Northridge Finance offers a comprehensive range of lending products for the dealer/intermediary market that can be used to best meet their individual customer requirements. These include:
Hire Purchase Products
HP is the simplest and best-known form of motor finance.
Entering into an agreement with Northridge, the customer pays a deposit and then makes fixed, monthly payments over a period of time, usually between 12-60 months.
The customer is the “registered keeper” of the car and responsible for insuring and maintaining it, but Northridge remain the legal owner until the amount borrowed & option to purchase fee has been fully repaid.
At any point during the agreement customers can ask for a settlement figure, allowing them to pay a lump sum that clears the balance to take ownership of the car, we do not charge any fees or penalties to settle early .
- Simple and easy form of motor finance
- Payment terms usually between 12 and 60 months
- Repayments fixed at the same amount throughout the agreement
- You will become the owner of the car when the final repayment + Option to purchase fee is made
You can find more information on our Hire Purchase product here.
Personal Contract Purchase Product (PCP)
PCP is a variation of Hire Purchase. The main difference is that Northridge estimates a fixed value for the car at the end of the agreement, called the Guaranteed Minimum Future Value (GMFV).
The GMFV is the key to PCP, and is based on a number of factors, such as the cars age and agreed mileage (minimum 9,000 miles per annum).
Deferring the GMFV to the end of the agreement means that both the upfront deposit you pay and your fixed monthly payments will tend to be lower than those on a comparable HP agreement over the same period.
At the end of the agreement, you have a choice whether to pay off the GMFV to take ownership of the car, return it to Northridge in good condition and within the mileage allowance or refinance the remaining GMFV via our Direct Sales department (subject to credit & Terms and Conditions).
- Lower deposit and monthly payments than HP for a comparable car and term
- Flexibility at the end of the agreement on what you would like to do with the car
- Fixed monthly payments throughout the term of the agreement
- If you return the car in poor condition, exceeded mileage allowance and any damage may result in charges
You can find more information on our Personal Contract Purchase product here.
Personal/Business Loan Products (Maximum lend £25,000)
A fixed cost, fixed period loan of money for a variety of needs. e.g. private vehicle purchase, Home improvements (only available to home owners), Insurance premium finance.
If you wish to enquire further please contact our Direct Sales Team firstname.lastname@example.org
For more detailed information on finance products please see the Finance and Leasing Association (FLA) Financing Your Car website here
As members of the Finance and Leasing Association, and with experienced Motor Finance, Insurance Premium Finance, Office Equipment and Agri-Finance managers in place, whatever your customers’ financial requirements, we are in a prime position to help.
Under FCA requirements your customer must be provided with ‘Adequate Explanations’ of the product being sold. To assist you Northridge have published the following support sheets:
Adequate Explanations Support Sheet for HP & PCP
Adequate Explanations Support Sheet for Contract Hire
Northridge Finance prides itself on its delivery of a premium service. By listening to our customers we continually find ways of enhancing our service even further.
Note: All loans are subject to NIIB/Northridge lending conditions. Applicants must be 18 years or over and resident in the UK.