Your Finance Explained
Once you’ve read this important information, please follow the instructions at the bottom of this page to continue.
Introduction
Bright Car Finance is a car finance brokerage, not a lender. We are authorised and regulated by the Financial Conduct Authority under registration number 927809. Our business is permitted to arrange finance contracts and we act as an intermediary to a limited group of carefully selected credit providers. We have been passed your details by one of our supporting introducers and have obtained a finance approval. We have been requested to issue documents to you, this document accompanies those and contains important information.
Advice
We are not independent financial advisors. We provide a non-advised service, which means that we will give you the information only and you are required to make your own informed choice as to whether the product on offer is suitable for your needs. Below, we have provided further information about the agreement on offer to you, please read the information carefully and click the link to confirm you are happy to proceed.
Payments
Your repayments are detailed within the SMS which provided you this link; please refer to your lender documentation in order to confirm any additional fees that may be on your first and/or final payment.Please consider the payments and term carefully. It may be possible to change the term, a shorter term results in a higher payment but would reduce the amount of interest you pay whereas a longer term would result in lower payments but the amount of interest payable would increase. If you would like to consider a different term then please contact us before signing the documents. Please consider the payments and term carefully to ensure that the payments are affordable over the entire period. If you have any concerns regarding the affordability of the payments after carefully considering your current and future expected income and outgoings, please contact us before signing the documents.
Types Of Agreement
Please check your documents to confirm you are happy with the type of agrement you are entering into, which will fall into one of the following categories:
- Hire Purchase (HP)
A Hire Purchase (HP) agreement is one of the most common ways of funding a vehicle purchase. It is normally a fixed cost, fixed period loan linked (or secured) to the purchase of a vehicle. This works by spreading the cost of the vehicle (minus any deposits paid) over your selected term. Once the term of the contract is over and all repayments plus any Option To Purchase fees have been paid, you will own the vehicle outright. Under Hire Purchase, you have a genuine choice on whether to take legal title at the end of the agreement.
- Conditional Sale (CS)
Conditional Sale agreements are very similar to Hire Purchase, but they are different products. The key difference is that in entering a Conditional Sale agreement the you are commiting to becoming the legal owner of the vehicle, once all repayments have been made to the lender.
- Personal Contract Purchase (PCP)
Personal Contract Purchase (PCP) differs to a Hire Purchase (HP) by the use of a balloon payment at the end of the agreement. This balloon payment, sometimes known as “Guaranteed Minimum Future Value” (GMFV) or “Optional Final Payment” (OFP) is set by the finance company before you enter into the agreement and once all payments have been made you will own the vehicle outright. Under Personal Contract Purchase, you have a genuine choice on whether to take legal title at the end of the agreement.
Failure to Pay
If you fail to meet your repayments the total cost of the credit could grow as you may incur additional interest, charges and default fees. Missed payments may be reported to the credit reference agencies which could have a severe impact on your ability to gain credit in the future. The finance company is the owner of the vehicle, therefore your vehicle is at risk of repossession if you do not maintain the payments as set out in the agreement, although if you have paid one third or more of the total amount payable the funder would need a court order to do so. In more serious cases, as with any unpaid debt, legal action could be taken which could result in a county court judgment being set against you. If you fail to make payments under a county court judgment then one of the results could be the award of a charging order against your property (if you are a homeowner) which in some circumstances could lead to the repossession of your home.
Interest & Cooling off Period
The interest rate is fixed so the monthly repayments are a fixed amount for the entire period of the agreement and you will need to obtain fully comprehensive insurance for the vehicle. There is a 14-day cooling off period in relation to the finance, however, typically there is no statutory cooling off period in relation to the sale of the car. So if you wanted to cancel your agreement within the first 14 days you would need to return the advance to the finance company.
Suitability & Understanding
Our aim is to ensure that our service is appropriately tailored to any customer who may consider themselves vulnerable. If, for any reason, you have difficulty understanding any information and/or documentation provided to you, please advise Bright Car Finance Ltd. If you have a disability, physical or mental health condition, feel vulnerable due to a change in personal circumstances or just need extra support, please advise Bright Car Finance Ltd of this and we will do our best to help you. It is important to make sure that you have been provided with sufficient time and support to assess the information given to you and ensure the finance option offered is suitable and meets your needs and requirements. If you are at all unsure, please make Bright Car Finance ltd aware immediately.
Our Service
Our service is provided to you free of charge. However, we will receive a commission payment from the finance company for introducing you as a customer which will be either a fixed fee per agreement or a fixed percentage of the amount borrowed. For your reassurance, the commission we receive does not influence the interest rate you will pay. Details on the amount of commission are available on request.
Using Your Personal Data
Please read our privacy notice as your personal data is being processed by Bright Car Finance Limited. We use your personal data in order to:
- Support a number of specific steps before you enter into a contract for vehicle finance with your chosen finance company; and
- Ensure that our legitimate interests as a finance broker are protected
Our privacy notice can be found at www.brightcarfinance.co.uk/privacy-policy/
We are registered with the Information Commissioners Office for the purpose of Data Protection, our registration number is ZA784430.
Contact Information
Please ensure you have read through the above information very carefully. If you have any questions regarding either the contents of this email or the documents from the lender, please either call us on 0151 317 7555 or email us at hello@brightcarfinance.co.uk.
Complaints
If you have any concerns, please contact us in the first instance by writing to us at Bright Car Finance Limited, The Parade, 31 Hoyle Road, Hoylake, Wirral, CH47 3AG. Or you can email us at complaints@brightcarfinance.co.uk or telephone us on 0151 317 7555.
You have the right to refer any unresolved complaint to the Financial Ombudsman Service, Exchange Tower, London, E14 9SR.
Web: www.financial-ombudsman.org
Telephone: 0800 0234 567
To confirm you have read and understood this document and that the payments are affordable across the whole period of finance please reply to the SMS you have received with the below code in order to proceed with your agreement:
7358
Click here to send us an SMS
Kind Regards
Bright Car Finance Limited