Low APRs driving more Brits to spread the cost
Posted on in Outdoor News
Consumer credit is rising at an annual rate of 9.3% - the fastest since before the financial crisis. It's credit cards, retail finance schemes and personal loans where the most action is taking place.
The figures come from the latest Bank of England Credit Conditions Survey.
According to the research, new car loans are a big factor. The Bank draws attention to data from the Finance & Leasing Association showing that the value of car finance in 2015 was £28bn - double that of 2011.
According to the Bank, the main reason for this consumer credit growth is the low interest rates, suggesting low APR or interest free finance offers could be the key to boosting customer spend.
And it looks like the trend for credit is set to continue rising. The Treasury's watchdog expects household borrowing to rise to £672bn by 2021, up from £440bn today.
Start offering finance now in time for summer!
With
demand rising, now is the time to join the growing Take it outdoors retail
finance network, giving your customers the opportunity to purchase the
products and accessories of their dreams by spreading the cost with as
little as 0% finance.
Since regulations changed in March 2015 - meaning retailers can start offering 0% finance up to 12 months without the need for a licence and at NO cost - the scheme has grown and is now offered by over 900 retailers, accounting for sales of £70m of new sales last year alone.
Take it outdoors is available to any outdoor 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 Take it outdoors website
- Access to FCA compliant POS material
- Access to web banners for use on your own website
Click here for more information about the Take it outdoors scheme
If you aren't yet offering finance, contact us to see why Take it outdoors is the right solution for you.
Already offering finance? Don't forget to order in-store POS and download free web banners to show your customers finance is available!
*Take it outdoors is exclusively available to retailers upon joining the Take it outdoors scheme. Subject to terms and conditions, including but not limited to, a minimum 12 month trading history, the business declaring a positive net worth and the search results of credit reference agencies