SMALL businesses struggling to find new forms of finance to support their enterprises, should find plenty of offers in the vehicle finance market.
The British Vehicle Rental and Leasing Association (BVRLA) believes more banks will return to the vehicle rental and leasing market this year, bringing extra funding to help what it believes will be a growing demand for rental and contract hire car finance.
According to BVRLA chief executive John Lewis, this improved funding outlook for the vehicle rental and leasing industry could not be coming at a better time.
Mr Lewis said: “The recovery we expect to continue this year will be a largely credit-less one, with smaller businesses in particular struggling to meet their borrowing requirements.”
Mr Lewis added: “I am confident BVRLA members will provide the car finance to ensure this economic growth can continue.”
One route to securing additional car finance could be through BVRLA accredited car leasing brokers, such as Central Contracts and Concept Vehicle Leasing, both of which are partners of Business Car Manager. Car leasing brokers understand SMEs and can work with small businesses to find the right cars and secure the correct funding whether on business car leases or through personal car leases.
Mr Lewis confirmed his beliefs that car leasing brokers would be good for SME businesses: “This will be the year when leasing brokers finally come in from the cold,” Mr Lewis said.
“A combination of rising standards and more stringent underwriting criteria from funders will see a smaller but more professional core of brokers emerging. With a growing market of SME customers and a more receptive group of manufacturers willing to work with them, 2011 looks like being a good year for this route to market,” Mr Lewis added.
