With credit availability declining and interest rates trending up, car finance companies too are tightening their lending norms. Welcome Finance, leaders in the sub-prime car finance market has recently announced withdrawal of funding from independent car dealerships, running into 100’s across the United Kingdom. Welcome Car Finance will now be available for those purchasing cars from the company’s showrooms numbering twelve. This would mean that several borrowers with poor credit status will find it more difficult than ever to get finance for purchasing their cars.

Other lenders like ACF (formerly Approved Car Finance) and Ucan have not made any changes to their lending norms yet, but if the interest rate continues its present trend, they too are expected to be more rigid in their lending.