Close Motor Finance: Supporting the Armed Forces

Close Motor Finance recognizes the unique challenges faced by members of the armed forces when securing vehicle financing. Their service often involves frequent relocations, deployments, and fluctuating income, factors that can complicate traditional loan applications. Understanding these circumstances, Close Motor Finance has developed tailored solutions to better serve this community.

Addressing Unique Challenges

One key challenge for service members is establishing a consistent credit history, particularly when moving between bases or being stationed abroad. Close Motor Finance takes a holistic approach to credit assessment, considering factors beyond a standard credit score. They may review employment history, residential stability (allowing for military housing), and demonstrable ability to repay, to get a fuller financial picture.

Furthermore, deployed service members may struggle to maintain regular contact or provide necessary documentation. Close Motor Finance often offers flexible communication methods, including online portals and dedicated account managers, to facilitate the loan application process, regardless of location. They aim to simplify paperwork and streamline approvals to minimise delays and stress for applicants.

Specialized Finance Options

While not exclusively for military personnel, Close Motor Finance provides a range of finance options that can be particularly beneficial. This may include Hire Purchase (HP) agreements, where the customer pays fixed monthly instalments to own the vehicle at the end of the term. This provides a clear path to ownership, which is important for many. Also, they may offer Personal Contract Purchase (PCP) plans, which are great for shorter periods but at the end of the contract, there’s still a substantial balloon payment to purchase the vehicle. However, this isn’t something that everybody can take on.

Close Motor Finance works with a wide network of dealerships across the UK, giving service members access to a diverse selection of vehicles. This makes it easier to find a car that meets their needs and budget, no matter where they are stationed.

Commitment to Responsible Lending

Close Motor Finance adheres to responsible lending practices, ensuring that all borrowers, including those in the armed forces, can afford the repayments without undue financial strain. This includes conducting thorough affordability assessments and providing clear, transparent information about the terms and conditions of the loan agreement. They are regulated by the Financial Conduct Authority (FCA), providing an added layer of consumer protection.

In conclusion, Close Motor Finance strives to support the armed forces by offering flexible and accessible vehicle financing solutions that acknowledge the unique circumstances of military life. By taking a comprehensive approach to credit assessment, offering tailored repayment options, and fostering clear communication, they aim to make car ownership a more attainable goal for those who serve.