Frequently Asked Questions

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What Is Hire Purchase?

Hire purchase is the most widely used form of car finance. A loan secured on the vehicle itself, you pay a deposit (this is flexible) and finance the remainder of the balance over 24-60 months – the choice is yours. Once you have completed all the payments the car is yours and you can settle the agreement at any time.

What Is A Balloon Payment?

A Balloon payment is a lump sum payment which is attached to your loan, usually due at the end of the agreement. Is reduces your monthly payments as a portion of the loan is referred to the end of the agreement. You must ensure you have means to pay the lump sum when it is due.

What Is Equity Release?

Equity Release allows you to finance a car or assets you already own, giving you a cash payment for the agreed value. This frees up funds to allow you to do other things.

What is Interest Only?

It allows you to repay the interest charge per month without requiring you to repay the capital element of the loan. This type of agreement is only suitable in certain circumstances so it is best to talk us to see if it will work for you.

What is the Halves and Thirds Rule?

The half rule gives the purchaser the option to voluntarily terminate the agreement once one half of the total amount payable has been made, and any arrears are up to date. The third rule gives the purchaser further protection as if one third of the total amount is paid, a court order would be required to repossess the goods in the event of a delinquent account. If one third of the total amount has not been paid, the goods can be repossessed by anyone, at any time.

It’s complicated so it is best to talk to us for clarification.

How Much Deposit Do I Need for Finance?

Each finance agreement is different depending on the length of the agreement, how much you are financing and your personal circumstances. 10-20% of the total value is typical.

How Long Is Finance Agreement?

Each finance agreement is different depending how much you are financing and what suits your personal circumstances. We typically offer loans between 24-60 months however in certain scenarios, they can be shorter or longer.

What Can I Finance?

We specialise in finance for classic, sports, vintage and racing cars however we can finance almost any vehicle or asset. Typically, the value will be upwards of £20,000 and we can lend into the millions.

What Assets Can You Finance?

Assets is a very broad term used to describe any goods with a material value. This may be a car, watches, boats, planes, jewellery, industrial equipment, tooling or just about anything. If there is something you wish to purchase and would like to know if it can be financed, just call us and ask.

Can I Settle My Finance Agreement Early?

Yes. Depending on your agreement, there may be fees or charges for settling early. If you are thinking of settling your finance agreement early, it is best to talk to us first.

Is There an Age Limit on The Car I Finance?

We have no age restrictions on vehicles or assets that can be financed.

How Does the Finance Process Work?

We will first need to understand what it is you wish to finance, how much you wish to finance and for how long. We can guide you on what is best for you and which type of agreement will suit your circumstances. We will then gather personal information from you to access the application. Once submitted, the agreement is typically set up in 3-5 works days.

How Long Does It Take to Get Finance?

Typically, the process takes 3-5 works days. This can be shorter or longer depending in the complexity of the vehicle and the agreement.

Can I Finance A Car Bought Privately?

Yes! Just share the details with us and we will do the rest.

Do I Have to Buy from One of Your Approved Dealers?

No. We have a number of relationships with specialist dealers throughout the UK but we can finance a car bought from any dealer, privately or from an auction.

Can You Finance a Car Bought at Auction?

Yes. Will we need to know prior to the auction should you wish to purchase a car as the agreement must be in place first. It’s best to talk to us early if you are considering buying a car from an auction.

What Is the Difference Between A Regulated and An Unregulated Agreement?

A regulated agreement offers you protection with both the Consumer Credit Act and the Financial Conduct Authority. An unregulated agreement does not offer you the same protection but does offer far more flexibility. There are pros and a cons to both so you should talk to us about your circumstances before entering an agreement.

What Is APR?

Annual Percentage Rate (APR) is a way of measuring the interest rate (and any other charges which are applied) to a finance agreement. APR represents the amount of interest you’ll pay annually and acts as a standardised way to show the cost of borrowing over a yearly period.

This is different from an interest rate which is the percentage you will be charged on a monthly basis.

What Interest Rate Do You Charge?

Every agreement is different as the interest is calculated on the length of the agreement, how much you are borrowing and your personal circumstances. Get in touch and we can quickly let you know.

How Much Can I Finance?

We typically finance vehicles or assets upwards of £20,000 and can lend into the millions. The average value we finance is £100,000.

What Is a Settlement Figure?

A settlement figure is a statement from the lender informing you how much of your loan is outstanding and for how long.

How Long Have You Been Around?

Classic & Sports Finance was Established in 1999.

Where Are You Based?

Our office is in Oxfordshire but we can finance a vehicle or asset anywhere in the UK.