How We Work

The Application

As soon as you have established your need for a loan and have applied from our online portal, an underwriter will immediately get in touch with you, explain everything to you and set up an appointment. As you come for the appointment you need to bring along with you the following documents for verification purposes:-

  • The vehicle, the V5 document, as well as the spare key. The V5 document should bear your name.
  • The MOT and insurance documents to help us establish that the vehicle is on the road legally
  • An ID and a passport photo for identity purposes
  • Three recent pay slips to prove that you have an income and therefore can sustain the repayments. In case you are not employed, you can bring along recent bank statements.
  • Most recent utility bills as proof of residence

We go through the loan agreement documents scrupulously and take time to answer any questions you might have. Once you are content that you wholly comprehend the terms and conditions of our loan, you can go ahead and sign the documents.

The loan is then processed and you are issued with a cheque which takes several working days to clear. Alternatively, we can organize for a transfer to your account at a small fee. This more often than not the preferred mode as it only takes a few hours for the money to reflect in your account. You will then be issued a copy of the Bill of Sale which you keep until you successfully repay the loan. The Bill of Sale makes us the legal owner of the vehicle as long as the loan terms lasts. It is revoked once you have successfully repaid the loan.

We retain the documents as well as the spare key for as long as the loan is outstanding, while you retain your vehicle and its full use. At this instance, we will also establish what date, either weekly or monthly, you will be repaying the loan.

Repaying the loan

Our minimum stipulated loan term is 6 months that can go all the way up to 36 months depending on your loan amount and what we agree on. Payments can be made through debit cards, standing orders or you can deposit funds directly into our bank account. You can decide to clear off your loan earlier than the loan term set without you being charged any early repayment fees. This could also earn you a rebate on the loan interest.

Should you foresee any challenge in making payments, we encourage our customers to inform us immediately so as to enable us amicably work out a favourable solution. This is imperative because late or missed payments could mean additional charges, not to mention that failure to make payments could make your vehicle be repossessed.