The vehicle finance arm of Paragon Bank, Paragon Car Finance, has launched a range of finance and hire purchase packages for new and used light commercial vehicles, lifestyle vehicles and car derived vans for 2015.

The new product is the first of several developments that are planned for 2015 via the approved Paragon Car Finance network of brokers and dealers that will be on offer to sole traders and businesses throughout the UK.

Paragon new LCV package overview

• Available to business owners with a two year trading history
• Advances of £2,500 up to £50,000
• Terms between 12 and 60 months
• Deposit 10% + VAT
• A modified product version is available for businesses with a shorter trading history
• A more flexible version for certain types of customer is available who require larger loan amounts.

Rise in LCV demand

Paragon are responding to a rise in demand in the UK for LCVs as the market goes from strength to strength, buoyed along by economic recovery and rising popularity for online shopping.

New LCV registration growth has been forecasted at 316,000 by the SMMT in 2014; this is a rise of almost 70% when compared to the low of 186,000 in 2009.

Head of Paragon Car Finance, Julian Rance, said;

“The launch of our new LCV finance packages marks a very positive start to 2015. Designed in response to market feedback, it’s clear that there is strong demand for more choice in this under-served part of the vehicle finance market and we look forward to bringing our competitive pricing and hallmark service levels, including direct access to underwriters, to this growing segment.”