Terms and conditions


Terms and conditions is the phrase used to describe the rules and contractual requirements of a finance agreement. These must be followed by both parties (the customer and the lender), throughout the course of the finance agreement.


Where can I find the terms and conditions of my finance agreement?

The terms and conditions should have been shared with you before you signed the contract on the finance package. They will be provided in a separate document and you may have been asked to sign somewhere saying that you agree to follow the terms and conditions as part of the finance package. You should have been sent a copy of this document, either by post or by email, so check your records.


What’s included in the terms and conditions?

The terms and conditions will detail several aspects. First, it will detail who the two parties involved in the finance agreement are – who is the lender and who is the customer taking the finance package.

Next, it will detail the total amount being loaned to the customer. This will include the interest rate and whether its fixed or variable. It will detail the agreed monthly payments and the total length of the contract. It will also detail any other charges such as admin fees or GAP insurance. The terms and conditions will also detail the vehicle being loaned, including make, model, registration number and value. In the case of a personal contract purchase deal, it will also list the guaranteed future value and balloon payment amount.

It will also state if there are any additional requirements as part of the package. This could be something like an annual mileage limit on a personal contract purchase or lease purchase product, or whether you have to have the car serviced at specific approved garages.

There will also be information on any early termination fees, and what will happen if you are unable to make repayments on the car. It will also explain what happens in the case of a default.



What if I don’t agree with something in the terms and conditions?

With all finance packages, it’s important that you read the terms and conditions very carefully. If there is anything you have questions about, you should speak to the car finance provider. If they do not provide a satisfactory answer, you should look elsewhere for advice

If there is something in the terms and conditions you disagree with and the finance provider do not want to change, which is within their right, then you should not go ahead with the agreement.


How can I understand everything that’s included in the terms and conditions?

The terms and conditions can be written in a legal format so that it follows any consumer law. But it should still be understandable to you as the customer. If you are confused about any aspect of the terms and conditions, speak to the finance provider. They should be able to explain what is meant exactly and how this would affect your finance package. You can also search the internet for advice.

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