Representative Example: Cash price £11,000. Deposit £0. Total amount of credit £11,000. Borrowing £11,000 over 60 months at a fixed rate of interest of 20.7% p.a., with a first monthly payment of £489.40 (including a £199 admin fee), followed by 58 monthly payments of £290.40 and a final payment of £300.40 (including a £10 option to purchase fee). Total amount payable £17,633. 22.8% APR representative.
AutoMoney Trust was established in 2018 and has been providing hire purchase (HP) car finance to customers across the UK. Since launching, we have helped over 10,000 customers access finance for their next vehicle, supporting drivers through the car finance journey with a straightforward and transparent approach.
During this time, AutoMoney Trust has financed over £125 million in vehicle finance and built a growing portfolio of customer agreements. As part of Norfolk Capital Group, we benefit from the experience and support of and established financial services group while continuing to focus on providing accessible used car finance solutions.
We specialise in hire purchase car finance, offering fixed monthly payments and a clear path to vehicle ownership once all payments and the option to purchase fee have been completed. Whether you are looking to finance your first vehicle or replace your current car, AutoMoney Trust aims to make the process simple, clear and easy to understand.
Yes, AutoMoney Trust hire purchase agreement includes a £199 admin fee as well as an option to purchase fee of £10, which is paid alongside your final monthly payment if you decide to keep the vehicle at the end of your agreement. This fee allows ownership of the car to transfer to you once all payments have been completed.
All applicable fees are clearly explained in your car finance agreement, so you can understand the costs involved before entering into a hire purchase agreement.
Additional charges may apply if payments are missed, including reminder letter fees or default interest. These charges are designed to cover the costs associated with managing missed payments and are detailed in our arrears fees and default interest schedule.
Unlike some finance providers, AutoMoney Trust does not charge early repayment fees if you choose to settle your agreement ahead of schedule. If you are considering paying off your car finance early, you can contact us to discuss your options and understand any settlement figure that may apply.
Finance broker commission is a payment a broker or dealer may receive from a lender for introducing a customer and arranging a car finance agreement.
If you're introduced to AutoMoney Trust through a broker or dealer, they may receive commission for arranging your finance. This is common practice with the motor finance industry, where brokers help customers find suitable finance options and manage the application process.
UK regulation requires any commission arrangements to be disclosed before you enter into a hire purchase agreement. The information provided should explain whether commission applies and include details of the amount or method used to calculate it within the documents you receive.
AutoMoney Trust uses fixed-rate commission structures. This means the commission paid to a broker does not affect your interest rate or increase the amount they earn based on the rate you are offered. This helps ensure customers receive clear, transparent information about their finance agreement and the costs involved before making a decision.
If you would like to understand how commission may apply to your specific car finance agreement, you can review your pre-contract information or contact AutoMoney Trust directly, and we will be happy to explain the details.
The main difference between fixed and variable car finance rates is whether the interest rate can change during your agreement. A fixed interest rate means your rate and monthly car finance payments stay the same throughout the finance term, giving you certainty over what you'll pay and making it easier to budget. In comparison, a variable interest rate can rise or fall over time, meaning your monthly payments may change.
AutoMoney Trust offers fixed-rate hire purchase car finance only, so you know exactly what your monthly repayments will be for the full term of your agreement. While fixed rates may sometimes be higher than an introductory variable rate, they provide protection against future interest rate rises and make it easier to plan your finances with confidence.
When comparing car finance options, it's important to consider not only the interest rate but also the APR, total amount payable, and the overall cost of borrowing. For more information read our guide on What Is Car Finance APR?.
Car finance usually costs more than the car's cash price because you're paying to borrow money to purchase the vehicle. The total amount payable includes the amount borrowed, plus interest and any applicable fees charged over the term of the finance agreement, which increases the overall cost.
For example, a £10,000 car on a 60-month agreement at a representative APR may cost several thousand pounds more in total once interest, and the option to purchase fee is included.
Several factors affect the total cost of car finance, including your APR, the length of your finance term, the size of your deposit, and the amount you can borrow. A longer agreement can reduce your monthly repayments but will often increase the total amount of interest paid over the life of the agreement. A larger deposit or shorter term may reduce the overall cost of borrowing. If you're unable to put money down upfront, our guide to zero deposit car finance options explains how these agreements work and what to consider before applying.
Before entering into any hire purchase agreement, it is important to review the total amount payable, monthly repayments, and APR so you understand the full cost of the finance. You can also use the AutoMoney Trust car finance calculator to compare different borrowing amounts, deposits, and agreement terms to find an option that best suits your budget.
Representative Example: Cash price £11,000. Deposit £0. Total amount of credit £11,000. Borrowing £11,000 over 60 months at a fixed rate of interest of 20.7% p.a., with a first monthly payment of £489.40 (including a £199 admin fee), followed by 58 monthly payments of £290.40 and a final payment of £300.40 (including a £10 option to purchase fee). Total amount payable £17,633. 22.8% APR representative.
