IMPORTANT – PLEASE READ Motorchoice UK Limited
INITIAL DISCLOSURE DOCUMENT
Who are we and how can we help finance your purchase?
Motorchoice UK Limited. Company registration number 12481150. Our registered address is Motorchoice UK Limited, Swift House, Liverpool Road, Newcastle-Under-Lyme, ST5 9JJ.
We are authorised and regulated by the Financial Conduct Authority. Our FCA firm reference number is 933335.
Motorchoice UK Limited is a credit broker, not a lender.
Who can apply for finance with us?
- All finance is subject to status.
- Terms and Conditions apply. A guarantee may be required.
- Over 18’s only.
- UK residents only.
PLEASE ENSURE YOU CAN AFFORD THE REPAYMENTS FOR THE DURATION OF A LOAN BEFORE ENTERING INTO A CREDIT AGREEMENT.
Whose products do we offer?
We can introduce you to a limited group of carefully selected credit providers who may be able to offer you finance for your purchase. Each credit provider may have different interest rates and charges.
We are only able to offer finance products from these providers, which may be suitable for you. As a credit broker with a limited panel of preferred credit providers from whom we receive commission, we are not impartial and are free to prefer our own interests.
We are NOT independent financial advisors. We will provide details of the products available from the lenders that we work with, but no advice or recommendation will be made. You must decide whether the finance product is right for you.
Our finance partners.
We work with the following finance partners –
· Evolution Funding Limited (Finance Broker with Multiple Lender Panel)
Commission arrangements and interest rates.
Rates will be either fixed or based on your credit score. Fixed rates are determined by our contractual agreement with the lender and we cannot change this rate. Credit score-based rates are pre-set and linked to your individual credit rating. Typically, the higher your credit score, the lower the APR you will receive from a credit provider.
We will receive payment from the credit provider for introducing you to them. The lenders we work with could pay commission at different rates. However, the amount of commission that we receive from a lender is predetermined and cannot be changed for your agreement.
The commission received is either a fixed fee or a percentage of the amount you borrow, which means the payment we receive may vary depending on the amount you borrow and the term the loan is borrowed over. This may also mean that the more you borrow the more commission we receive.
We do not charge you a fee for our services, but the commission we receive from the lender or Broker impacts the amount you pay.
As stated above, the amount of commission is predetermined by our commercial relationship with the lender and cannot be changed for your agreement.
Using your personal data.
Please read our privacy policy
We use your personal data in order to:
- Support a number of specific steps before you enter into a contract for vehicle finance (loan agreement) with your chosen finance company; and
- Ensure that our legitimate interests as a finance broker are protected.
Our Privacy Policy can be found at – https://www.motorchoiceuk.uk/privacy-policy.php
Contact Us.
If you have any queries regarding the agreement you are entering into, please contact us at Motorchoice UK Limited – 01782980600
What can you do if you have a complaint?
If you have a complaint, please contact us in the first instance by writing to us at: Motorchoice UK Limited, Swift House, Liverpool Road, Newcastle-Under-Lyme, ST5 9JJ emailing us at [email protected], or by telephoning us on: 01782980600.
You have the right to refer any unresolved complaint to the Financial Ombudsman Service: Exchange Tower, London, E14 9SR.
Web: www.financial-ombudsman.org.uk
Telephone: 0800 0234 567