Today’s lifestyle means that a vehicle becomes more than a means of transport, it is a necessity. You may have heard people talking about something called pay as you drive car finance. The New Look Loans ‘pay as you drive’ product makes getting the vehicle that suits your lifestyle possible!
Pay as you drive car finance is a form of Hire Purchase agreement. It allows you to purchase a motor vehicle of your choice, from any reputable motor dealer, regulated by the FCA. Once you have chosen your vehicle, and completed all the necessary documentation, the finance company will liaise with the motor dealer to have a device fitted to your motor vehicle.
What Does a ‘Pay as You Drive’ Box Do?
The device operates as a payment reminder system, prompting the user when a payment is due. It is a black device that is fitted into the car and works as a payment reminder. When your monthly payment has been made the finance company will send you a nine digit code that will need to be entered into the device within forty-eight hours, otherwise the code will expire. The device does not affect your car nor does it monitor the way you drive, all devices are fitted by a specialist team. The system ‘beeps’ for the number of days you have left before your next payment is due. Once your payment is due you will hear a continuous warning sound. You can either make a payment by standing order. Should you be unable to make a repayment or find yourself in arrears the financier will always look into setting up a payment plan with a customer, for example they will take the full contractual payment and split it over 3 months. Should you fail to make a payment, the vehicle will be rendered out of use. Always keep the financier informed, they will discuss with you when you can make the payment and arrange a suitable payment plan. Late charges may be applied in these circumstances.
New Look Loans specialises in helping those who may have a poor credit history, or may struggle in obtaining finance. We will do our utmost to find a finance agreement, tailored to your needs, which allows you to get the vehicle you want. Simply fill in the application form online or telephone us for more information about this product. A more comprehensive explanation of a ‘Hire Purchase’ agreement is available in the ‘Car Finance Information’ section of our website.