Initial Disclosure Document
The Financial Conduct Authority (FCA) is the independent regulator of financial services. Use this information to decide if our services are right for you. Car Link Limited, 506 Ringwood Road, Ferndown, BH229BB - UNITED KINGDOM is authorised and regulated by the Financial Conduct Authority (our registration number is 663572 as a credit broker and is included on the Financial Services Register https://register.fca.org.uk)
Initial Disclosure Document - Consumer Credit
Your Finance Options
As an FCA-regulated credit broker we can introduce you to a selected group of lenders (a list is available on request) who may be able to help you finance your purchase. This group of lenders provides us with a range of products which may be suitable for your purchase. We will explain the key features of those products to you.
We do not charge fees for our Consumer Credit services. We may receive a commission payment or other benefits from finance providers should you decide to enter into an agreement with the finance provider.
We will always take our time, assessing the demands and needs of our customers and ensure that we ask the relevant questions regarding personal circumstances and objectives. It is important that you provide us with accurate and relevant information.
We always aim to provide a first-class service, however if you have any cause for complaint any enquiry can be raised by contacting us using the address, telephone number, or email address below. Should you remain dissatisfied, you have the right to ask the Financial Ombudsman Service to review your case. You should write to the Financial Ombudsman Service: Financial Ombudsman Service, Exchange Tower, London, E14 9SR.
As an organisation we are committed to treating our customers fairly, before, during and after a sale.
Before the sale you can expect:
To have any significant and unusual exclusions or exceptions relating to the finance agreement brought to your attention
A clear statement of price, including where applicable a breakdown of any interest charges
Details of your cancellation rights and our complaints procedure
Copies of your finance agreement documentation or information as to when these documents will be dispatched
After the sale you can expect:
Not to encounter any barriers to cancelling your finance agreement within regulatory agreed timeframes
To have any complaint dealt with in a timely and professional manner
If at any time you feel you have not been treated fairly by any member of our staff, please contact us by writing to Car Link Limited, 506 Ringwood Road, Ferndown, BH229BB, by telephone: 01202 481199 or by email: email@example.com
Confidentiality and Data Protection
Your information will only be disclosed/provided to third parties for the purposes of providing, arranging, administering, and renewing finance contract(s) and for the purposes of monitoring and/or enforcing compliance with regulatory rules/codes. For full details of where your information will be sent and the purpose of such data transfer, please ask us.
Personal Contract Purchase (PCP) is a finance product that allows you the opportunity to buy a new or a used car.
It is similar to a Hire Purchase agreement as you will usually pay an initial deposit, followed by monthly instalments over a term typically between 18 to 48 months.
What makes PCP different to Hire Purchase (HP) is that your monthly instalments are paying off the depreciation of the car, and not its entire value, over the course of the term. Then, when you get to the end of your agreement, there is a final, balloon payment that must be made if you want to keep the car. The balloon payment is often referred to also as the Guaranteed Future Value (GFV).
When you have chosen your vehicle, you will then agree your annual mileage and decide on the agreement term with one of our Business Managers.
We will then determine the Guaranteed Minimum Future Value (GMFV) of the vehicle at the end of the agreement and work out a deposit and monthly amount that works for you.
At the end of your agreement you will then have three options:
Return – Simply return the car the back to us
Retain – Keep the car by paying the optional final payment
Renew – Trade it in for another car
For a quotation, help, or advice contact us and ask to speak to one of our Business Managers.
You can normally settle your agreement early by asking the finance company to provide you with a settlement figure. However, the finance company will require you to pay off the difference between what your car is worth, and what you still owe and there may be a difference which is known as negative equity. On the other hand, you may find that at the end of your term your car is worth more than the Guaranteed Future Value, which means you will have some positive equity to contribute towards your next car.
Hire Purchase is a way to finance buying a new or used car. You will normally pay an initial deposit and will pay off the entire value of the car in monthly instalments. When all the payments are made, the Hire Purchase agreement ends, and you own the car outright.
The short answer is yes, you can end your finance early. There are different provisions within each finance agreement that allows you to do just that. If you have got through two-thirds of the way through your finance agreement, the options to end the finance agreement early open up.
For a Hire Purchase agreement, there is an option of paying it off early through a settlement fee. A settlement fee covers the cost of any remaining unpaid instalments and interest payments remaining on the agreement. Once the settlement fee is paid, you take full ownership of the car early.
Under a Personal Contract Purchase agreement, you can also pay a settlement fee for bringing the agreement to an end early. After that, you can choose to hand the car back or you have a second option. Through a PCP agreement, you can take full ownership of the car by paying off the remaining Guaranteed Minimum Future Value also known as a balloon payment.