A Fixed Sum Loan is not available as a standard product choice. We may offer you this product as part of our underwriting conditions. Your dealer will make you aware of this after your application for finance has been received and assessed by us

What is it?

In some circumstances we may offer you a Fixed Sum Loan. Sometimes known as an unsecured loan, this is different to an overdraft or credit card because it allows you to borrow a fixed amount over a fixed term at a fixed rate of interest. A Fixed Sum Loan gives you immediate ownership of the car, meaning it is yours from the start of the loan. At the end of the agreement, all of the car’s current market value could be recouped if you decided to sell it or traded it in as a deposit against your next car.


How does it work?

  • Your dealer will advise you if we can offer you this product. The decision will be based on the car, the amount of deposit and your credit score
  • You make regular monthly payments during the agreement to cover the amount borrowed plus any interest and fees
  • The interest rate is fixed so you’ll know exactly how much you’ll repay from the start of the agreement

Features and Benefits

  • You own the car right from the start of the loan

Other things you should know

  • The product is usually suitable if you have little or no deposit. However the outstanding balance may be greater than the value of the car
  • This type of agreement is not available to corporate entities, e.g. limited companies, PLCs or limited partnerships
  • You may only use the loan for the purchase of the agreed car