Everything to know about being a level 3 Motor finance specialist apprentice.
Introduction to the programme:
Thinking about becoming a motor finance specialist ? This is an ever changing faced past industry where there’s always something new on the horizon. In this blog we will breakdown the course itself, explore potential career paths and generally find out if this is something for you.
Program details/ entry requirements.
This Legal, finance and accounting based course may see you undertaking many skill based tasks. Primarily offering customers advice on finance packages while purchasing vehicles.
To enrol into this course entrants must have at least a level 2 qualification in both maths and english. The duration of the program can range from 18 – 24 months, and upon completion you will be awarded with the level 3 Motor finance specialist qualification giving you a great step into a career.
Competencies
During the programme you will have to demonstrate key knowledge under 5 competencies those being:
- Market awareness – How a product is offered to companies and knowledge around how regulation can affect the sales of funding.
- Motor Finance Products a deep understanding of motor finance packages available to customers including ownership and extended/cosmetic warranties.
- Regulatory taxation and compliance- An understanding of motor finance regulations is vital for influencing customers choices based on legislation taxation and also VAT principles.
- Business awareness – Apprentices must demonstrate business strategy as well how their own role fits into the overall organisation and motor finance industry itself .
- System and processes- Knowledge must be present of all systems and processes that may be used in the role as well as all standards.
Upon demonstration of all competencies, apprentices will complete the course. And gain a recognised qualification. Once the programme has been completed potential career paths become more present. Those including: Dealer Support, Finance and Insurance Manager, Customer Adviser, Business Manager, Account Manager.
For further reading or information visit : https://www.instituteforapprenticeships.org/apprenticeship-standards/motor-finance-specialist/