Frequently Asked Questions - Car Finance

What are the benefits of arranging finance through Carsite?
Getting fast approval for finance before you start bidding or ‘Buy It Now’ means even more flexibility and seamless fast service on purchasing great cars through Carsite.

Together with our finance partners we make every effort to ensure that you are provided with the most appropriate finance to suit your needs and circumstances enabling you to drive one of the great cars that we have on offer.
Give the Carsite calculator a go to see how quick and easy it is to get these unique benefits.Finance rates shown are limited to those with good credit. Rates will vary subject to status.
How does the calculator work?
You only need to enter two figures to enable the calculator to compute the figures for you. You can first of all enter the period over which you want the finance to run.
This is a drop down box and enables you to select any of the following:

24 months
36 months
48 months

Then you have one of two choices, you can either enter the amount that you want to spend per month, then click the cost of car to see how much you have available to bid in auction and the deposit that you will need to pay. Or you can enter the most you want to spend in the cost of car box then click the monthly repayment button in order to see how much this amounts to each month. You can then continue to change the figures until you arrive at the ideal proposal. Please remember that you can use the pre-approved finance to bid on auction or purchase a ‘buy it now’ car.
Am I able to finance my new car through my business?
Yes, we can pre-approve the finance in the name of the business and you can then bid on auction or ‘buy it now’ as if you were a consumer. Any business style can apply for finance, sole trader, partnership or limited company. Please contact us on (01234) 761145.
I’ve got more deposit to put down than that shown.
You may have saved a little money or you may want to see what the effect would be once you have sold an existing car. The calculator is very ‘user friendly’ making it simple for you to change figures to suit. Once you have entered the term and either the monthly repayments or cost of car and clicked either the cost of car button or monthly repayment button you can now alter the deposit to suit. The calculator will not allow you to enter a figure of less than 10% of the price of the car. Once entered you can then either adjust your monthly repayments by clicking the monthly repayments button or amount available to spend at auction or on a buy it now car by clicking on the cost of car button.
What is the position with regard to warranty?
All cars are provided with a manufacturer’s warranty of at least 12 months from new. Some vehicles are provided with a 3 year warranty that will have a mileage restriction of say 60,000 miles, so even with a 3 year warranty if the car is less that 3 years old but has reached 60,000 miles already the warranty is no longer valid. We suggest that you contact a local dealer to establish the warranty position with respect to the car that you are interested in.
Do I have to take finance once applied for and approved?
No you don’t, you will only take the finance if you are lucky enough to win a bid or buy a car that is available on ‘Buy It Now!’, otherwise you leave it.
At what stage do I sign documents?
You will need to pay a £75 Handling Fee when you win the auction or ‘buy it now’. You will then be sent the finance documents with full instructions on how to complete them. After completing the documents you will be asked to return them by post along with your deposit cheque.
How do I pay the deposit?
You can only pay the deposit with a personal cheque from the account shown on the direct debit. You pay the deposit at the time of completing and returning the finance agreement.
Can I bid on more than one car?
Yes you can, but it isn’t recommended because like all auctions if you place a winning bid, which is still the case at the end of the auction, you are the owner of that auction item! You should select the car that you want and bid on it. Only if you lose the bid should you continue to bid on alternatives. Our Fleet to Street intelligent system will look for any similar cars coming up and advise you accordingly. The way our credit line is set up you will only be able to fund one car.
Can I use the credit line to buy a car that isn’t on your website?
No, the credit line has been set up specifically to enable you to either bid on our cars at auction or to spend on a ‘buy it now’ vehicle.
How long have I got to use the credit line?
Because of the nature of the finance approval you have 15 days from the date of approval to spend the money. As auction cycles last just 6 days you will be able to bid on at least 2 cars.
What happens if I am unsuccessful with my bids then run out of approval time?
We will apply to have the credit line extended and advise you of the outcome to enable you to continue bidding. Unfortunately, there is no guarantee that you will receive an extension to the approval period so it is important not to waste any time and to start bidding as soon as you see a car that you like.
What happens if I have a problem with the finance or the car?
Carsite is only a facilitator, so any queries should be taken up with the seller or finance house directly. However, our customer support team is there to help so you may telephone us in the first instance and we will either deal with your problem or make sure that you speak to someone who can help you.
What if I can’t make a payment?
The procedure is straight forward. You will be requested by e-mail to provide proof of address and a copy of your driving licence/passport as proof of signature. In the meantime a set of documents will be posted to you at your home address. You simply check the documents, sign and complete where marked and return them in the envelope provided along with your deposit cheque (from the bank account shown on the direct debit). Once we have received your proofs, documents and deposit cheque our handover centre will contact you to arrange for collection of your car.
When can I pick up my car?
The procedure is straight forward. You will be requested by e-mail to provide proof of address and a copy of your driving licence/passport as proof of signature. In the meantime a set of documents will be posted to you at your home address. You simply check the documents, sign and complete where marked and return them in the envelope provided along with your deposit cheque (from the bank account shown on the direct debit). Once we have received your proofs, documents and deposit cheque our handover centre will contact you to arrange for collection of your car.
What happens to the finance if the car is not as described?
In the unlikely event that you arrive at the handover centre and the car is not as described you have the right to reject the car. If this happens we will return to you your Handling Fee and deposit and cancel the finance agreement. You can then use the agreed finance to purchase an alternative on line.
What are the money laundering rules?
The money laundering rules were introduced by the Government to prevent drugs money from being laundered through finance agreements. In fact the rules have been distorted to encompass virtually all types of fraud with each finance company placing a different interpretation on each as dictated by their own compliance officer. As a result we have to ask for various proofs and authorities before we can release your car. That isn’t us being awkward the rules are dictated by our funders.
Can I settle the HP off early?
Yes you can. All you have to do is telephone the customer services department of the funder (shown on your agreement) and they will calculate the settlement figure. HP loans operate in a similar fashion to mortgages, in the early stages your monthly payments contain a high proportion of interest charges with a small proportion of capital repayment. As time goes on this position changes to the point where most of the repayments are capital repayments with a much smaller proportion of interest charges. It is therefore beneficial to settle as late as you can if you are to avoid a loss on resale of the car,as calculated under new Consumer Credit Act standard methods for computing early settlement figures.
Can I swap finance from my existing car to another car on your listing?
Unfortunately not. You will need to terminate the first agreement as shown under ‘Can I settle the HP off early?’ then apply for fresh finance before buying another car either by bidding on auction or ‘buy it now’.
Can I only apply for finance online?
It makes life easier for all concerned and speeds up the process if you apply for finance online through our secure server, however, if you are unable to do this our qualified customer support staff can either take details over the telephone for your finance application or we can send you a form in the post or fax a copy to you for completion then either post back or fax back to us. Call our customer support staff on (01234) 761145 for more information or email our finance department for more information.
Can I still bid on cars even though I have been declined for finance?
Yes, provided you have the means to pay the amount that you bid on the car. You should never bid an amount on a car that you can’t afford to pay.
Can I have no deposit finance?
Unfortunately no, this is one of the rules that are applied to Hire Purchase provided by Bank of Scotland Vehicle Finance. They require a minimum of a 10% deposit.
When does the finance run from?
The transaction is only completed when you have taken the car and have signed an acceptance note. Your monthly repayments commence from the month following the handover.
Is a Car Loan the same as Hire Purchase?
Be very careful when deciding which finance to take as you may not be taking out the finance that you thought you were. A car loan is slightly misleading as it is in fact simply a personal loan. Even more misleading is a 'secured car loan' as the finance is secured against your home and not as one may expect, your car. We offer Hire Purchase which provides you with the full legal security of the Consumer Credit Act with the funds secured against your car.

Back to top