A rate cut to 4.5% across all Payment Assist’s three-month payment plans is aimed to help dealerships increase their sales conversion.
The move is being seen as a step to let dealer partners help their customers spread the cost of significant repair bills.
Chris Masters, chief commercial officer at Payment Assist, said: “Our model is simple – an effective, proven, single-source solution for aftercare, repair and value-added finance needs. By reducing our rates across all 3-month plans, we aim to help franchised dealers offer fair and accessible finance options, improve their conversion rates and support future growth.”
A provider of flexible finance solutions for the automotive sector, and owned by AIM-listed Manx Financial Group, Payment Assist has already served more than one million customers and processed over £900 million in transactions.
It works with more than 8,000 garages and dealerships in the UK, providing buy-now-pay-later and retail finance.
It said its customer first approach means it is renowned for providing seamless solutions for the franchised dealer community.
Masters added: “We want to make offering flexible finance easier than ever for franchised dealers. That’s why we integrate with multiple market-leading systems, including Keyloop, eDynamix, Purchase Direct and EMaC, among others, to ensure a smooth fit into existing processes. This, alongside our commitment to bringing innovative new products to market, means that dealers are assured of a sector-leading, streamlined solution.
“With highly competitive rates and a partnership-led approach, we’re passionate about setting the industry standards and supporting long-term business growth.”