Personal Motor Loan Explained.

Select the initial deposit you wish to pay, if any at all, and structure the contract to your requirements. Select a term and make regular monthly repayments to repay the balance, it’s that simple.

As your interest rate is fixed, you have a guaranteed monthly payment, allowing you to budget with confidence. Once all the monthly repayments have been made, you will own the car. As with all our finance products, there are no arrangement or purchase fees.

Product Parameters

• The minimum loan amount is £3,000. Repayment periods can vary from 12-60 months, with a minimum deposit requirement of 0% (criteria may vary dependant on campaign programmes).
• The car must not be more than 14 years old at the end of the agreement period.

What else do I need to know?

• The contract is secured against the car. If you do not keep up your repayments, we may take steps to recover the money that is owed, which may include repossession of the car.
• If you put down a lower deposit it could mean a higher risk of negative equity if you wish to settle early or want to change the car before the end of your contract.
• This type of finance agreement is not available to corporate entities, e.g. limited companies, PLCs or limited partnerships.
• This type of agreement is covered by the Consumer Credit Act 1974, which means:
  - You can pay off lump sum amounts during the agreement
  - You can settle the contract early by repaying the required amount