FINANCE specialist Moneyway’s Motor Finance has extended its product range to offer customers and dealers added flexibility with the option of 120 per cent loan-to-value.

Moneyway’s near prime product has been enhanced with an increased loan-to-value (LTV) from 110 to 120 per cent, which is applicable to used cars aged up to 72 months.

It will lend a greater amount against the CAP retail value of vehicles as part of the initiative designed to continue the growth of the firm’s market share, having raised lending values by 19 per cent in the last year.

John Simpson, managing director of Moneyway’s Motor Finance, said that the business had enjoyed “a buoyant last 12 months” and hoped to increase its momentum heading into the new year. He said: “We are always looking for new and innovative ways to extend our product range, so it is extremely pleasing to be able to extend our LTV offering.

“The 120 per cent mark provides both consumers and dealers with increased flexibility on both vehicles and products.”

Moneyway’s new increased lending criteria will provide car dealers with additional flexibility when sourcing vehicles for their customers, ultimately allowing consumers to benefit from more choice of vehicles.

The business was recently rewarded for a transparent and fair approach to motor finance, claiming the Treating Customers Fairly award at this year’s F&I Conference and Awards.