Close Motor Finance and the Armed Forces

Close Motor Finance recognizes the unique circumstances and contributions of members of the armed forces. They offer finance options for purchasing vehicles, acknowledging the specific challenges service personnel often face when seeking credit.

Understanding the Needs of the Armed Forces

Serving in the armed forces often involves frequent relocations, deployments, and sometimes fluctuating income due to allowances and potential changes in rank. These factors can make it difficult to establish a consistent credit history that traditional lenders prefer. Close Motor Finance aims to provide accessible finance solutions that take these factors into consideration.

Tailored Finance Options

Close Motor Finance provides a range of finance options suitable for different vehicle types and budgets. These options may include:

• Hire Purchase (HP): This is a common finance option where you pay fixed monthly installments until you own the vehicle at the end of the agreement.
• Personal Contract Purchase (PCP): This offers lower monthly payments compared to HP. At the end of the agreement, you have the option to purchase the vehicle, return it, or refinance the final balloon payment.

To better serve the armed forces, Close Motor Finance often works with dealerships that are familiar with military life and the specific documentation requirements for service personnel. This can streamline the application process and ensure a smoother experience.

Considerations for Armed Forces Personnel

When applying for motor finance, service members should be prepared to provide:

• Proof of Identity: Usually a valid driver’s license and passport.
• Proof of Address: Utility bills or official correspondence addressed to your current residence (including BFPO address).
• Proof of Income: Payslips and documentation of any allowances or benefits.
• Details of Employment: Confirmation of your service status and rank.

It is essential to carefully review the terms and conditions of any finance agreement before committing. Pay close attention to interest rates, repayment schedules, and any potential fees or penalties for late payments. Understanding the total cost of the finance, including interest, is crucial for responsible borrowing.

Where to Find More Information

To explore specific finance options and eligibility criteria, it’s recommended to visit the Close Motor Finance website or contact their customer service team. Furthermore, consulting with a financial advisor who understands the financial landscape for armed forces personnel can provide tailored guidance. Many military charities and support organizations also offer resources and advice on financial matters.

By understanding the unique needs of the armed forces and providing flexible finance options, Close Motor Finance helps service personnel acquire the vehicles they need for their personal and professional lives. Prior careful research and due diligence is still recommended to ensure the best possible outcome.