
About
At Redline Finance, we understand everyone has individual needs and circumstances.
Take a look at the key features and potential risks associated with each
of our finance products so that you can choose the one that's right for you.
Personal Contract Hire (PCP)
Personal Contract Purchase is a flexible plan that allows you to borrow money for a vehicle, which you then pay back in monthly instalments. At the end of the contract, PCP gives you the option to return the vehicle, upgrade it for another, or make one final payment to own it. Find out more about the features and risks of getting a car on finance with Personal Contract Purchase below.
Key features of Personal Contract Purchase
• Get the vehicle you really want. With lower monthly payments you may be able to upgrade your choice of vehicle or add extras.
• Please note, if you choose to upgrade the vehicle, the overall price you pay may increase. You need to be sure that you can afford to make all payments due for the vehicle.
• A proportion of the amount you are borrowing is deferred to the end of your agreement which means your monthly payments are often lower than other forms of borrowing.
• Your payments are fixed for the length of the agreement so there are no hidden financial surprises.
• No minimum deposit requirement so there is no need for a large initial outlay.
• You can enjoy all the benefits of driving a new vehicle more often.
• You can choose a term to suit you, typically from 24 to 48 months.
• With flexible options at the end of your agreement, PCP is ideal if your needs change as you have a variety of options to choose from.
• If you upgrade to a new vehicle every two or three years, your maintenance costs will be lower. You may never need an MOT, and you may still be covered by warranty.
Risks of Personal Contract Purchase
• If you want to keep the vehicle at the end of your finance agreement, you will need to have made all payments due under your agreement plus, pay the Guaranteed Future Value (GFV). Once this is paid, ownership will be transferred to you.
• If you exceed the agreed mileage and choose to return the vehicle, an
excess mileage charge will be payable at the end of your finance agreement.
• If you decide to return the vehicle at the end of your finance agreement and it is in poor condition which is outside fair wear and tear guidelines, you will be required to pay for the damage. Our representative will assess the vehicle in line with the current BVRLA Fair Wear and Tear Guide. Any items outside of this acceptable range will be charged.
• If you fail to make the payments under your finance agreement, we will assist you in your circumstances to achieve a sustainable outcome, but you may have to return the vehicle or it can be repossessed, legal proceedings may be commenced against you to recover sums that you may owe, and your credit rating may be adversely affected.
• Used vehicle values vary, so the final value of your vehicle at the end of the finance agreement may be lower than anticipated when entering into your agreement.
Hire Purchase (HP)
Hire Purchase is a way to hire the car from the finance company with fixed monthly payments, to spread the purchase price of a car across a longer period. Once all the payments have been made and the finance agreement ends, the car is yours.
Key features of Hire Purchase
• You can decide your deposit, it’s entirely flexible (up to 95%).
• At the end of the agreement, you’ll own your vehicle outright.
• There is no large final payment to make.
• You can choose a term to suit you, up to a maximum of five years.
• Your payments are fixed for the length of the agreement, so there are no hidden financial surprises.
Risks of Hire Purchase
• Once the agreement comes to an end the vehicle is yours, so any depreciation risk is yours.
• You do not own the vehicle until the final payment is made.
• If you fail to make the payments set out in your agreement, your vehicle could be repossessed, and your credit rating may be adversely affected.
Contact Us
We're here for support regarding payments, your Redline Finance agreement and refinancing.
Please select your query from the list below and a member of the team will be happy to help
For general enquiries
Call: 0370 240 5205
Email: customerexperience@redlinefinance.com
(Monday to Friday 8:00am to 6:00pm)
If you’d like to talk to us about refinance
Call: 0345 607 7744
(Monday to Friday 9:00am to 6:30pm)
If you have a complaint
Call: 0335 041 0501
Email: complaints@redlinefinance.com
(Monday to Friday 9:00am to 5:30pm)
We will acknowledge your complaint in writing within five working days of receipt. We will then keep you informed of any progress along the way. We will also provide you with a point of contact.
If you’re experiencing difficulties making payments
Call: 0370 240 4556
Email: customeroutcomes@redlinefinance.com
(Monday to Friday 9am-5.30pm)
Financial Support
If your circumstances have changed, or you’re finding it difficult to make your current payments, or have concerns about making them in future, please let us know as we’re here to help. We have a range of options available to support your individual circumstances. At Redline Finance, we are committed to supporting you and helping you find the best solution.
It's worth noting, missed or late payments may negatively impact your credit score, and this could make it more difficult for you to obtain credit in the future. Remember the earlier you get in touch the sooner we can help.
The options listed below are not exhaustive, and other tailored support is available, depending on your circumstances. Missed or late payments may negatively impact your credit score, and this could make it more difficult for you to obtain credit in the future.
Keep the vehicle
If you want to keep the vehicle, we can explore whether it’s possible to arrange a payment plan.
To understand your circumstances and the options which might be the best fit for you, we will likely need to assess your income and expenditure, and for this, we may need to ask for information about your finances.
The quickest way to share this information is via The Open Banking Facility.
You can securely access and create an income and expenditure form, which will be provided to us.
Alternatively, you can contact us using your preferred option below:
Call: 0370 240 4556
Email: customeroutcomes@redlinefinance.com
(Monday to Friday 9am-5.30pm)
Remember the earlier you get in touch the sooner we can help.
Sell the vehicle
If you want to sell the vehicle, we can support you with settling your agreement by providing you with a settlement quote (which may include a rebate on interest).
This allows you to end your finance agreement before its stated end date and means that you become owner of the vehicle and are then allowed to sell it.
Please note, until this time we will still be the owner of the vehicle, and you will not be allowed to sell it.
Voluntary termination
You may wish to end your agreement, which you are entitled to do at any time.
If you choose to do this, you will need to pay off any arrears on your account, and if you have paid less than one half of the total amount payable, you’ll also need to pay the amount needed to bring your payments up to one half of the total amount payable.
This amount is shown on the first page of your agreement in the section Termination: “Your Rights”.
You’ll also need to return the vehicle in a reasonable condition and within the agreed pro-rata mileage limit (as applicable), or you may have to pay further costs.
If you have an outstanding amount left to pay towards the half figure, we can discuss your options and agree a payment plan as you may be able to make the payments in smaller, more manageable amounts.
If you’d like to explore this option, please contact us using your preferred option below:
Call: 0370 240 4556
Email: customeroutcomes@redlinefinance.com
(Monday to Friday 9am-5.30pm)
Vehicle Return/Repossession
If you fail to make the payments under your finance agreement, we may be able to assist you in agreeing additional support, such as a payment arrangement.
However, depending on the circumstances, you may decide to or have to return the vehicle, or it may be repossessed and/or legal proceedings may be commenced in order to recover any sums that you may owe.
Once a vehicle has been returned or repossessed, we will auction the vehicle and set off any net proceeds against any outstanding balance you may owe us.
If the auction proceeds are enough to settle off what you owe, you will not have to pay any more.
If the auction proceeds are not enough to cover what you owe, we will contact you and discuss payment options relating to any outstanding balance.
To explore the option of agreeing to return the vehicle, please contact us using your preferred option below:
Call: 0370 240 4556
Email: customeroutcomes@redlinefinance.com
(Monday to Friday 9am-5.30pm)
Breathing Space
'Breathing Space' is a scheme that allows you temporary protection from your creditors while you receive debt advice.
If you are concerned about your finances, you should seek help from a debt adviser as soon as possible.
Your debt adviser will help check if you are eligible for Breathing Space, under the Debt Respite Scheme. This will be based on an assessment of your circumstances, including (among other things):
• If you live in England or Wales
• If you have debts you are unable to pay
• If you have not been in a (standard) Breathing Space pause in the last 12 months
• You are considered bankrupt, or subject to a Debt Relief Order, or an Individual Voluntary Arrangement
• If you are receiving mental health crisis treatment
Based on this assessment, the debt advice provider may then submit an application for Breathing Space on your behalf.
If we are notified by your debt advice provider that your debt with us is included in Breathing Space you have been granted, we will freeze interest, fees and charges on your eligible arrears during your Breathing Space. Your usual monthly payments will continue to become due and payable during any Breathing Space period that is applied to your agreement, and you will need to ensure that you make those payments to avoid additional arrears accruing.
Missed or late payments may negatively impact your credit score, and this could make it more difficult for you to obtain credit in the future.
Independent and free support
Citizens Advice Online
Citizens Advice is an independent organisation specialising in free confidential information and advice to assist people with legal, debt, consumer, housing and other problems.
Search for your local Citizens Advice contact details here:
https://www.citizensadvice.org.uk/about-us/contact-us/contact-us/contact-us
National Debtline
National Debtline is a free and confidential helpline service that provides advice and support to people who are struggling with debt. They offer information on managing debt, dealing with creditors, and finding solutions to financial difficulties. National Debtline aims to help individuals take control of their finances and work towards becoming debt-free. They also provide online resources and tools to assist with debt management.
https://nationaldebtline.org/
Freephone: 0808 808 4000
MoneyHelper
MoneyHelper is a free and impartial government-backed service that provides information and guidance on a wide range of money-related issues. It offers support on topics such as budgeting, saving, borrowing, investing, and dealing with debt.
https://www.moneyhelper.org.uk/en
Call: 0800 138 7777
StepChange
StepChange is a charity that provides free debt advice and support to individuals who are struggling with debt. They offer tailored solutions to help people manage their debts and work towards becoming debt-free. They provide a range of services, including debt management plans, debt relief orders, and individual voluntary arrangements, to help people regain control of their finances.
www.stepchange.org
Call: 0800 138 1111