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The History of Car Finance

Who?

William Durant was the first to introduce vehicle financing shortly after the introduction of automobiles to the public. Durant saw the demand for cars becoming a mass necessity rather than a luxury for the select few. Due to this, Durant sourced cars of different budgets to sell to people of different financial backgrounds. Durant went on to begin General Motors in 1908, were he was the first to offer car finance on the cars he sold.

Why?

The first car dealers had to pay upfront for the cars they stocked from manufacturers which is why dealers cold not afford to finance cars. However in order to grow the manufacturing company and meet supply they needed regular income which meant more cars being sold. The finance root was the answer. This made cars more accessible to dealers and in turn more affordable consumers.

What?


Welcome to Express Car Credit your number one source for car finance and car loans. Our website aims to give you all the information you need about getting car finance and car credit. We also include the history of car finance on our express car credit blog, the different rates of car finance available for bad, average and good credit repayment rates can be found on the Express Car Credit homepage. If you need to make a car finance application, our two minute car finance application can be filled in with an instant provisional decision, if you simply want to speak to us, let us give you a call back.

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