Customer and dealer discussing finance terms

Finance frequently asked questions

How much deposit would I need?

We do not specify a deposit as a fixed percentage of the total loan. Instead we treat each customer differently according to what they can afford. Your dealer will be able to advise you on this and propose a finance deal to suit your circumstances.

How do I apply for finance?

We use our supporting dealer network across the UK and Ireland to provide vehicle finance to customers. Once you have found the car you would like to buy, your dealer will be able to put together an application on your behalf to send to Close Brothers Motor Finance. We are often able to arrange your finance while you wait.

What if I want to settle my loan early?

If you find you are in a position to settle your loan before your agreement is due to end, your local branch will be able to provide you with a settlement quote. Visit our settling agreements page for more information.

Can I still get motor finance with a poor credit history?

Every finance application we receive is reviewed by an experienced underwriter rather than relying on a credit score, allowing a more flexible approach. However, if you have a poor credit rating it’s unlikely that we’ll be able to help you finance your vehicle. We’d always advise discussing your circumstances with your dealer who can suggest the best options for you.

For any potential customers that don’t meet our lending criteria however, we can refer these applications onto third party finance providers who specialise in non-prime lending.

How much will my finance cost?

Your fixed monthly payments will be agreed between yourself and Close Brothers Motor Finance (via your dealer) at a rate you are happy with. Monthly payments vary depending on how much you want to borrow, the size of your deposit and the loan period (usually between 12 – 60 months).

What happens if I experience financial difficulties?

Should your financial position change in a way that will affect your ability to make your monthly repayments, it is important that you contact us immediately. If we are made aware of your circumstances as soon as possible it is likely that we’ll be able to help you find a solution to the problem. Visit our Information and advice page for a list of websites offering impartial advice for consumers on a variety of issues including debt problems and motor finance.

What happens if I miss a monthly payment?

Charges will be applied to your account for any missed payments and ultimately your vehicle is at risk of repossession if you continue to miss agreed payments. If you find yourself in a position where you are unable to re-pay your loan, it is important that you contact your local branch so we can work with you to arrive at a solution.

What interest rate do you charge?

Interest rates change every so often and your Close Brothers Motor Finance dealer will be able to provide you with the most competitive rate according to your circumstances at the time you arrange the finance for your vehicle. Your interest rate will then be fixed for the duration of your finance agreement so you’ll know exactly how much you’ll pay each month.

What if I want to sell the vehicle?

You do not own the vehicle until the end of the contract with Close Brothers Motor Finance, a trading style of Close Brothers Limited, which means you cannot sell the vehicle during your agreement without our prior approval. If you want to sell the vehicle you must first settle the loan in its entirety to become the legal owner.