How does car finance work at Colne Car Centre?
We offer a range of finance packages, subject to status. You can apply online, in our showroom or over the phone.
We can help you create a plan that meets your needs, answer any questions about the options you may have, and then complete the application for you. If you have had credit issues in the past, don't worry: we will always try our best to help and find a solution that works for you.
How do I apply?
Choose your car
Pick a car from our stock, or tell us what you are looking for.
Tell us your budget
Send the form, call us, or talk it through when you visit. We help you create a plan that meets your needs.
We complete the application
We answer any questions about your options and then complete the application for you.
Get a decision
The decision is normally within the day once one of our finance partners has the proposal.
What are the main types of car finance?
Hire Purchase (HP)
You pay a deposit and then fixed monthly payments over an agreed term. Once the final payment is made, the car is yours.
Personal Contract Purchase (PCP)
Monthly payments are normally lower than HP, because a balloon payment for the outstanding value of the car is left to the end of the term.
Conditional Sale
Similar to Hire Purchase: fixed payments over an agreed term, and you become the owner automatically when the last payment is made.
What do people ask about car finance?
Who can apply for car finance?
In the UK you must be a resident and at least 18 years old to be eligible for car finance. Credit scores are also considered, so the better your score, the more likely you are to be approved.
What do I need to apply?
When you apply, we will require employment details, three years' address history, bank account details and a copy of your driving licence.
How long does a decision take?
The decision is normally within the day once the proposal has been received by one of our finance partners.
Can I settle the agreement early?
Yes. You can settle your account at any time on both Hire Purchase (HP) and Personal Contract Purchase (PCP) agreements.
What is the cheapest way to finance a car?
The cheapest way would be with one upfront payment, as there would be no interest to pay. If this isn't an option, on a monthly basis PCP is normally cheaper than HP finance. With PCP, there is a balloon payment for the outstanding value of the car at the end of your contracted term.
What does financing a car cost in total?
Financing your car includes the cost of the vehicle itself, plus interest and any charges incurred during the contracted payment term.
Will applying affect my credit score?
Some finance companies may offer to perform a soft check on your finances, which doesn't impact your credit score and helps you gauge your eligibility. A full credit check is carried out when you apply. Applying for finance a number of times can negatively affect your credit score, as lenders can see this as a risk.
I have had credit issues in the past. Can you still help?
Don't worry. We will always try our best to help and find a solution that works for you.
Ask about finance
Financial disclosure
Frank Roberts (Nelson) Ltd T/A Colne Car Centre are a credit broker and not a lender.
We can introduce you to a limited number of lenders and their finance products which may have different interest rates and charges. We are not an independent financial advisor. We will provide details of products available from the lenders we work with, but no advice or recommendation will be made. You must decide whether the finance product is right for you.
We do not charge you a fee for our services. Whichever lender we introduce you to, we will typically receive commission from them (either a fixed fee or a fixed percentage of the amount you borrow).
Any third party finance referrals are subject to an Administrative Fee of £300. So, why not come direct to us for the best deals!
The lenders we work with could pay commission at different rates. However, the amount of commission we receive from a lender does not have an effect on the amount you pay to that lender under your credit agreement.
We are Authorised and Regulated by the Financial Conduct Authority. 659484. Finance is subject to status.
Registered Office: Frank Roberts (Nelson) Ltd, Colne Car Centre, Colne Road, Kelbrook, Barnoldswick, BB18 6TE. Company Registration Number 879287.
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