fca Assistance with Car Finance

[2i Cars 0]

Hi Guys

I am new to the forum.

After a long break, I have restarted car trading and have been in the business for 4 months. I am looking for some advice to help arrange finance for my customers.

I have had a number of buyers who are interested in purchasing my cars using finance but we are unable to provide as I am not FCA registered. I have lost a number of potential customers for my cars. Is there a way around this? For example, through using a third party broker to arrange the finance?

I’m in the process of registering a FCA license. This will take a few weeks.

My cars are generally advertised as the cheapest for the model as we target a quick turnaround

Would appreciate any guidance or support

Thanks

 

[Daylight 28]

Whilst you're waiting you can advise them to apply for their own finance with various brokers that advertise on tv. Obviously you can't do the introduction until you're FCA approved. Some brokers will work still work with unauthorised companies

[betginge 73]

On 6/12/2017 at 3:52 PM, 2i Cars said:

Hi Guys

I am new to the forum.

 

 

After a long break, I have restarted car trading and have been in the business for 4 months. I am looking for some advice to help arrange finance for my customers.

 

I have had a number of buyers who are interested in purchasing my cars using finance but we are unable to provide as I am not FCA registered. I have lost a number of potential customers for my cars. Is there a way around this? For example, through using a third party broker to arrange the finance?

 

I’m in the process of registering a FCA license. This will take a few weeks.

 

My cars are generally advertised as the cheapest for the model as we target a quick turnaround

 

Would appreciate any guidance or support

 

Thanks

 

 

 

Some licences have taken a few weeks for some members, my licence which was granted in april took 4 months so be warned you may be in for a wait. 

am sure there are some brokers out there that did work with garages without fca but am sure now they are insisting it for new dealers. 

[U Car Finance 0]

On 12/06/2017 at 3:52 PM, 2i Cars said:

Hi Guys

I am new to the forum.

 

 

After a long break, I have restarted car trading and have been in the business for 4 months. I am looking for some advice to help arrange finance for my customers.

 

I have had a number of buyers who are interested in purchasing my cars using finance but we are unable to provide as I am not FCA registered. I have lost a number of potential customers for my cars. Is there a way around this? For example, through using a third party broker to arrange the finance?

 

I’m in the process of registering a FCA license. This will take a few weeks.

 

My cars are generally advertised as the cheapest for the model as we target a quick turnaround

 

Would appreciate any guidance or support

 

Thanks

 

 

 

Getting FCA approved can be a long process. There are however some brokers who may be able to help. We, at U Car Finance may be able to help. Give us a call or email us. All our information is on our website.

 

 

Edited August 12, 2017 by U Car Finance
Sorry, no links.

[justina3 518]

Why would a simple "sorry we do not offer finance" put you at risk of a bad review ? i have told loads of people we do not offer finance never had an issue

maybe if finance companies didnt act silly regarding retarded customers trying to reject cars more small dealers would sign up.

 

[trade vet 702]

1 hour ago, justina3 said:

Why would a simple "sorry we do not offer finance" put you at risk of a bad review ? i have told loads of people we do not offer finance never had an issue

maybe if finance companies didnt act silly regarding retarded customers trying to reject cars more small dealers would sign up.

 

Unfortunately,the best finance companies don't want small dealers.They want volume prime business with a low application rejection rate.

[Arfur Dealy 823]

2 hours ago, justina3 said:

Why would a simple "sorry we do not offer finance" put you at risk of a bad review ? i have told loads of people we do not offer finance never had an issue

maybe if finance companies didnt act silly regarding retarded customers trying to reject cars more small dealers would sign up.

 

I absolutely agree 100%

[FCA Compliance 0]

On ‎07‎/‎08‎/‎2017 at 3:42 PM, U Car Finance said:

Getting FCA approved is a long wait and denying customers always put you at the risk of bad reviews. There are however some brokers who may be able to help. We, at U Car Finance understand the situation you are in and as a online broker, we may be able to help. Give us a call or email us. All our information is on our website,

 

 

I have submitted over 200 FCA  applications in the last couple of years. I had one that took about 6 months but the rest were approved within 6 weeks, all successful by the way. I am sure there will be some brokers who will still deal with non approved dealers but an easier way is to get the customer to do an online personal loan application. Many will email them paperwork to sign and some even use esign.