customers and dealer network knew they could contact us to discuss their concerns and that we would be there to support them.?

As a result of this, over 90% of our customers continued to pay us! In addition, we decided not to furlough our employees. Instead, we gave them the tools to improve our business processes that they felt needed improving, and the changes that were implemented have contributed to our record growth as a result.

The team at First Response Finance has also begun collaborating with third parties to support our future growth, as well as ensure that even more motor dealers and customers can benefit from our award-winning services.

"you can count on us and rely on us when it comes to your non-prime customers"

Here at First Response Finance, we truly put our customers and dealer partners at the heart of what we do. The most important aspect of our business is that you can count on us and rely on us when it comes to your non-prime customers, and we will be there when you need us most.

Working with First Response Finance

If you run, own or work in a Car, Van or Motorbike dealership, and you would like us to help you sell more on finance, you can visit the link below to get setup with us: