PERSONAL MOTOR LOAN (PML) EXPLAINED
WHAT IS PERSONAL MOTOR LOAN (PML)?
A Personal Motor Loan (PML) is a simple form of loan where the cost of the vehicle is evenly spread into fixed monthly payments over a set period. Once all monthly payments have been made the vehicle is yours.
Personal Motor Loan is best suited to people who want a regular payment structure and want to own the vehicle at the end of their agreement.
HOW PERSONAL MOTOR LOAN (PML) WORKS
1: PAY A DEPOSIT
Select the initial deposit you wish to pay, if any at all.
If you choose to pay a deposit, you can either pay in cash or trade in your existing vehicle (part exchange).
2: PAY MONTHLY PAYMENTS
Choose how long you would like the agreement for and make regular monthly payments to repay the balance and interest.
The interest rate is fixed which means you pay the same amount each month.
3: YOU OWN THE VEHICLE
Once all the monthly repayments have been made, you will own the car. As with all our finance products, there are no arrangement or purchase fees.
KEY BENEFITS:
Straightforward ownership
Once all fixed monthly payments have been made, the vehicle is yours.
Simple Terms
Structure the agreement to your budget with fixed monthly payments over a set period
Low Upfront Deposit
Low deposit requirements making it easier to get into your new car with less money upfront.
OTHER THINGS YOU SHOULD KNOW:
- The minimum loan amount is £3,000. Repayment periods can vary from 12-60 months, with a minimum deposit requirement of 0% (criteria may vary dependant on campaign programmes).
- The car must not be more than 10 years old at the start of the agreement period.
- The contract is secured against the car. If you do not keep up your repayments, we may take steps to recover the money that is owed, which may include repossession of the car.
- If you put down a lower deposit it could mean a higher risk of negative equity if you wish to settle early or want to change the car before the end of your contract.
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This type of finance agreement is not available to corporate entities, e.g. limited companies, PLCs or limited partnerships.
This type of agreement is covered by the Consumer Credit Act 1974, which means:
- You can pay off lump sum amounts during the agreement.
- You can settle the agreement early by repaying the required amount.
DOWNLOAD OUR PML PRODUCT GUIDE
Our product guides are downloadable as a PDF via the link below.
FREQUENTLY ASKED QUESTIONS
Unlike PCP, there is no agreed mileage limits or Optional Final Payment, you simply pay fixed monthly payments for a set period and the vehicle is yours.
Personal Motor Loan is a good option if:
- You want to own the vehicle outright at the end of the agreement
- You don't want mileage restrictions
- You prefer straightforward fixed monthly payments without a lump sum deferred to the end of the agreement
No, Genesis Finance will hold title of the vehicle until you have made all monthly payments.
When applying for finance you will be required to supply certain personal information, as well as to confirm your identity.
You will need to provide a full UK driving licence. We may also ask you for further proof of your address dated within three months of the submission of your application. An acceptable proof of address includes a bank or credit card statement, utility or council tax bills, or mortgage statements.
| Account Management Fees | Empty |
|---|---|
| Copy statement of account | £12.00 |
| Change of payment due date* | £25.00 |
| Change of vehicle registration plate | £30.00 |
| Collection of vehicle upon voluntary termination of agreement | £70.00 |
| Transfer of agreement fee** | £150.00 |
| Arrears Management Fees | Empty |
|---|---|
| Monthly arrears fee*** | £35.00 |
| Internal collection agent visit | £50.00 |
| External collection agent visit | £250.00 |
* One change of payment due date is allowable free of charge any time during the agreement.
** Only applicable for agreements not regulated by the Consumer Credit Act, i.e. transfers from one limited company to another limited company.
*** When your payment is made late and for every subsequent month that your agreement remains in arrears, limited to 3 in any single defaulting period. The charges detailed within this document are correct as at 30th July 2014. Genesis Finance reserves the right to amend these fees at any time.
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