Motorpoint ensures responsible lending through 3x3 finance programme

Following the recent report by the Trading Standards Institute, which claims high levels of interest and uncompetitive credit agreements are being charged by independent dealers and car supermarkets, Motorpoint, the multi-brand car supermarket with one of the biggest choice of cars and vans in the UK, is reassuring customers through its continued commitment to providing finance which does not go beyond their means, and therefore avoiding the fear of being plagued with unrealistic monthly repayments and a mounting level of debt.

When purchasing a car or commercial vehicle through Motorpoint, customers have the added comfort that the car supermarket’s in-house 3x3 finance programme is strictly governed by the Financial Services Authority (FSA), which results from Motorpoint having to meet strict criteria prior to being able to offer credit to customers. In addition, the package is also underwritten by Lloyds TSB’s Blackhorse Finance arm providing further evidence of the requirement to adhere to strict industry regulations which governs the issue of credit.

Motorpoint, which has 4 sites across the UK in Derby, Burnley, Glasgow, and Newport, South Wales, ensures that monthly payments on both new and used cars are affordable for its customers by evaluating their needs and their budget. This is achieved through a clear and transparent process before determining the 3-year tailored repayment plan which only starts upon collection of the vehicle. At the end of the period, customers will have a guaranteed minimum value which they are also aware of before they enter the plan, and can either pay the remaining balance and keep the car, give the vehicle back incurring no further payments, or part exchange the car and use the generated revenue as deposit for the next vehicle.

Commenting on the car supermarket’s commitment to providing affordable credit to customers, David Shelton, Managing Director of Motorpoint explains: “Independent dealers and car supermarkets have been targeted for uncompetitive interest rates and finance agreements, which is an image which has been created from the unfortunate experiences of a minority. We take the issuing of credit and finance very seriously to ensure that our customers get the best deal based on their individual requirements. In this highly competitive environment, it is important to build a good long term relationship with the customer, and charging high levels of interest and large monthly repayments, goes no way to helping achieve this.”