FAQ Categories: Finance

We’ll give you an instant finance decision wherever possible, but sometimes it may take longer. We’ll keep you updated on your application’s progress.  

When you apply for finance, a lender will run a ‘credit check’ which leaves a mark on your credit report. Too many credit checks over a short period can affect your credit score, which could reduce your ability to get approved for credit. 

When you apply for finance, there will be a check on your credit profile, and we need your personal details to do this.  

During your application, we’ll need your personal details, financial information,  employment details, address history. 

Potential fees at the end of your agreement:​ 
 
£10 Purchase fee – This is optional, but you must pay it if you want to become the owner of the vehicle. It is included in the Final Repayment.​ 
 
Excess mileage fees – Applicable on PCP and PCH only if you choose to return the vehicle at the end of your agreement instead of paying the optional final repayment. If you have exceeded the agreed mileage allowance, you will need to pay an excess mileage charge. You can avoid this by agreeing a realistic mileage at the outset. ​ 
 
The vehicle must be in good condition, you will be char 

You can pay off your agreement in full at any time.  Just contact us and we will tell you what you need to pay and by when.  You may even get a rebate of some of your interest.  Where applicable, the interest is calculated up-front and added to the balance at the start of your agreement.  Whilst you pay an equal repayment amount each month, the amount of interest that you pay each month reduces over the life of the agreement so this will impact the level of rebate that you receive. Any rebate will be taken off the outstanding balance when settling the agreement. 

The interest rate is the percentage charged for the amount of credit per annum, fixed for the duration of the agreement. 

APR stands for Annual Percentage Rate and is the amount of interest on your total borrowed amount that you’ll pay annually (averaged over the full term of the loan). APRs are typically used when comparing finance options to understand which would be the cheapest option overall. 

The optional payment is a one-off payment due at the end of your (PCP) finance term, if you decide to keep the vehicle.​ 
This is sometimes referred to as the Guaranteed Future Value (GFV) and is an estimated value of how much the vehicle will be worth at the end of a finance agreement (based on your expected mileage and agreement term). The GFV is not applicable if you intend to hand the vehicle back at the end of the agreement as part of the goods return option.​ 
There’s no optional final repayment on the (HP) finance option, which is why monthly payments are usually higher than with the (PCP) option. 

Both HP and PCP allow you to pay for your vehicle in monthly payments over an agreed period, with a fixed rate of interest. The key difference is what happens at the end of each contract.​ 
With a HP contract, you’ll own the vehicle after making the final payment. ​ 
At the end of a PCP contract, you can either hand the vehicle back to the lender, part exchange it for a new one, or pay the optional final repayment (including any purchase fee) to keep the vehicle. New finance agreements are subject to status and affordability checks. If you hand the vehicle back at the end of a PCP agreement, there may be extra charges if you go over the agreed annual mileage or if the vehicle has damage over fair wear and tear.