Cash For Car – Will You Get Underwritten?
Saturday, 12. December 2009
Warnings have been issued to employees that are considering a cash for car option. The warning from the boss of Pendragon Contracts, Neal Francis was making the point that lenders are more likely to consider a company application for finance either for company vehicles or as part of their salary sacrifice scheme. He pointed out that the market had changed significantly and individual applications are not as attractive to contract hire companies as large corporate applications which could lead to individual employees being declined for finance. Personally I feel that he was simply pushing his salary sacrifice scheme but there is some truth in the fact that more individual applications are being declined as a result of lenders not having enough money to lend. By Graham Hill
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