Frequently Asked Questions
Q. I have selected a car and agreed a price. How do
I pay for it?
Obtain finance approval by completing our
on-line application form or calling us. We will give you a decision
within 24 hours, and often within 4 hours, together with details of monthly
costs.
Assuming you are approved and happy to go ahead, we will contact the dealer on
your behalf and arrange documentation.
Arrange with the dealer a time to sign the Finance Agreement.
On receipt of the signed document, we will electronically transfer the funds to
the dealer, and you will be ready to drive away!
Q. How long does it take?
Completing our on-line application takes less than 5 minutes. We will advise
you of a decision within 24 hours, and often within 4 hours. You will need to
gather any required documents and arrange for the dealer to prepare the car. In
normal circumstances, this will take a couple of days.
Q. Can I have a written quotation?
Yes. We will post you a written quotation on request.
Q. How much can I afford?
Buying a car is an exciting event, and one of the keys to its' enjoyment is
being able to comfortably afford the repayments. As a general rule, loan
repayments should not exceed 25% of your net income. .
Q. Can I settle the finance agreement early?
Yes, at any time. The settlement figure is set by the
Office of Fair Trading.
Q. What are the minimum requirements?
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In full-time employment or self-employed
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Full UK driving licence
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Proof of address within last 90 days. .
Q. Do I need to buy from a main UK Dealer?
Cars should be purchased from a reputable dealer. We can recommend specific
dealers who we have selected for their quality and credibility. . The dealer
must be licensed under the
Consumer Credit Act, but do not have to be main dealers.
Q. Can I buy privately?
Unfortunately, we cannot provide finance for private transactions. To qualify
for finance, you must purchase through a licensed dealer.
Q. How old can the car be?
Generally, the car must be not more than 10 years old at the end of the finance
term. Payment terms are restricted according to the age of the car. Maximum
terms are typically as follows::
-
< 3 years old - 54 months
-
3 - 5 years old - 48 months
-
5 - 7 years old - 42 months
-
7> years old - 36 months
Q. What is the minimum and maximum age to qualify
for finance?
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Minimum - 18 years
-
Maximum - 70 years
Q. What documents will I need?
Before transferring funds to the dealer, the following are required:
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Fully completed and signed finance agreement
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Two forms of ID (driving licence and utility bill)
In certain cases we may also require:
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A computerised wage slip and bank statements.
Q. Do I need a bank account?
Yes - a bank account is required to accept direct debits.
Q. Will I receive a copy of the agreement to sign?
Yes - the dealer will give you a copy when you sign and will send a a further
copy within 7 days of completion.
Q. When will my first payment be due?
Generally one calendar month from taking delivery of the car.
Q. What is "Payment Protection"?
This covers you for any loan repayments to be paid on your behalf if you are
unable to work due to accident, sickness or unemployment.
The outstanding balance of your loan agreement will also be paid in full if you
die before the end of the period.
You won't be able to claim for any existing conditions, such as ongoing back
problems or which is resulting from any illegal or deliberate acts on your
part.
Insurance products are regulated by the
Financial Services Authority (FSA) and, for your greater protection,
from 14 January, 2005, Credit Connect UK Ltd. will comply strictly with
FSA guidelines. Full details on request.
Q. What is "Gap or Shortfall Insurance"?
Shortfall provides immediate cover, which pays out if the vehicle is declared a
total loss as a result of an accident, fire, act of vandalism or theft.
Shortfall pays up to £7,000 for any one claim.
It covers the difference between the amount you receive from your fully
comprehensive motor insurance payout and the amount remaining on the hire
purchase agreement except for any arrears and the amount paid out by the motor
insurance policy in the event of your vehicle being declared a total loss.
Shortfall also covers for third party, fire and theft insurance, the difference
between the amount you receive from your motor insurance payout and the amount
remaining on the hire purchase agreement except for any arrears and the amount
paid out by the motor insurance policy in the event of your vehicle being
declared a total loss as a result of theft or fire or provide up to £300
towards the amount remaining on your finance agreement if as a result of an
accident.
This is not a motor vehicle insurance policy for the purposes of the
Road Traffic Act and benefit may be reduced if you have another similar
policy on which you can claim for the same accident.
Insurance products are regulated by the
Financial Services Authority (FSA) and, for your greater protection,
from 14 January, 2005, Credit Connect UK Ltd. will comply strictly with
FSA guidelines. Full details on request.
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