Car Scrapping Scheme Will Have No Impact On Sub-prime Customers

Chancellor Alistair Darling's plan for a £2,000 discount to anyone who trades in a car older than ten years, will have no major impact on business insists specialist sub-prime car dealer, ACF Car Finance Limited.

The company, which is now the market leader in its field, having recently reported its busiest day ever for loan applications to date, believes the Government's incentive will do little to help sub-prime customers as the availability of suitable finance to purchase a brand new car is unlikely to change.

Norman Beaumont, Sales and Marketing Director of ACF Car Finance, commented: "The majority of sub-prime customers wouldn't necessarily qualify; they tend to be in the market for cars which are three to five years old, mainly due to the fact that the majority of sub-prime lenders don't extend finance to cover older vehicles. And in most cases, a customer who drives a car older than ten years is not in a situation to have the access to the funding required to buy a new car, so again would not be able to take advantage of the incentive."