AutoMoney Trust is an FCA regulated hire purchase car finance lender based in Redditch, Worcestershire. Established in 2018, we provide used car finance to customers across the UK, helping over 10,000 of people access affordable for their next vehicle.
As a specialist hire purchase car finance provider, we offer straightforward agreements with fixed monthly payments and a clear path to vehicle ownership once all payments and the option to purchase fee have been completed. We support a wide range of customers, including those with poor credit, limited credit history, or those applying for car finance for the first time, with all applications assessed on their individual circumstances, status, and affordability,
AutoMoney Trust is a direct lender, not a car finance broker. This means your application comes directly to us, we make our own lending decisions, and if your application is approved, your hire purchase agreement remains with AutoMoney Trust for the full term. As an FCA regulated car finance provider, we are committed to responsible lending, transparency, and treating customers fairly throughout the finance journey.
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.
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.
The main difference is that with Hire Purchase (HP) you own the vehicle at the end of the agreement, whereas Personal Contract Purchase (PCP) includes an optional final balloon payment if you want to keep the car.
With Hire Purchase, you repay the full value of the vehicle through fixed monthly payments and become the owner once all payments and any option to purchase fee have been paid.
With PCP, monthly payments are usually lower because you are paying towards only part of the vehicle's value. At the end of the agreement, you can pay the balloon payment 9also known as a final payment) to keep the vehicle, return it, or choose another available option.
One of the main differences between HP and PCP finance is how ownership and mileage work. PCP agreement often include annual mileage limits and potential charges if the vehicle exceeds the agreed mileage or is returned with damage outside normal wear and tear. Hire purchase does not usually have mileage restrictions, making it a popular option for drivers who want flexibility and the certainty of owning the vehicle at the end of the agreement.
AutoMoney Trust offers hire purchase car finance only, providing customers buying used cars a straightforward agreement, fixed monthly payments, and the reassurance that they can own their vehicle once the agreement is completed.
To apply for car finance with AutoMoney Trust, you'll usually need documents that help verify your identity, confirm your income and affordability, and validate your address. The exact documents we'll ask for will depend on your individual circumstances, but having the relevant information ready before you start your application can help make the process quicker, smoother and reduce the likelihood of delays.
You may need to provide proof of identity, such as a valid UK driving license or passport, along with proof of income such as recent payslips or bank statements. You may be asked for proof of address dated within the last three months, as well as details of the vehicle you are looking to finance if you have already chosen one.
If you are self-employed and applying for car finance, you may need to provide additional information, such as SA302 forms, tax calculations, or business accounts, to help demonstrate your income and affordability.
The documents required can vary depending on your individual circumstances and application. Providing accurate details and having your documents available in advance can help sped up the car finance application process and reduce the need for additional requests.
