Carlyle Finance has launched a plan aimed at homeowners aged above 55 as it bids to fill a perceived gap in the market place.

The Freedom plan - sold through dealers - is designed to offer mature customers an alternative source of funding for cars. Carlyle says many older buyers rely on savings or borrowing against their homes, forcing them to compromise on the standard of vehicles they can afford.

Freedom aims to tap into what it sees as a rapidly expanding market. Its product is available to buyers from 55 to 70 years old and on cars from new to five years old. APR is typically 11.9 per cent.