FAQs

Questions about MotaFinance or our loans? Find the answers below.

The Cars We Finance

What kind of vehicles do you finance

We finance all type of cars but we do have certain criteria that must be met, these are as follows;

  • Max age at end of loan is 12 years
  • Max mileage at purchase is 100,000
  • The car has not been altered from its original manufactures specification.

Are there any cars that you will not finance?

  • Cars used for driving instruction
  • Left-hand drive car or parallel (grey) import cars

We accept most cars but do have some other conditions for the car so it is best to check with the dealership first.

How much could I finance?

The minimum lend on a car is £3,000. The actual amount that we can lend is dependent on a number of factors, which include your income and ability to make payments. The maximum that we will lend is £15,000

Do I have to purchase my vehicle through you?

No. We do not stock cars or tell you which dealer you must use. You can source the vehicle yourself from a reputable dealer that is regulated by the Financial Conduct Authority. We give you the freedom to choose the car you want and the car you need.

What is the payment reminder device

It is a small discreet box that is fitted into the car and works as a payment reminder. If you miss your monthly payment an alarm will sound to remind you that your monthly payment has been missed and that you need to make the payment. The device does not affect your car nor does it monitor the way you drive, and all devices are fitted by qualified engineers. If the payment reminders are ignored and outstanding payment remains unpaid, we will advise you that the if the payment is not made a signal may be sent to the car which will stop it from starting until you contact us.

How Can We Help

Does MotaFinance offer guaranteed vehicle finance?

No, we cannot guarantee that we can approve you for vehicle finance, but we can usually help, even if you have been declined by other lenders based on your credit score or other factors.

If I have poor credit will I still be considered?

Absolutely. Our aim is to help as many people as we can, as such we will not judge our decision just on your credit history. Instead we review your current situation and in many cases we can help where others will not.

I'm in the Armed Forces, will I still be considered?

Definitely. The only exception to this is if the vehicle you wish to finance will be kept abroad. Our vehicles must be kept in the UK until the final payment is made and the finance is cleared.

I have been refused finance from another finance company, can you help me?

Usually we can help. We will need to assess your credit and income first to determine if we can approve you for finance and how much you can likely afford, but we specialise in providing finance to people with a poor credit history.

I was made bankrupt. Will I still be considered?

Yes, however, we will only consider you if you are now discharged from your bankruptcy.

I'm in an IVA. Will I still be considered?

Yes, find out more by visiting the "Car Loans" page.

Why choose a Hire Purchase?

Hire Purchase is a popular way to finance a vehicle. It lets you choose the vehicle you want, while spreading the payments to suit your budget. You'll have the reassurance of knowing your regular monthly payments will stay the same and remove the risk of needing to pay a large final or balloon payment. After the last payment, the vehicle's all yours.

Can I purchase a vehicle privately?

No, all vehicles we finance must be from a licensed dealer. This is for your safety and will give you protection if something goes wrong.

What are your pre-application criteria?

We require all applicants to be at least 21 years old and not over 65 years old, hold a valid British driving licence, have a bank account that accepts direct debits and to have lived in the UK for at least 3 years. We also have some criteria for the vehicle we will provide finance on.

You've declined my application - why?

In most cases, we are unable to let you know the specific reasons why we have declined an application and will refer you to our credit reference agency. However, if you do not meet our specific pre-application criteria, we will tell you.

The Application Process

How long will it take to get an approval decision?

Once you have completed the online application, we can usually give you an instant decision.

What do I need to do to apply for finance on a vehicle?

It couldn't be easier, simply complete the online application form which will only take a couple of minutes. In most cases we can then give you an instant decision

What information do I need to provide to be accepted for vehicle finance?

We pride ourselves on making the application process as easy as possible for you. In most cases we will just need you to complete the online application form for us to give you a loan.

About MotaFinance

What do MotaFinance do?

Car Loans! We lend money for people to buy a car and specialise in approving customers with a poor credit history. Responsible lending underpins everything we do, and we help our customers get loans which are suited to their individual financial situation and affordability.

Is MotaFinance a finance broker or a lender?

We're a lender and not a broker. Your monthly repayments will be made to MotaFinance and we will be the owner of the vehicle until the final payment is made.

How long has MotaFinance been around?

MotaFinance was founded in 2016 to fill a gap in the car finance market by aiming to help individuals with poor credit, the part of the market which is often poorly serviced. Our goal is to become provider of choice in the UK for those looking to rebuild their credit.

What do I do if I need to complain or wish to give feedback?

We take complaints about us very seriously. If you are unhappy about any aspect of our service, please contact us using the contact details found on the "Contact Us" page of this website.

How do I contact you?

It is easy to get in touch with us, you can find our email, telephone and postal address on the "Contact Us" page of this website.

Existing Customer Questions

What should I do if I cannot make a payment?

Always keep us informed of your circumstances, we are always happy to discuss your situation and try to help wherever we can. Charges may be applied if you fail to make your payments on time, and your vehicle could be at risk. If you are experiencing financial difficulties please see our section on experiencing financial difficulties to obtain details of free independent financial assistance.

When will I receive a statement?

All details are provided on your online portal of the website which you can log into at any time to view your latest account details.

What do I do if I have been in an accident or the vehicle has been damaged or stolen?

Please inform us immediately if the vehicle is lost, stolen or if you have had an accident and the vehicle is declared a total loss by your insurer.

I want to Voluntarily Terminate my agreement. What do I need to do?

You have a right to end your agreement at any time. To do so you must notify us in writing or via the online portal. A settlement figure can be viewed on your online portal of the website which you can log into at any time.

Can I settle my agreement or make additional payments to pay off my agreement early?

Yes, you can settle your agreement in full or in part at any stage during the life of the agreement. The settlement figure can be viewed in your account details on your online portal of the website.

Do I need to insure my vehicle?

Yes, from the date you sign the agreement you must insure the vehicle in your name under a fully comprehensive policy at your expense, and the excess must not exceed £500. We will ask you to provide us with details of your insurance policy.

How do I make a complaint?

We strive to offer the highest level of customer service and we take any concerns you have seriously. If you are unhappy about our service, we would like to hear about it. We aim to resolve any complaints we receive informally quickly. However, if a complaint requires further investigation it will be escalated to our Complaints Team for review.

When will I become the owner of my vehicle?

Only once you have made the final payment on your agreement and paid the total amount payable under the agreement.

I have received a Default Notice, what do I need to do?

You should read this carefully, and if you are able to, take the action required by the default notice. If you have any questions or are not able to take the action required call our Customer Services Team. Contact details are available on the "Contact Us" page of this website

MotaFinance have terminated my agreement, what will happen next?

You will be contacted by our specialist team to discuss your options or the return of the vehicle.

I have entered an IVA or become Bankrupt - do I need to let MotaFinance know?

Always keep us informed of any changes in your circumstances; if you are experiencing financial difficulties please see our section on experiencing financial difficulties to obtain details of free independent financial assistance.

Can I take a payment holiday?

Unfortunately, you are unable to take a payment holiday as the account will fall into arrears. We try to help our customers to the best of our ability and we will always look into setting up a payment plan with a customer.

Can I change my payment date?

Yes, you are able to change your payment date, as long as it is not your first payment with us. You can do this by contacting us.

What happens at the end of my finance agreement?

Once you have paid the total amount on your agreement we will arrange for the payment reminder device to be removed from your vehicle. We will also send communication to you regarding the settlement of your account with us and to say thank you for using MotaFinance. We will send off a request to have our interest removed from the vehicle. No more payments will be taken from your account and we advise you to contact your bank to cancel your direct debit with us.

What happens if the vehicle is repossessed?

We will sell the vehicle, usually at auction, and use the money to pay off part (or all) of your debt. If there is still debt remaining you will have to pay the rest.