Paragon launches new finance packages for LCVs

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Paragon Car Finance, the vehicle finance arm of Paragon Bank, has launched a new range of hire purchase finance packages for new and used LCVs and car derived vans.

The first of several product developments planned for 2015, these new packages are available through the Paragon Car Finance network of approved brokers and dealers to businesses and sole traders throughout the UK.

The UK LCV market is going from strength to strength, buoyed by economic recovery and rising demand for delivery services fuelled by the explosion in online shopping.

Growth in LCV registrations has been particularly strong, with 321,686 registrations for the year, up 18.7%.

The core product from Paragon is available to business owners with a two year trading history and offers advances of £2,500 up to £50,000 repayable over a term of between 12 and 60 months, with a deposit of 10% plus VAT.

A modified version of the product is available for businesses with a shorter trading history, as well as a more flexible version for certain categories of customer opting for larger loan amounts.

Julian Rance, head of Paragon Car Finance, said: “The launch of our new LCV finance packages marks a very positive start to 2015.

“Designed in response to market feedback, it’s clear that there is strong demand for more choice in this under-served part of the vehicle finance market and we look forward to bringing our competitive pricing and hallmark service levels, including direct access to underwriters, to this growing segment.”

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