Terms & Conditions
Rates available from 10.90% APR; 10.90% APR Representative.
Finance is provided by MotoNovo Finance Limited, company no. 11556144, registered in Wales at One Central Square, Cardiff, CF10 1FS. Authorised and regulated by the Financial Conduct Authority under FRN 827851.
All applications for credit are subject to eligibility and affordability criteria. The rate shown may not be the rate you are offered. MotoNovo interest rates start from 5.32% Fixed / 10.90% APR.
MotoGB Ltd is authorised and regulated by the Financial Conduct Authority FCA 661247 and acts as a credit broker not a lender.
MotoGB will receive a commission from the finance company for introducing the transaction. You can ask them to tell you the amount of that commission.
Why Motor Finance?
Taking out motor finance means you don't have to pay the entire cost of the vehicle in full before you drive it away.
This is because the finance company purchases the vehicle on your behalf and then you repay the amount borrowed with
interest. And so instead of paying the full amount upfront, you can choose to pay monthly, which helps you spread the
cost of a new or used vehicle.
There are different types of finance products available to suit your personal circumstances and each work slightly
differently.
About Personal Contract Purchase
A Personal Contract Purchase is a flexible and popular choice, as you can keep your monthly repayments lower by
deferring a significant proportion of the amount of credit to the final payment at the end of the agreement. This means
you may be able to afford a better vehicle than you thought possible.
At the start of the agreement the finance company sets a guaranteed future value (GFV) for your vehicle. You pay a
deposit and then make the monthly repayments on the balance of the loan, plus the interest charges, minus the guaranteed
future value. At the end of the agreement you have three options:
- Pay the guaranteed future value and the vehicle is yours, or
- Hand back the vehicle with nothing more to pay, or
- Part exchange the vehicle and use any equity as a deposit on your next vehicle.
We recommend viewing the product video for further information on this finance product.
This product is ideal if you:
- Want the choice to purchase a more expensive vehicle with a lower monthly payment than a traditional hire purchase agreement.
- Like to change your vehicle frequently and drive the latest models.
- Want to budget and stick to a fixed monthly amount, as your repayments will be fixed for the term of your agreement.
- Want a guaranteed future value for your vehicle at the end of the agreement.
- Are looking for a new or used vehicle, as the product is applicable to both.
- Think you may want to settle your agreement early and part exchange the vehicle for a newer model.
Things you need to know:
- A significant proportion of the credit is deferred to the end of the agreement, so you should budget for this if you want to own the vehicle.
- You set your expected annual mileage and this affects your monthly repayments and also the guaranteed future value. If you go over the expected mileage then excess charges will apply.
- Additional charges will also apply if you hand back the vehicle in a poor condition.
- You cannot sell or give the vehicle away until you have made all repayments under the agreement.
- Your vehicle is at risk of repossession if you do not make the contractual repayments.
And finally...
- You must be at least 18 years of age to apply.
- You must have fully comprehensive insurance.
- You must be the registered keeper of the vehicle and keep it in your possession for the term of the agreement. You cannot obtain motor finance in your name for someone else.
