There’s nothing fairly like that feeling of getting a brand new set of wheels on finance. We expect it’s best to be capable to get pleasure from each minute of it, so we’ve put collectively a fast checklist of the dos and don’ts simply so that you’re within the know.
Listed here are a few of the most requested questions on what you may and might’t do with a automobile on a finance deal:
Are you able to modify a automobile on finance?
You may’t make any alterations to a car from Go Automotive Credit score with out getting our written consent first. Any alterations or replacements will turn into our property if you happen to modify your car at any level throughout your rent buy settlement.
It’s because you’re not the authorized proprietor of the car till you’ve totally paid for it. Till then, you’re the registered keeper of the automobile.
Can you are taking a automobile overseas when it’s on finance?
Sure, you’ll be able to take a rent buy (HP) automobile overseas with the suitable insurance coverage. You probably have an settlement with Go Automotive Credit score and also you wish to take your automobile exterior the UK for 30 days or extra, we kindly request that you just get our written approval first, since we’ll be the authorized proprietor of the automobile all through the settlement.
Are you able to add a personalised quantity plate to a automobile on finance?
Because the registered keeper of a car, you’re legally allowed to alter the quantity plates on it so long as you acquire the written consent of the lender. In fact, it is advisable to make sure that your new non-public plates are authorized within the UK first, however you may put them in your financed automobile if you happen to so want. In the event you’ve bought a HP settlement with Go Automotive Credit score, merely get in contact together with your request and we’ll be glad to assist.
Is it doable to have a couple of automobile on finance?
Sure, it’s doable to have a couple of automobile finance settlement without delay. It’s a standard false impression that drivers are restricted to 1 automobile finance settlement at a time, but it surely all relies on your private circumstances reminiscent of affordability.
Your credit score historical past, as an example, will play an essential function in figuring out your eligibility for any finance settlement, so the identical goes for any extra agreements you would possibly want to probe for different autos.
Is there a mileage cap for automobiles on a HP settlement?
There’s normally a mileage cap in your car utilization written right into a PCP settlement, however this isn’t the case with HP offers. The cap signifies the utmost variety of miles you may drive per 12 months with out incurring additional fees on the finish of your settlement. At Go Automotive Credit score, we don’t cost for extra mileage on automobiles you rent from us.
Mileage caps are in place in PCP agreements to guard the situation of the car within the occasion that it’s returned to the lender on the finish of the deal, when it might be rehired or bought as a second-hand automobile to another person.
Are you able to promote a automobile that’s on finance?
Briefly, you may’t promote a car you don’t personal. Because the registered keeper of a automobile underneath a HP settlement, you’re not legally allowed to promote it to a different driver. It’s possible you’ll solely do that upon getting totally paid for the automobile and signed to turn into its authorized proprietor on the finish of your settlement.
Are you able to switch automobile finance to another person?
Sadly, it’s not doable to switch a automobile finance settlement to a different particular person as a result of it’s issued based on particular particular person circumstances. Your private credit score historical past and driving report, as an example, are taken into consideration when arranging a brand new HP deal, so that they’ll naturally be completely different for some other driver.
If you have already got a HP settlement with Go Automotive Credit score, you could possibly organise a brand new deal underneath sure circumstances. Please get in contact with our pleasant group if you happen to’d like to debate this.
Are you able to make an insurance coverage declare on a automobile on finance?
Accidents can occur to any car and insurance coverage claims will be essential to cowl the prices of repairs. In the event you occur to undergo an accident in a automobile that’s on a finance deal, you need to let your lender know, particularly if you happen to select to assert for it. As a part of your contract, you agree that any insurer’s payout will probably be made to the lender to cowl the prices of the restore, since they’re the authorized proprietor of the automobile.
Do you must get a financed automobile serviced?
Because the registered keeper of a car on a HP settlement, you’re answerable for its repairs and upkeep all through the reimbursement interval. Because of this, while you don’t want to fret about common put on and tear, it’s as much as you to maintain it in good situation, which providers might help with at common intervals. Each automobile make is completely different, but it surely’s advisable that providers are carried out each 12,000 miles or each 12 months, whichever comes first.
You will discover out extra about taking care of your financed car in our automobile upkeep guides right here. In the event you’re serious about taking out a HP settlement on a brand new automobile, you will discover out how the method works first and calculate your doable repayments right here in our a bad credit score automobile finance calculator.
