Vehicle Finance

The Oxford definition of finance is 'provide funding for a person or enterprise'. That's what vehicle finance is - funding for a person or enterprise, e.g. limited company, self employed. The funds are then used to purchase a vehicle.

Vehicle finance helps spread the cost of the purchase of a new or used vehicle, instead of paying the amount in full upfront you pay over a number of months making the purchase much more manageable. 

There are multiple ways to pay for a vehicle on finance, these agreements are; Hire Purchase (HP), Lease Purchase (LP) or Personal Contract Purchase (PCP). Each of these products works a little differently, but essentially the finance company will buy the vehicle on your behalf and you will repay the value of the vehicle plus interest.

You generally have to be over 18 to get vehicle finance and have an income, however, each lender has different criteria. As a finance broker at Motor Loans R Us, we work with a wide range of lenders. Here’s a general list of what our lenders accept.

• 18-80 years old
• Minimum income of £750 a month
• Disability
• Retired
• HM Forces
• Self Employed
• Good, Poor and Specialist Credit
• Refinancing of Residual Values
• High Mileage Vehicles
• Negative Equity Products
• Nil Deposit Schemes

Our lenders will also consider – Provisional Licence, EU Licence, No Licence, CCJs and Defaults.

A reputable dealer is a dealer that has a good reputation and is trustworthy.

Signs of a reputable dealer;
– Positive reviews
– The vehicles look the part
– You can test drive the car
– They are knowledgeable

This is something we hear a lot, so don’t despair! At Motor Loans R Us, we understand that there can be lots of reasons for a poor credit profile. We combine a wide panel of 30+ lenders with a sensible approach to selection the right vehicle finance lender for your circumstances. This means that we may be able to approve you for vehicle finance where others haven’t been able to.

We are here to help our customers get their credit history back on track and get in the driving seat of an affordable, reliable vehicle. We understand the difficulties life brings, and that is why we look to provide options that offer affordable monthly payments to give you the flexibility to work within your budget. 

Your poor credit history could be the result of CCjs, mortgage defaults, IVAs or bills that have been paid late. It could be that your self-employed, with no proof of income, or that you simply haven’t built up a credit history yet. 

Whatever the reason we look at every case individually, without judgement – we aim to always find you the most suitable vehicle loan for your circumstances at a great rate. So even if you have been refused credit in the past get in touch as we may have a lender that could help you get your next vehicle. 

The team at Motor Loans R Us have worked in the vehicle finance industry for over half a century. Throughout that time the team have supplied everything from Hymer Motorhomes to Ford vehicles and Ferraris. Our wealth of knowledge and experience within the industry means our customers applications are always placed with the most appropriate lender(s) to ensure the most competitive finance agreement based on their circumstances. 

“Your vehicle is your story. So don’t let anyone else write it.” 

We put you in control, choose your vehicle from any reputable dealer and choose the finance option that best suits you.