Vehicle Finance Payments

Payment FAQs

How much are my payments and how much will I pay back?

The monthly payments and the total to repay are fixed (this means they’re the same each month) and will depend on how much you borrow and for how long. You will be advised how much this will be before you enter into an agreement, both verbally and in writing, in order to give you adequate time to make up your mind. You can calculate how much it could be using our finance calculator.

How do I pay the loan back?

Payments are taken from your bank account; the most popular method is by Direct Debit, so all you need to do is ensure the required funds are available in your bank account in time for the promised repayment date. Other than that you needn't lift a finger.

What happens if I’m going to struggle to make a loan repayment?

You must be up front and honest with us when you see issues coming up - we understand that unforeseen events happen and if you warn us about a potential problem before the promised repayment date, we may be able to work something out with you. We have resolution plans in place which means, depending on your circumstances, we may be able to accept a partial payment until you can get back up to date. Please call 01942 686 686 and we will be able to discuss this in more detail with you.

Please note that if you only make partial payments you'll still fall into arrears and this also means you may be charged late interest, so it's best all round if you can maintain your agreed payments throughout the term of the loan.


If you have any questions regarding finance products, debt or budgeting you can source independent advice from either:

Money Advice Service

Citizens Advice

What happens if I don't pay?

If you have paid less than one third of the total amount you owe we could repossess the vehicle. You should be aware that any late payments could also negatively affect your credit rating.

If you have paid more than one third of the payments then legally the goods are 'protected'. First Response Finance will need a court order to repossess the vehicle unless you agree to the repossession.

How much will I be charged if I pay late?

You may be charged a late interest fee and you may also incur collection charges if we need to contact you regarding non-payments.

What happens if the vehicle is repossessed?

We will sell the vehicle, usually at auction, and use the money to pay off part (or all) of your debt. If there is still debt remaining you will have to pay the rest.

But could I not get a much better price selling the vehicle myself?

Legally you do not own the vehicle, which means you have no legal right to sell it. Only First Response Finance can sell the vehicle and this is likely to be through an auction or to a garage for less than the market value.

I'm finding the payments a struggle and want to sell the vehicle - can I do this?

No. Not without specific permission from us as we are the legal owners. If you get permission to sell the vehicle, you still need to pay all of the outstanding money on your credit deal.

If I can't sell the vehicle what can I do?

You have the right to terminate your agreement at any time. If you terminate, you are required to pay half the amount on the agreement and give the vehicle back to us.

If you have already paid more than half of the amount you owe then, providing you are not in arrears, you will not have to pay any more. Please note that you may be charged for any outstanding repairs that the vehicle requires.

Do I need to work these figures out myself?

No. The figures will be on the documents you signed at the start of the agreement.

I've come into some money - can I pay off the HP early?

Yes, this is called early settlement and means you could be entitled to a reduction in the interest you have to pay. Please be aware that for fraud prevention our team may ask for further information on the origin of this money.

How do I know how much I have paid on my agreement?

We will send a statement to you annually. Alternatively you can request a statement at any time by calling 01942 686 686.

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