New finance options make Ride it away a more attractive option
Posted on in Cycles News
Lower APRs and a reduced minimum loan amount make the Ride it away scheme even more attractive for both retailers and their customers.
ACT and V12 are continually reviewing the Ride it away scheme to ensure that retailers are getting the best possible products and value. Following a recent review, some new and improved options will be coming into effect from 19th October 2015 for all new and existing Ride it away retailers.
A new lower interest option of 15.90% APR will become available, replacing the previous 19.50% and 23.90% options. The lower APR option helps you give your customers the chance to spread the cost over a longer period of time on a lower, more affordable APR, whilst you benefit from paying NO SUBSIDY on the majority of terms at this rate. It's a great option for you and your customers.
The other important change is the reduction of the minimum loan amount, which has been lowered from £350 to £250, giving your customers the ability to purchase a wider range of products. The lower value of £250 means it's even easier to introduce finance on parts and accessories sales - either on their own or in a bundle - helping you to introduce finance to every sale, not just new bike sales!
To find out more about making the most of finance in your shop, click here.
Start offering retail finance today!
There are currently over 800 retailers offering finance through the ACT's retail finance scheme, accounting for £60m of new sales every year!
If you aren't currently offering finance, you are missing out on the growing number of consumers wanting to purchase high-end bikes. With over 800 retailers offering the service, your customers could soon find their way to competitors who do offer the finance options they're looking for.
Ride it away is available to any cycle's business who will benefit from:
- Free V12 set-up worth £495
- Personal support throughout the application and FCA authorisation process
- No minimum finance turnover requirement
- Payment issued by V12 same day and in your bank within 4 days
- National promotion on the Ride it away consumer website
- Access to FCA compliant POS material
- Access to web banners for use on your own website
Click here for more information about the Ride it away scheme
Get started for free
The FCA announced on 18th March that retailers offering limited retail finance options are no longer required to be authorised by the FCA. Retailers who offer 0% (interest free) finance up to 12 months will no longer have to be authorized and regulated by the FCA, or be liable for the annual fees and charges involved with being regulated.
However, whilst retailers no longer need FCA authorisation to offer the basic 0% option, ActSmart and V12 have created a wide range of product options which enable retailers to offer their customers different APRs and protect their margin. In order to fully utilise all the product options available you will still require FCA authorisation, which costs just £100.
With more customers feeling confident in their ability to pay back their loans, the interest bearing options are just as popular with consumers as the 0% options.