Secure Trust Bank has launched V12 Vehicle Finance as a one-stop-shop for wholesale and customer finance, as well as stock sourcing.
The bank has partnered with Aston Barclay for the development of this finance proposition, and has also enabled Aston Barclay to offer online credit line approval through its Buyers app. This has been branded as Aston Barclay Stock Funding.
V12 Vehicle Finance supports dealers both in the sourcing and funding of stock, and customers in purchase and repairs.
The new product is part of the bank's plan to treble its motor lending by 2023. It also represents its move into the prime lending market.
Secure Trust believes that V12 Vehicle Finance is a unique proposition, and has developed it to be dealer centric.
But consumers are also in mind and will have access, through dealers, to 0% APR finance to fund vehicle repairs of £250 to £2,500.
A new website and branding accompanies the launch of V12 Vehicle Finance. David Mercer, V12 Vehicle Finance's managing director, said: "We are focused on building a unique proposition for used car and van dealers that has never been seen before in the UK market.
"Secure Trust Bank has built a strong heritage in the vehicle finance sector with Moneyway and is keen to invest in new products to further grow the business."
On Aston Barclay's end, it looks to "connect customers with cars" by simplifying the funding of auction purchases through its digital platforms.
Buyer will, in a few weeks' time, be able to bid on the vehicles they wish, and immediately apply for credit to fund these through the Buyers app.
The entire cost of purchase can be funded, including transport fees and smart repair. The auction company believes that it is the first to offer such a service.
It believes that, in this case, a major cashflow boost for van buyers is that VAT is included in the stock funding arrangement, while VAT is not payable on funding fees.
All account set up and management is online and one monthly direct debit covers all purchases.
Neil Hodson, Aston Barclay Group's CEO, said: "V12 Vehicle Finance is a like-minded business with a focus on establishing a unique digital buying and funding journey for dealer buyers. It's a perfect fit for a strategic business partnership.
"We already have a great relationship with the senior management team and V12 Vehicle Finance is using a best-in-class platform that will make all elements of the dealer stock funding journey fast and efficient".
Article published in Motor Trader