Simon Gray, of Credo Asset Finance, says dealers often fall short on business-user finance.

Finance lenders generally fall into one of two distinct camps – retail finance providers and business user funders. Most car dealers have access to two or three retail providers – one is their manufacturer finance (for a new car franchise).

When it comes to quick turnaround finance for good credit cases, on straight HP or a lease purchase/PCP (private contract purchase) deal, they are geared up to provide this with quick decisions including auto underwrites, instant document printing etc. They do this through a credit score for the customer and credit reference agency scoring.

When it comes to credit approval for a business, a partnership, LLP or limited company, simple credit scores either don't work or tend not to agree automatically. Add a lack of business-orientated products and understanding of business finance in general and the stresses and strains of running a business and things can start to go wrong.

The company may have lost money one year, have a negative balance sheet, maybe a default or county court judgment has been picked up as a commercial dispute, or the accounts are late to be filed. Maybe it had a company which was liquidated. Perhaps it wants a no deposit deal, annual or quarterly payments or a variable rate deal. Maybe a contract hire is required or a contract purchase on a used car. The list goes on, and for 'retail finance providers' most of these scenarios would mean they are unable to help.

Credo specialises in turning these nos into yesses. Deeper investigation, a manual approach to underwriting and sometimes extra information to back up a deal are needed. Scorecards are fine and have a place but for most business-user deals they really are not relevant and serve no purpose.

If you are a business-user who struggles to get the right deal for finance provided by a car or commercial vehicle dealer, I suggest you contact a trustworthy asset finance broker who will get the right decision more of the time for you and will understand all the implications and needs a business may have.

Credo Asset Finance is at 85 Yarmouth Road, Norwich, NR7 0HF. Telephone 01603 703180, email sales@credoassetfinance.com or visit the website at www.credoassetfinance.com