AutoMoney Trust is an FCA regulated hire purchase lender based in Redditch, Worcestershire. Established in 2019, we specialise in HP car finance for customers across the UK, including those with poor credit and those financing a car for the first time. We are a direct lender, not a broker.
When you are introduced to AutoMoney Trust through a broker or dealer, the broker may receive a commission for arranging your finance. UK regulation requires that this is disclosed before you sign your agreement, and the amount or method of calculation should appear in the documents you receive. AutoMoney Trust uses fixed-rate commission structures that do not increase your interest rate based on the broker's earnings. If you would like to understand how commission may apply to your specific hire purchase agreement, check the pre-contract information or contact us directly.
AutoMoney Trust hire purchase agreements include one standard fee: paid alongside your first monthly payment an Option to Purchase Fee of £199, only payable at the end of the agreement if you decide to keep the car. Both fees are detailed in your agreement. Additional charges, such as reminder letter fees or default interest, may apply if payments are missed, full details are listed in our arrears fees and default interest schedule. AutoMoney Trust does not charge early repayment fees if you choose to settle your agreement ahead of schedule.
With Hire Purchase, you pay the full vehicle value across fixed monthly payments, then own the car outright after a small Option to Purchase Fee. With PCP, monthly payments are typically lower because you only pay off part of the car's value, with a large optional balloon payment at the end if you want to keep it. PCP often has mileage limits and condition charges; HP does not. AutoMoney Trust offers Hire Purchase only, as it provides predictable costs and guaranteed ownership for customers buying used cars.
For an AutoMoney Trust car finance application, you may be asked to provide proof of identity such as a valid UK driving licence or passport, proof of income such as recent payslips or bank statements, proof of address dated within the last three months, and details of the vehicle if you have already chosen one. Self-employed applicants may need to provide additional documentation such as SA302 forms or business accounts. Having these documents ready before applying helps speed up the decision and reduces back-and-forth requests.
