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July 23, 2014updated 12 Apr 2017 3:57pm

The Car Finance Company go commercial and offer shares to staff

UK based near prime lender The Car Finance Company has launched a new service to cater to SMEs after seven years covering the near and subprime sector in consumer car finance.

By Mike Cobb

UK based near prime lender The Car Finance Company has launched a new service to cater to SMEs after seven years covering the near and subprime sector in consumer car finance.

The product, which was announced at the company’s annual conference, will provide near prime commercial van and lower rate renewal loans.

The product has been launched in an effort to extend the reach of the company and the dealers they work with into new markets and to diversify their offering. This will help the company to achieve their stated target of £10m in monthly lending and an additional 2,000 customers per month.

In addition to the new product offering the company also announced its intention to offer 5% of the company’s share value to its staff in a scheme similar to that offered by John Lewis to its staff.

In a statement Mark Smith, managing director and founder of The Car Finance Company said: "I am delighted to share our future with our dedicated customer centric team. This is a just reward for the extreme hard work and effort in getting this far. Our staff are key to operational success and it is a pleasure to announce that they will all own a part of the business."

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