V12 Vehicle Finance – powered by Secure Trust Bank – has bolstered its financial offering with the launch of its new Prime Hire Purchase (HP) product.

The Solihull-based company is a used car finance solution that helps independent and franchised car dealers across the UK source, buy, sell and finance used vehicles more efficiently and more often.

Its new HP product will provide financing between £3,000 – £55,000 to buy a used vehicle, which will be no older than 12 years old at the end of the agreement. V12VF offers a fully integrated and digital-first service with a full suite of software that facilitates quick decision making and fast payouts for both dealers and customers.

V12VF predicts that around 70% of used car finance will be prime on lending panels, giving customers access to a range of high quality cars, a competitive loan to value and rapid underwriting.

Ciara Raison, Sales and Marketing Director of V12 Vehicle Finance, said: “Launching our new Prime offering is a huge milestone moment for us. Not only is it a new market for V12VF but it will also open up more options for people looking to buy used cars.

“We know that this product will benefit both buyers and dealers. In fact, we trailed Prime in July with a select number of dealers and the attractiveness of the deal resulted in five times the number of projected dealers applying.

“We’re committed to making purchasing and financing decisions convenient and streamlined for both dealers and customers, which is why we’re a digital and technology-led business. The launch of Prime marks the start of an exciting new era for our business. We’ve got big plans in the next 12 months to make lending more efficient and more accessible.”

V12 Vehicle Finance is part of Secure Trust Bank’s subsidiaries (the Group), which also includes V12 Retail Finance and Moneyway. This means that the Group now offers Prime and Near Prime financing options. V12VF will also be developing and launching PCP options later on in the year.