Refinancing a Car
The Parameters of vehicle refinance are:-
When can we look at refinance of your vehicle?
- End of Term balloon refinance
- Mid-term subject to validating the benefit to the customer
- When the customer exercises their Right to Withdraw and choose an alternative lender
What type of agreements can we refinance?
- Hire Purchase
- Lease Purchase
- Personal Contract Purchase
- Contract Hire - end of term and subject to obtaining confirmation that title will pass in full from the contract hire company
What products can we offer when you are looking to refinance your vehicle?
- Hire Purchase
- Lease Purchase
What assets can we refinance?
- Cars
- Touring Caravans
- Motorhomes
Which customers can take vehicle refinance?
- Private Individuals
- Sole Traders
- Partnerships
- Limited Companies
- Transfer cases - from Limited Company to Director and visa versa plus family member transfers as long as both residents live at the same address
What are the basic vehicle refinance criteria?
- Up to 100% of Loan to Value for homeowners and 90% for tenants
- Mid-term applications will require a copy of the original finance document for the underwriters before the vehicle refinance can be processed
- Only require a copy of the original lender's settlement letter as dealer invoice
- Refinance addendum document confirming current mileage is the only additional page with document pack
- Documents can be signed via flexi-sign
- Quote and propose on-line using drop-down box to identify as re-finance
- No vehicle refinance deposit required, advance to show as settlement amount
