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Apprenticeship training course

Motor finance specialist (level 3)

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Information about Motor finance specialist (level 3)

Offering and administering finance packages to customers buying vehicles.

Knowledge, skills and behaviours
View knowledge, skills and behaviours

Knowledge

  • Market Awareness: How brands and finance companies offer their products, their criteria and how regulation affects the sales of Motor Finance funding. How the full portfolio of products can facilitate or affect the sales of vehicles.
  • Motor Finance Products: The range of types and structures of vehicle funding and related products, their features/benefits and how they may apply to customers e.g. ownership / non-ownership products; extended / cosmetic warranty; paint protection
  • Regulatory, Taxation and Compliance: The regulatory and legislative environment for Motor Finance and the impact of this on their role. How the principles of legislation, taxation and VAT could affect the choice of funding method used by the customer. The detailed regulation, tax and compliance rules for the products that they support.
  • Business Awareness: Their organisation’s business strategy, culture and role within the Motor Finance sector. How their own role fits within the wider organisation and Motor Finance industry. How their role impacts and benefits the customers of their organisation.
  • Systems and processes: The detail of all systems and processes used in the role together with the standards to be met, including IT tools.
  • Operational Processes: The detail of relevant operational processes e.g. underwriting, payouts, dealer support. The finance company “back office” functions of collections, customer service, finance, dealer development and sales support etc, together with how their role interfaces with them How legislation and the wider finance sector affects the market and creates product portfolios in the Motor Finance Sector.
  • Business Understanding: The Finance Company role in the lifecycle of a vehicle / customer. The Intermediary (as customer) and/or end customer requirements to maintain controls over cash-flow, performance and achievements of targets in order to ensure the Motor Finance department is a critical income / cost centre.
  • Funding Product Benefits: The detail of relevant finance products, how to structure them and create solutions that meet customer needs for private and/or business users. The legislative / compliance requirements and how to explain the customer’s contractual obligations.
  • Business Understanding: The requirements to maintain controls over cash-flow, performance and achievements of targets in order to ensure the Motor Finance department is a critical income / cost centre.
  • Buying / Selling Behaviours: Why customers buy, what motivates them to buy and typical types of customers.
  • Market Awareness: How brands and finance companies offer their products, their criteria and how regulation affects the sales of Motor Finance funding. How the full portfolio of products can facilitate or affect the sales of vehicles.
  • Motor Finance Products: The range of types and structures of vehicle funding and related products, their features/benefits and how they may apply to customers e.g. ownership / non-ownership products; extended / cosmetic warranty; paint protection
  • Regulatory, Taxation and Compliance: The regulatory and legislative environment for Motor Finance and the impact of this on their role. How the principles of legislation, taxation and VAT could affect the choice of funding method used by the customer. The detailed regulation, tax and compliance rules for the products that they support.
  • Business Awareness: Their organisation’s business strategy, culture and role within the Motor Finance sector. How their own role fits within the wider organisation and Motor Finance industry. How their role impacts and benefits the customers of their organisation.
  • Systems and processes: The detail of all systems and processes used in the role together with the standards to be met, including IT tools.
  • Operational Processes: The detail of relevant operational processes e.g. underwriting, payouts, dealer support. The finance company “back office” functions of collections, customer service, finance, dealer development and sales support etc, together with how their role interfaces with them How legislation and the wider finance sector affects the market and creates product portfolios in the Motor Finance Sector.
  • Business Understanding: The Finance Company role in the lifecycle of a vehicle / customer. The Intermediary (as customer) and/or end customer requirements to maintain controls over cash-flow, performance and achievements of targets in order to ensure the Motor Finance department is a critical income / cost centre.
  • Funding Product Benefits: The detail of relevant finance products, how to structure them and create solutions that meet customer needs for private and/or business users. The legislative / compliance requirements and how to explain the customer’s contractual obligations.
  • Business Understanding: The requirements to maintain controls over cash-flow, performance and achievements of targets in order to ensure the Motor Finance department is a critical income / cost centre.
  • Buying / Selling Behaviours: Why customers buy, what motivates them to buy and typical types of customers.

Skills

  • Customer Service: Deliver excellent service, meeting customer needs and delivering fair customer outcomes e.g. producing quotations or reports. Handle a range of situations including dealing with complaints appropriately.
  • Delivering results: Deliver work that meets required quality, standards and targets, using the required systems and processes. Take the initiative to meet challenging individual and team performance measures in line with organisation policy, values, standards and legal/regulatory requirements. Plan and manage own workload effectively, responding to changes when necessary.
  • Communication: Demonstrate good interpersonal skills, communicating effectively and appropriately with all stakeholders e.g. customers, Intermediary staff / management and Finance Company teams. Use a range of media to communicate well e.g. phone, email, letter, face to face, social media.
  • Team working and collaboration: Consistently support colleagues and collaborate to achieve results. Build and maintain strong working relationships with colleagues and clients e.g. sales teams, customer service teams and all levels of management. Is aware of own role within team and impact on others.
  • Personal Development: Proactively plans and records their own development in both current role and career through a range of methods e.g. workplace learning, professional courses. Seek feedback and act on it to improve their performance. Build their own capability through ownership of their own development, in consultation with their manager. Keep up to date with relevant changes.
  • Analysis and Decision making: Analyse a range of information contained in applications, comparing them against relevant criteria to reach an appropriate decision / recommendation. Identify non-standard situations and escalate when required. Produce relevant management / regulatory reports.
  • Continuous improvement: Identify opportunities to improve work practices. Take ownership of specific changes through to implementation where appropriate.
  • Consultative Selling: Demonstrate good customer listening and understanding skills to match product features to their needs and requirements, in order to create benefits for the customer. Follow and maintain processes to ensure compliance whilst enabling customers to make informed decisions. Demonstrate they can follow a defined sales process.
  • Customer Service: Deliver excellent service, meeting customer needs and delivering fair customer outcomes e.g. producing quotations or reports. Handle a range of situations including dealing with complaints appropriately.
  • Delivering results: Deliver work that meets required quality, standards and targets, using the required systems and processes. Take the initiative to meet challenging individual and team performance measures in line with organisation policy, values, standards and legal/regulatory requirements. Plan and manage own workload effectively, responding to changes when necessary.
  • Communication: Demonstrate good interpersonal skills, communicating effectively and appropriately with all stakeholders e.g. customers, Intermediary staff / management and Finance Company teams. Use a range of media to communicate well e.g. phone, email, letter, face to face, social media.
  • Team working and collaboration: Consistently support colleagues and collaborate to achieve results. Build and maintain strong working relationships with colleagues and clients e.g. sales teams, customer service teams and all levels of management. Is aware of own role within team and impact on others.
  • Personal Development: Proactively plans and records their own development in both current role and career through a range of methods e.g. workplace learning, professional courses. Seek feedback and act on it to improve their performance. Build their own capability through ownership of their own development, in consultation with their manager. Keep up to date with relevant changes.
  • Analysis and Decision making: Analyse a range of information contained in applications, comparing them against relevant criteria to reach an appropriate decision / recommendation. Identify non-standard situations and escalate when required. Produce relevant management / regulatory reports.
  • Continuous improvement: Identify opportunities to improve work practices. Take ownership of specific changes through to implementation where appropriate.
  • Consultative Selling: Demonstrate good customer listening and understanding skills to match product features to their needs and requirements, in order to create benefits for the customer. Follow and maintain processes to ensure compliance whilst enabling customers to make informed decisions. Demonstrate they can follow a defined sales process.

Behaviours

  • Integrity: Truthful, sincere and trustworthy in their actions. Shows integrity by doing the right thing, in line with employer policies/legislation/compliance etc. Maintains appropriate confidentiality at all times.
  • Commitment and Enthusiasm: Demonstrates enthusiasm and dedication. Willing to suggest / share new ideas and opportunities for change.
  • Adaptability: Accepts changing work priorities and patterns when new jobs need to be done and adapts to business change.
  • Resilience: Displays energy and enthusiasm in the way they go about their role, dealing positively with setbacks when they occur. Stays positive under pressure.
  • Integrity: Truthful, sincere and trustworthy in their actions. Shows integrity by doing the right thing, in line with employer policies/legislation/compliance etc. Maintains appropriate confidentiality at all times.
  • Commitment and Enthusiasm: Demonstrates enthusiasm and dedication. Willing to suggest / share new ideas and opportunities for change.
  • Adaptability: Accepts changing work priorities and patterns when new jobs need to be done and adapts to business change.
  • Resilience: Displays energy and enthusiasm in the way they go about their role, dealing positively with setbacks when they occur. Stays positive under pressure.
Apprenticeship category (sector)
Legal, finance and accounting
Qualification level
3
Equal to A level
Course duration
24 months
Funding
£6,000
Maximum government funding for
apprenticeship training and assessment costs.
Job titles include
  • Busness manager
  • Commercial finance manager

View more information about Motor finance specialist (level 3) from the Institute for Apprenticeships and Technical Education.