Vehicle loans FAQ

Vehicle loan FAQ's

Our most commonly asked questions about finance are listed below, but if you cant find the answer, contact us directly.

Q. Who is eligible for military discounts and services?

A. UK serving or retired personnel and their immediate family are eligible for motor finance through Close Brothers Military Services. Applicants must be over 18 years old and indemnities may be required.

Q. Can I get motor finance even if I don't appear on the voter's role?

A. Because we are specialist Armed Forces providers, we understand the military lifestyle and tailor our decision-making criteria to reflect this. So even if you don’t appear on the voter's role or if you have been declined finance before, we may be able to provide an affordable solution for your next vehicle. We pride ourselves on offering a flexible service with varying deposits and loan terms bespoke to your individual requirements.

Q. How do I apply for finance?

A. We use our approved dealer network across the UK, Germany and Cyprus to provide finance to our military customers. Once you have found the vehicle you’d like to finance, one of our approved dealers will put together an application on your behalf to send through to us. We are often able to organise your finance for you while you wait.

Q. What cover does Return to Invoice (RTI) Guaranteed Asset Protection provide?

A. If your vehicle was written off, in the event of a successful claim your insurer would normally pay up to the market value. As vehicles tend to lose value over time the pay out amount could be less than the purchase price you paid for the vehicle. If the vehicle was a total loss you could potentially be left with an outstanding finance balance which you would need to settle in full, as the vehicle on which the finance is secured against would no longer exist.

To help protect against this there is a product called RTI GAP which has been designed to cover the difference between the amount your insurer pays out and the purchase price you paid for the vehicle.

• The product has been designed to repay the outstanding finance balance first and should there be any remaining funds up to the invoice price, these will then be paid directly to you.
• The policy will also pay up to £250 towards your own motor insurance excess.
• Cover for up to 36 months

If you decide to take out a motor loan with Close Brothers Military Services, a member of our insurance team will contact you shortly after receiving your new vehicle to discuss your insurance requirements with you.

RTI GAP insurance is quick and easy to arrange over the telephone with no lengthily forms to complete and provides you with cover instantly.

Q. What happens if I experience financial difficulties?

A. Should your financial position change in a way that will affect your ability to make your monthly repayments, it is important that you contact us immediately. If we are made aware of your circumstances as soon as possible it is likely that we’ll be able to help you find a solution to the problem.

Q. Can I still get motor finance with a poor credit history?

A. If you have a poor credit rating it is unlikely that we will be able to help you finance your vehicle. However, because we understand the military lifestyle and tailor our decision-making criteria to reflect this, we may be able to provide an affordable solution for your next vehicle even if you have been declined finance before.

We would always advise discussing your circumstances with your dealer, who will be able to suggest the best options for you. Should your dealer consider you a suitable candidate for finance with us, then we can assure you that every proposal we receive is reviewed by an experienced underwriter rather than with any credit scoring system, allowing a more flexible approach.

Q. How much will my finance cost?

A. Your fixed monthly payments will be agreed between yourself and Close Brothers Military Services (via your dealer) at a rate you’re happy with. Your monthly payments will vary depending on how much you want to borrow, the size of your deposit and the period over which you wish to repay the loan (usually between 12 - 60 months).

Q. How much deposit would I need?

A. We do not specify a deposit as a fixed percentage of the total loan. Instead we treat each customer differently according to what they can afford. Your dealer will be able to advise you on this and propose a finance deal to suit your circumstances.

Q. What interest rate do you charge?

A. Interest rates change every so often and one of our approved dealers will be able to provide you with the most competitive rate according to your circumstances at the time you arrange the finance for your vehicle.

Q. Do you supply finance for new and used vehicles?

A. Close Brothers Military Services provide finance for both new and used cars as well as specialist finance options for motorcycles and other types of vehicle. Ask one of our approved dealers about our finance schemes.

Q. Can I settle my loan early, how do I obtain a settlement quote?

A. Yes, if you find you are in a position to settle your loan before your agreement is due to end, we will be able to provide you with a no obligation settlement quote. Please visit the contact us page to arrange a quote