Australian Motor Finance Opens for Business
Australian Motor Finance has been set up to help people without a credit history, or those with past, explainable credit problems, to buy better cars than they otherwise could.
The Managing Director of AMF, Mr Denis Angeleri, said "Mainstream lenders had tightened their lending practices and, in the process, had screened out borrowers who were very acceptable credit risks."
"This is a large and growing market in Australia which we estimate at more than $2 billion," Mr Angeleri said.
The market is being driven by changes to lifestyle, including more flexible working arrangements, early retirement and a high and increasing divorce rate and the increasing difficulty people with even minor credit defaults have in trying to get finance from mainstream lenders.
The market size has been confirmed by motor vehicle dealers, who say they are losing almost one in nine sales because there is no suitable finance product for this market.
Mr Angeleri said, "that following the successful trial of the product in South-East Queensland and Melbourne, Australian Motor Finance will undertake a phased roll-out along the Eastern Seaboard of Australia in the next three months. Australian Motor Finance will launch in WA, SA and Tasmania in the second half of 2003." The AMF product range is being distributed nationally by one of Australia's largest and most reputable motor vehicle finance brokers, Capitalcorp Finance and Leasing. Australian Motor Finance can be contacted on 1300 668346.
24 February 2003 | 
