Applying for finance

Product information

What interest rate do you charge?

The interest rate you pay will depend on your personal circumstances and/or the finance product taken. We review every application to understand the customer’s needs and then confirm to you either direct or via our motor/broker partner, the interest rate you will pay.

How much will my finance cost?

Your monthly payments will be agreed between yourself and us. Monthly payments vary depending on how much you want to borrow, the size of your deposit and the length of the finance agreement (usually between 12 and 60 months). You’ll pay a fixed monthly amount over the length of your agreement. This is because the interest rate won’t change.

What types of vehicles do you offer finance for?

We can finance cars, light commercial vehicles (LCV’s) and motorbikes. We can also finance certain specialist vehicles including classic cars, agricultural and construction equipment.

What vehicle finance products do you offer?

We offer hire purchase and personal contract purchase products. You can find out more about our products and submit a loan enquiry through our website.

What are the benefits of financing my vehicle?

There are several benefits of financing your vehicle, these include:

  • A fixed rate of interest and fixed monthly payments.
  • Finance that’s secured against your vehicle, not your house or other assets.
  • Help when you need us. We have a dedicated and professional team who can offer support if your circumstances change.
  • Spreading the cost of the vehicle over an agreed term

With our range of products, we can help you find a product that meets your needs.

Application

What documentation will you need to see?

We may need to review documents before we can offer you finance. If we do need to see documents, such as a bank statement, utility bill or driving licence, we will request this of you direct or via the motor dealer/broker partner.

Can I have multiple agreements?

Yes. We will however, assess your affordability and make a decision about your ability to repay any additional loans, based upon your individual circumstances.

Can I cancel my vehicle finance application?

Yes, you can cancel your application before the purchase of the vehicle takes place. To do this, you or the motor dealer/broker partner will need to contact us.

How will the application affect my credit rating?

As part of your finance application, we’ll carry out a credit check, typically through Experian in the UK and Integricheck or Channel Islands Data Services (CIDS) in the Channel Islands. These will leave a marker on your credit file that shows you have applied for credit and can be seen by other lenders who may also need to view your credit file.

Can I still get finance with a poor credit history?

We can be flexible according to your unique situation. However, if you have a poor credit rating it’s unlikely that we’ll be able to help you. If you would like to discuss your situation, we suggest calling us on 01534 737341 (Jersey) or 01481 740240 (Guernsey).

How quickly will I find out if my loan application has been approved?

You’ll usually find out if we’re able to offer finance within a few hours of submission of the application and supporting information. This can sometimes take longer, for example if we need to carry out additional checks or request further information from you but we’ll do all we can to make this process as swift as possible.

How will you decide if I’d be accepted for finance?

Alongside the checks with UK credit reference agencies (typically Experian) and seeking credit data information from Integricheck or Channel Islands Data Services (CIDS) in the Channel Islands, we review a range of information about your ability to repay your loan, the vehicle you’re looking to buy (where appropriate) and other information about your individual circumstances to make a decision regarding your finance application.

We do not rely solely on computers to make decisions. We take into consideration individual circumstances in making a decision.

How much deposit do I need?

We don’t specify an amount, but for vehicle finance, this is typically 10% of the vehicle purchase price albeit we will consider each case on its own merits. Your dealer or broker will be able to give you information to help you select a suitable finance product or call us on 01534 737341 (Jersey) or 01481 740240 (Guernsey).

How do I apply for finance?

You can either:

What is customer due diligence?

Customer due diligence comprises a series of checks that we carry out to prevent fraud and money laundering. It includes checks to verify your identity, which is why we may ask you to provide a copy of your passport, driving licence or utility bill. We are legally required to carry out these checks under the money laundering regulations.

What is anti-money laundering?

Money laundering is a criminal offence which involves hiding the origins of illegally obtained money. Anti-money laundering refers to the range of activities including customer due diligence, that all financial institutions (including Close Finance) must perform in order to comply with money laundering regulations and to detect and prevent money laundering.

How to tell if an e-mail is genuine or a phishing email?

  • Check for disguised or incorrect links in the email.
  • Inspect the email header information to verify whether the sender’s address is legitimate.
  • Check if the email is from a company or person you don’t recognise. If the email is coming from someone you regularly communicate with, compare the new message against older ones.
  • Does the display name look the same for all emails? Is the email signature the same?
  • Look for deceptive domains and spellings in email addresses.
  • Watch out for uncommon uses of the email Bcc field.
  • Don’t ignore unusual spelling and grammatical errors.
  • Ask yourself whether the language seems fishy, pushy or urgent.
  • Ask yourself if email attachments are unsolicited or unexpected.

When communicating with you via email enclosing any confidential information, this will be sent to you on a suitably encrypted basis.

Signing your agreement

If I have a question about my vehicle before entering into the agreement, who should I speak to?

In the first instance, you should speak to your motor dealer.

If your question is however, regarding the finance agreement, you can contact us on:

Jersey
01534 737341
enqui1684702860ries@1684702860close1684702860finan1684702860ceci.1684702860com1684702860

Guernsey
01481 740240
enqui1684702860ries@1684702860close1684702860finan1684702860ceci.1684702860com1684702860

When will my repayments start?

Your repayment date will usually be one month after you sign your agreement. You can however, make a request to change the payment date by calling us on 01534 737341 (Jersey) or 01481 740240 (Guernsey).

How do I get an additional copy of my finance agreement?

You will need to contact us on 01534 737341 (Jersey) or 01481 740240 (Guernsey) to request additional copies of your finance agreement.

When will I get my vehicle?

You will need to agree a delivery or collection date with your dealer/broker.

Can I cancel my finance agreement?

You will need to contact us to discuss your options by calling:

What are the next steps once I have completed and signed my finance agreement?

Once your vehicle finance is in place, you will need to arrange collection or delivery of your vehicle from your dealer/broker. For other loans, we will arrange payment to your bank account (unless other payment arrangements are agreed as part of the loan terms).

Within the first seven days of your finance starting, we’ll send you a welcome pack which will include your finance agreement.

I’ve received a welcome letter from you – what should I do now?

Please take time to read the communication carefully and check that all the information is correct.

If any of your details are incorrect, please let us know immediately on 01534 737341 (Jersey) or 01481 740240 (Guernsey), quoting your agreement number.

Payments

Managing payments

How do I pay my finance?

Your payments to us are fixed and made monthly by direct debit, usually commencing one month after you sign your agreement. Where payments are due on a weekend or bank holiday, the direct debit will be taken the next working day.

How do I change my payment date?

You can make a request to change the payment date by calling us on:

Why have my monthly payments increased or decreased?

Your monthly payments are fixed throughout the term of your agreement. They will only change if you miss a payment.

Payment support

What happens if I miss a payment?

If you find you’re unable to meet your monthly payments, please call our experienced and understanding team on 01534 879201. It’s important you get in touch as soon as possible. The earlier we know of any concerns, the easier it will be to work with you to find a solution. We’re open from Monday to Friday 9:00am to 5:00pm.

Free debt advice is also available from the Citizens Advice Bureau:

Citizens Advice Jersey

Citizens Advice Guernsey

What should I do if I'm struggling to make a monthly payment?

If you find you’re struggling to make your monthly payments, please call our team on 01534 879201. It’s important you get in touch as soon as possible. We understand that things change and we’re here to support you. The earlier we know of any concerns, the easier it will be to work with you to find a solution. We’re open from Monday to Friday 9:00am to 5:00pm.

Free debt advice is also available from the Citizens Advice Bureau:

Citizens Advice Jersey

Citizens Advice Guernsey

Do you offer payment holidays?

Whilst we don’t have the facility to offer payment holidays, we can offer support with a payment arrangement on a case-by-case basis. Please give us a call on 01534 879201 and we can explore the best options for you.

If you prefer to email us instead, contact enqui1684702860ries@1684702860close1684702860finan1684702860ceci.1684702860com1684702860 ideally, quoting your agreement number.

Do you reattempt to take payments if they fail to go out as planned?

No. If we’re notified that the direct debit collection has been unsuccessful, you’ll receive a SMS requesting that you make contact with us. You’ll be required to make a manual payment. Please see the payment options below:

  • Go to the make a payment page on our website;
  • Make a bank transfer direct to us (bank details below); or
  • Make a card payment over the telephone by calling us on 01534 879201.

Bank details:

  • Bank: RBSI
  • Account name: Close Finance Channel Islands
  • Sort Code: 16-58-93
  • Account Number: 60388240
  • Reference – please quote your reference number

How long do I have to pay after I've missed a payment?

This can vary depending on the circumstances.

If your payment has been missed because of a rejected direct debit, you’ll receive a SMS requesting that you contact us. Once contact is made, we would then establish the reason for the missed payment and agree a date when you’re able to make the missed payment.

If contact is not made, we’ll send you a letter advising that the direct debit payment has been returned, the amount payable and any fees that have been charged.

If you are going to struggle to make the payment, please contact us on 01534 879201.

Where can I go for further support and money guidance?

If you find yourself having financial difficulties, we would encourage you to seek help and advice as soon as possible.

Please feel free to contact us on 01534 879201.

Free debt advice is also available from the Citizens Advice Bureau:

Citizens Advice Jersey

Citizens Advice Guernsey

Fees

Will I be charged a fee if I miss a payment?

If a monthly direct debit payment is returned, you may be liable for charge of £25.

If no contact is made on the day that direct debit is returned, a letter will be sent to you at a further cost of £15.

These charges are detailed on our Fees and Charges sheet that formed part of the Welcome Pack, and can also been found on our fees and charges page.

For further information visit our legal and conditions of use page.

Updating your details

Can I transfer my finance to someone else?

No, it’s not possible to transfer your finance to someone else. You’ll need to repay the existing agreement and have the new party apply for finance themselves.

To apply for finance, you can either:

Can I transfer my finance to another vehicle?

No, if you’re looking to get finance on another vehicle, you’ll need to first repay the existing agreement and apply for finance on the new vehicle.

To apply for finance, you can either:

You can also speak with your motor dealer who will be able to explain the potential options available to you.

Can I transfer the direct debit to someone else?

No, the direct debit must remain in your name as the agreement holder.

How do I change my bank details?

You can change your bank details by giving us a call or sending an email quoting your agreement number.

Jersey
01534 737341
enqui1684702860ries@1684702860close1684702860finan1684702860ceci.1684702860com1684702860

Guernsey
01481 740240
enqui1684702860ries@1684702860close1684702860finan1684702860ceci.1684702860com1684702860

We will require suitable evidence of the new banking details. Once you have spoken to us, we will let you know the best forms of evidence required and the best way to send it to us.

How do I change my personal details?

You can change your personal details by giving us a call or sending an email quoting your agreement number.

Jersey
01534 737341
enqui1684702860ries@1684702860close1684702860finan1684702860ceci.1684702860com1684702860

Guernsey
01481 740240
enqui1684702860ries@1684702860close1684702860finan1684702860ceci.1684702860com1684702860

Whether you contact us by phone or email, we will let you know what form of verification we’ll need and the best way to send it to us.

Settlements

Will my credit file be updated once my agreement has ended?

Yes, though it can take up to 90 days.

Will I be notified when my agreement has ended?

Yes, when you’ve reached the end of your finance agreement, we’ll send you confirmation that your account has been settled and we no longer hold any financial interest in your vehicle (if applicable).

Can I end my agreement early?

Yes, you can end your agreement early, however, please don’t try to send a settlement payment without getting a valid settlement quote. Without this, you may experience delays. For more information and a settlement figure, please call us on:

Alternatively, you can email us on enqui1684702860ries@1684702860close1684702860finan1684702860ceci.1684702860com1684702860

How do I get a settlement quote?

If you’d like to pay off your finance agreement early, you can request a settlement figure by calling us on:

Alternatively, you can email us on enqui1684702860ries@1684702860close1684702860finan1684702860ceci.1684702860com1684702860

Settlement figures provided will be valid until the next payment due date.

Please see below the various payment options available:

  • Go to the make a payment page on our website;
  • Make a bank transfer direct to us (bank details below); or
  • Make a card payment over the telephone by calling us on 01534 879201.

Bank details:

  • Bank: RBSI
  • Account name: Close Finance Channel Islands
  • Sort Code: 16-58-93
  • Account Number: 60388240
  • Reference – please quote your reference number

Can I sell my vehicle?

Yes, as long as you settle your vehicle finance with us in full. For a settlement figure, please call us on:

Alternatively, you can email us on enqui1684702860ries@1684702860close1684702860finan1684702860ceci.1684702860com1684702860

If I'm looking to take out vehicle finance again using your products, how do I do this?

To apply for finance again, you’ll need to find the vehicle you wish to buy and then apply for finance either by contacting us direct or via one of our motor dealer partners.

How can I find out how much I have left to pay?

The easiest way to find out your outstanding balance or obtaining a settlement figure, is by giving us a call on:

Alternatively, you can email us on enqui1684702860ries@1684702860close1684702860finan1684702860ceci.1684702860com1684702860

Complaints

How do I make a complaint?

Firstly, we’re sorry that you need to make a complaint. The easiest way to do this is by telephone so we can try to resolve the issue whilst you’re on the call. Please call us on:

We would suggest that you select option ‘1’ when invited to do so.

Our experienced team is on hand from Monday to Friday, 9:00am to 5:00pm.

If you’d like to make a complaint in writing, you can email us at enqui1684702860ries@1684702860close1684702860finan1684702860ceci.1684702860com1684702860

To see our full complaints handling procedure, please visit our complaints page.

What happens when I make a complaint?

You’ll get a specialist complaints handler who’ll investigate and handle your case. They’ll keep in touch to give you regular updates on our investigation. We have 8 weeks to resolve your complaint. If we can’t provide you with a resolution that you’re happy with in that time, we’ll tell you how to take your case to the Channel Islands Financial Ombudsman (‘CIFO’).

You can contact the CIFO at:

Channel Islands Financial Ombudsman
PO Box 114
Jersey
Channel Islands
JE4 9QG

Email: enqui1684702860ries@1684702860ci-fo1684702860.org1684702860

Website: www.ci-fo.org

I'm not happy with the response I have received - what should I do?

If you don’t feel we’ve considered your concerns fully, or there is further information that we should know about, please speak to your specialist complaint handler direct or call us on:

Alternatively, you can email us on enqui1684702860ries@1684702860close1684702860finan1684702860ceci.1684702860com1684702860

If you are unhappy about our response, you may refer the matter to the Channel Islands Financial Ombudsman (‘CIFO’).

You can contact the CIFO at:

Channel Islands Financial Ombudsman
PO Box 114
Jersey
Channel Islands
JE4 9QG

Email: enqui1684702860ries@1684702860ci-fo1684702860.org1684702860

Website: www.ci-fo.org

How long until you resolve my complaint?

Wherever possible, we will attempt to resolve the matter during your initial telephone call to us, or in a subsequent conversation, if appropriate. We have 8 weeks to resolve your complaint but if we can’t provide you with a resolution that you’re happy with in that time, we’ll tell you how to take your case to the Channel Islands Financial Ombudsman (‘CIFO’).

You can contact the CIFO at:

Channel Islands Financial Ombudsman
PO Box 114
Jersey
Channel Islands
JE4 9QG

Email: enqui1684702860ries@1684702860ci-fo1684702860.org1684702860

Website: www.ci-fo.org

My vehicle is faulty, what should I do?

If your vehicle is faulty, please speak to the motor dealer that you purchased your vehicle from in the first instance. If you then still require further assistance, please call us on:

Alternatively, you can email us on enqui1684702860ries@1684702860close1684702860finan1684702860ceci.1684702860com1684702860

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