Training Example: Advantage Finance Ltd – Review the Data, Give Your Score & Compare to the Real AI Evaluation

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I spoke to Chloe today, who was very professional and understanding. Chloe has helped me to set up an affordable payment plan, even after my notice of default. Thank you Chloe.
Matthew Davies

I’m happy with the whole process, Bayley was so helpful, honest and professional within a day everything was done. I would highly recommend this company.
Anna K

[H2] Finance built for humans by humans.

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Our friendly humans have been putting conversation before credit scores since 1999, helping thousands of people get moving by listening to their stories and understanding their lives. So, when it comes to arranging finance, we see more than your score.
Talk to us now and let us help you get the advantage.
Get in touch

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[H2] Start yourapplication.

Find affordable motor finance that works for you.
Let’s go

[H2] There's more to a story than a number.

We know how frustrating it can be when you struggle to obtain credit - for us it’s not about bad credit, it’s about looking after our customer, and that’s why here at Advantage we look beyond your credit score.

If you've asked yourself these questions, we’re here to help you.

Can I get motor finance if I have bad credit?
Does applying for a loan affect your credit score?
I've been refused motor finance elsewhere, can I still apply here?
How can I learn more about my credit score?

Learn more

[H1] FAQs

[H2] What can we help you with?

If you need more information, please visit our Get in Touch page.
Have a question about anything to do with the process of getting finance, you'll find the answer here. If you need more information, give us a call.

[H2]

About us

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Who are Advantage Finance?

Advantage Finance was founded in 1999 and has grown to be one of the UK's leading independent providers of motor finance to customers across the UK. From our offices in Grimsby, where we employ approx. 200 staff, we have helped over 250,000 customers to purchase motor vehicles - often in circumstances where other lenders refused. We aim to provide excellent levels of personal service and are proud of our outstanding customer service reviews. We are authorised and regulated by the Financial Conduct Authority.

[H2]

Choosing a vehicle

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What types of vehicles do you finance?

We provide finance for most types of private vehicles, electric vehicles, small commercial vehicles, motorcycles (125cc and above) and caravans. Motor vehicles with mileages up to 120,000 at the point of purchase can be considered (50,000 for motorcycles) and may not be more than 15 years old by the end of the finance agreement term.
[H3]

Can I buy a car from any dealership?

Yes. Providing that the dealer has the required authorisation by the FCA to act as a credit broker you are free to buy your vehicle from a dealer of your choice.
[H3]

Can you finance a car from a private seller?

No, all vehicles that we finance must be purchased from any reputable UK dealer that holds an FCA authorisation to act as a credit broker.
[H3]

Do you offer a warranty on the vehicles you finance?

No. We don't offer any warranties or other insurance products, however these may be available directly from the dealer or from independent sources.
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Once I've bought a vehicle, what happens if I change my mind?

If you change your mind about the finance agreement, you have a legal right to withdraw from the agreement within 14 days of it being opened. If you wish to withdraw from the agreement, you must notify us within that time period. You will then have up to 30 days to repay the amount borrowed (plus a daily interest charge as set out in your agreement). The agreement will then be treated as if it never existed.IMPORTANT NOTE: Withdrawing from the agreement does not affect your agreement to purchase the vehicle. Withdrawing from the finance agreement does not include the right to cancel the purchase of the vehicle and return it.For vehicles bought in person, there is no statutory cooling off period, and we therefore recommend that you consider your choice of vehicle carefully to make sure that it fully suits your needs. We also strongly recommend that you inspect, and test drive the vehicle carefully before taking delivery, to ensure that you are fully satisfied with its overall condition. If you still want to change the vehicle after purchase, please speak to us directly for further assistance by contacting 01472 233214, alternatively, you can get in touch.
[H3]

Are there any other important conditions or restrictions that I should be aware of?

Yes. You need to understand the following important points:During the life of the loan agreement, the vehicle will be owned by us. Until the loan is fully paid off, you must not sell it.You must arrange for the vehicle to be insured under a fully comprehensive insurance policy.You must have a full UK driving licence.You must not take the vehicle outside of the UK without our permission.You will be responsible for the servicing, maintenance and repairs on the vehicle.

[H2]

Applying for finance

[H3]

What type of finance agreement do you offer?

The type of motor finance agreement we provide is called Hire Purchase (HP) agreement. This is a popular and straightforward type of agreement in which we hire the vehicle to you for the duration of the agreement after which the ownership transfers to you. Unlike a PCP, there is no large payment due at the end, and payments throughout the term remain fixed. We offer HP terms of between 24 to 60 months (72 months in some circumstances) which allow payments to be fixed to suit your budget.
[H3]

Do you have any basic eligibility requirements?

Yes. In order to consider an application, you need to meet the following basic requirements:Live as a permanent resident within mainland UK and hold a UK bank account.Be aged between 22 and 65.Be in full time employment (30 hours per week+).Earn a minimum of £1,500 per month (excluding any benefits).Not be currently bankrupt, in an Individual Voluntary Arrangement or subject to a Debt Relief Order.Have a full current UK driving license.
[H3]

Can I apply to finance a vehicle for somebody else?

No. Motor finance lenders will only provide finance for vehicles to be kept and used by themselves or a spouse/partner living at the same address. Taking out a finance agreement to purchase a vehicle that is to be registered or used by somebody else is known as 'fronting'.Fronting is the act that occurs when one person takes out a Credit Agreement on behalf of another person.In some cases, fronting occurs when an individual cannot get accepted for finance themselves and therefore gets somebody else to apply for them. Alternatively, they may want to try and take advantage of a friend or family member's good credit rating in order to access better interest rates.Fronting is not allowed under the agreement's terms & conditions, which requires the vehicle to be kept under the control of the actual borrower and could, in some circumstances, be classed as fraudulent.
[H3]

Can I get car finance if I have a poor credit history?

We believe that having a poor credit history shouldn't necessarily prevent you from unlocking the opportunities that owning a car can provide and we will always consider your application regardless of your financial history. We specialise in providing motor finance to people who may have had previous credit problems − maybe due to circumstances outside of their control − and understand the difficulties that this can create.
[H3]

How much can I borrow?

We offer loans between £2,000 and £20,000. Please note that we provide credit responsibly and will only ever offer a motor finance deal that is affordable for you.
[H3]

Do I need to pay a deposit in order to finance a vehicle?

Although paying a deposit is likely to reduce the amount of finance required (resulting in lower monthly payments), we do not require a deposit to be paid in order to provide finance. In every case, we will check the value of your chosen vehicle and will make sure that you are not being asked to pay too much for it.
[H3]

Does applying for a car loan affect your credit score?

Understandably you will want to check beforehand that applying for finance doesn't impact your credit score. When you apply to us we will carry out an eligibility check. This includes undertaking a 'soft search' with credit reference agencies, and it won't appear on your records or impact your credit score in any way. If you then decide to proceed with your application, we will perform a full credit search. This check will be noted on your credit history, however a single search such as this is unlikely to impact your credit score in any way.
[H3]

How do I make an application?

Most applications we receive come directly from motor dealers or motor finance brokers, following an application made directly to them. You can, however, apply to us directly by filling in our online application form which can be found here > Apply Now
[H3]

How long does vehicle finance approval take?

We use a sophisticated automated assessment process that can usually provide an initial decision within a few seconds. Once approved and terms agreed, the loan can often be completed on the same day.
[H3]

How much interest will I be charged / what is your APR?

We do not charge a single rate of interest because when we make an offer of credit to you, we will set an interest rate that is based on individual factors such as the amount of the loan and our assessment of risk. The APR (Annual Percentage Rate) is a rate of interest that is calculated to allow the comparison of different credit offers from different lenders and will be clearly set out in the pre-contractual information and the agreement itself, along with the total amount repayable.
[H3]

What documentation / proofs will I need to provide?

Our credit, income and affordability assessments are usually able to be completed electronically so we are unlikely to require any additional information from you, however if we do we will let you know. When you sign the documentation, this is done online, and the process includes an identity check which will require your bank card to be validated.
[H3]

Who pays the dealership for my vehicle?

Once the agreement is set up, we will pay the dealership directly.
[H3]

Do you pay a commission to anybody for providing my finance?

If your finance agreement has been arranged following an introduction from a motor dealer or motor finance broker, then it is likely that we will pay them a fee in return for your introduction to us. Please note, however, that any fee paid is independent to the agreement and does not have any affect on the overall cost to you, which will be the same as if you had applied to us directly. More details are provided in the pre-contractual information; the actual amount of commission is provided as part of the agreement signup process.
[H3]

Is there an additional fee with my final payment?

Our hire purchase agreements have an option to purchase fee. This fee is payable if you wish to keep the vehicle once you have made all contractual repayments. You can find more information on this within the Terms and Conditions of your agreement.

[H2]

Managing your agreement

[H3]

How do I make my payments?

Your monthly payments are collected by Direct Debit. However, you can make additional payments at any time through our website or by phone:Our MyAdvantage portal is available 24/7, allowing you to make payments, request a settlement figure, update your details, and more.Call 0330 008 1071 anytime to make a payment using our 24/7 automated service. Please have your agreement number ready—it starts with the letter ‘A’ followed by six digits (e.g., A123456).If you’re experiencing financial hardship or facing a challenging life event, our team is here to help. You can contact us on 01472 233200 and we’ll be happy to help, or you can visit our website for a list of various charities offering free and independent advice.
[H3]

I've just started my agreement and have missed a call from you, what was this about?

We try to contact new customers as part of our customer services policy.This is simply to welcome you to our company and to make sure that you are happy with the vehicle, the agreement and to answer any questions you may have.
[H3]

Who do I contact if I want to change my payment date or have any other questions?

Our dedicated Customer Services Department is available during normal opening hours.You can contact us via telephone at 01472 233220, or alternatively you can contact us.
[H3]

How can I keep track of my account?

We will send you an annual statement on each anniversary of your agreement.You can also check your agreement at any time by logging into our MyAdvantage portal.If you wish to discuss your agreement in more detail with an advisor, please contact us for support.
[H3]

I want to settle my agreement early, how do I obtain a settlement figure?

In accordance with the Consumer Credit Act 1974, you have the right to repay your agreement early, at any time prior to the date of your final instalment.The easiest way to obtain a settlement figure is to visit MyAdvantage where you can obtain your settlement figure.
[H3]

How is my settlement figure calculated?

Your early settlement figure is calculated in accordance with the rules of the Consumer Credit Act 1974.This means that you may be entitled to a rebate of some of the interest charged had the agreement run to the end of its term.Further details, including the amount of any rebate, will be set out in the letter that we provide when a settlement figure has been requested.To request your settlement figure, you can visit your MyAdvantage portal.
[H3]

What happens if the vehicle is stolen, in an accident or written off?

If your car is stolen, damaged or written off and it's on finance with us, please let us know as soon as possible.If required, we will help you to manage any insurance claim and work with the insurance company involved to clear your outstanding balance.Once this is settled, you will have the option to re-apply for a new vehicle with us if you wish.You can contact us at 01472 233201.
[H3]

The vehicle was sold to me in a faulty condition, what do I do?

You have certain rights under the Consumer Rights Act 2015 in respect of the quality and durability of the vehicle, and we will always try to ensure that these rights are correctly upheld.We therefore ask that you let us know immediately if there were issues with the vehicle which were there at the point of sale, or that develop shortly afterwards.Please contact our Complaints Team on 01472 586325 or alternatively use our online contact form.We will assign a Case Handler who will gather all the facts, speak with the supplying dealer and may arrange for the vehicle to be inspected.If we agree that the vehicle was supplied in an unsatisfactory condition, then we will arrange for the prompt repair or return of the vehicle.
[H3]

How do I make a complaint?

If you are unhappy with any aspect of our service please speak to us as soon as possible so that we can try and address your concerns and, if possible, put things right.To visit our contact us page.If you still wish to make a complaint, you can find a copy of our Complaints procedure here.
[H3]

How do you use my data?

You can find out how we use and process your data > here.
[H3]

Can a family member or friend speak on my behalf?

Yes, we can speak with someone on your behalf.We will need to speak to you first to take the details of the person you wish us to speak with and to gain your consent to speak with them.You can contact us by calling 01472 233200, alternatively you can do this via email also at customerservice@advantagefinance.co.uk using the registered email linked to the account in discussion.
[H3]

[H1] Your finance application.

To get your application going we just need a few details from you.

(Step 1 of circa 5)

[H1] Cookie Policy

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