Paragon Bank’s Motor Finance division has enhanced its offering with an extended 15-year loan term for motorhomes, increasing customer flexibility to provide financial solutions that align with their needs.
Lending terms tailored for qualifying vehicles now span from two to 15 years, an increase from the previous cap of 10 years.
The demand for leisure vehicles, particularly motorhomes, has surged in recent years. The National Caravan Council reports a consistent year-on-year increase in motorhome registrations, with numbers increasing from 14,655 in 2018 to 16,608 by June 2021. The sector contributes over £9.3 billion annually to the UK economy.
Since Paragon Bank launched into the leisure market in 2018, the Motor Finance division has facilitated over £130 million worth of motorhome finance.
Julian Rance, Motor Finance Director at Paragon Bank, commented: "We are dedicated to enhancing products and services and take immense pride in bolstering support to our customers. I am thrilled to introduce these new lending terms for motorhomes with immediate effect.
He added: “The motorhome market is a specialist channel that suits our service-driven approach and ability to underwrite high-value specialist assets. This product enhancement demonstrates our ongoing commitment to grow within the leisure channel.”
For further information contact:
Annette Coyle
Media Relations Executive
Tel: 0121 712 2313
www.paragonbank.co.uk
Notes to editors:
Paragon Motor Finance provides funding for cars (including electric), light commercial vehicles, motorhomes and touring caravans.
Paragon Motor Finance is a member of the Paragon Banking Group which is a FTSE 250 group based in Solihull in the West Midlands. Established in 1985, Paragon Banking Group has over £14 billion of assets under management and manages over 340,000 customer accounts.
Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 5390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551.