Retail finance companies

[fridaypassion]

Just wondered if anyone uses retail finance companies? Who would be the best company to use ideally with a simple application process for the customer?

Typical spend about 5-6k

[EddieSteadyGo]

We use V12 Finance. They offer a good service, are competitive on price and offer the option to integrate with your website (if that is important to you).

[AnimalMother]

I was just about to post a thread about the same thing.


Last time I looked at this the main player was pay4later, well it looked like everyone was using them.


But now the market seams to be a lot bigger with Pay4Later, V12 Finance, afforditNOW and Close Brother.


Anyone got any advice on who to go with? Best rates vs higher rates of approval, etc


Also, as I understand it we need out own consumer credit license before hand but the rules around these have changed in the past year or two. Any pointers on getting this?

[EddieSteadyGo]

AnimalMother said:

I was just about to post a thread about the same thing.


Last time I looked at this the main player was pay4later, well it looked like everyone was using them.


But now the market seams to be a lot bigger with Pay4Later, V12 Finance, afforditNOW and Close Brother.


Anyone got any advice on who to go with? Best rates vs higher rates of approval, etc


Also, as I understand it we need out own consumer credit license before hand but the rules around these have changed in the past year or two. Any pointers on getting this?

Don't forget Hitachi Finance as if you have a decent volume they are also very competitive.

The rules have changed since regulation for consumer credit moved over to the FCA. An exemption was introduced last year which meant meant you didn't need a license in certain situations (essentially if you offered interest free credit, didn't make any charge for it, and it was only offered over a term of 12 months or less). If you contact the FCA they can provide full details.

Price and acceptance rate very much depends on your volume and sector. I would suggest as a guideline aim for a cost less than 5% for 12 month interest free. Our acceptance rate with V12 is varies between 85 - 90%.

[AnimalMother]

EddieSteadyGo said:

Don't forget Hitachi Finance as if you have a decent volume they are also very competitive.

The rules have changed since regulation for consumer credit moved over to the FCA. An exemption was introduced last year which meant meant you didn't need a license in certain situations (essentially if you offered interest free credit, didn't make any charge for it, and it was only offered over a term of 12 months or less). If you contact the FCA they can provide full details.

Price and acceptance rate very much depends on your volume and sector. I would suggest as a guideline aim for a cost less than 5% for 12 month interest free. Our acceptance rate with V12 is varies between 85 - 90%.

Thank you, I have actually bought a watch before interest free and it was Hitachi Finance underwriting it. But I assumed Hitachi were just the underwriter of the debt not the provider/gateway, like pay4later, etc. (Not sure of the correct terminology)