Buy your next vehicle with our, easy and flexible finance solutions. Arranging motor finance direct with us is easy, affordable and convenient.
Underwriting is the process that companies like Close Motor Finance use to decide if a potential customer is suitable for a loan.
A hire purchase agreement is when you purchase a vehicle with a deposit of your choice. (minimum 10%) followed by a fixed monthly intalment over a period of 1-5 years. You may at any point settle the finance to gain ownership of the vehicle.
Hire Purchase with a Balloon payment
This form of financing is designed to reduce your monthly instalments. It works on the same principal as a Hire Purchase but has a ‘balloon’ payment at the end of the agreement, which you can settle, re finance it or part exhchange it for another vehicle.
Other Finance Options
We also offer a variety of other finance products for a example, Personal and Business Leases and Contract Hire agreements.
APR stands for ‘annual percentage rate’ which calculates the interest rate for your finance agreement, including all relevant fees and charges, over a whole year rather than just your monthly fee. APR allows you to compare the cost of borrowing from a number of alternative channels.
The loan term refers to the length of your finance agreement. This means that within the agreed time period, usually between 12 and 60 months, the loan will be repaid in full.
Fixed rate finance means that the monthly payments you agree to pay stay the same throughout the agreement. Any interest on the loan is then spread across these monthly repayments to help you manage your outgoings.
A personal loan is a loan that is granted for personal use for whatever you want to spend the money on. These types of loan are usually unsecured (i.e. not linked to an asset like a car or your home) and is based on your ability to pay back the loan.
If you would like further clarification then please do not hesitate to contact us.