Comparing the Blackhorse Motor Finance Plans

Blackhorse is a subsidiary of Lloyds Group plc, which also includes Lloyds TSB. Currently over 200,000 people have loans with Blackhorse, and there are more than 5,000 dealers of this company situated throughout the UK. Blackhorse offers motor finance as its main product, but also provides motorcycle and caravan finance as well.

Blackhorse motor finance currently consists of three primary products. Prospective or returning customers can choose from a Hire Purchase agreement, a Personal Loan, or the Ultimate Plus plan. As the name suggests, Hire Purchase is a financing option that is somewhere between buying and renting a vehicle. The client can purchase a car of their choice, which must be less than years of age but is not required to be new. A deposit of approximately 5% must be paid on the car and from then on the remaining purchase price can be paid in monthly installments, over a period of between one and five years. Interest rates are fixed, and the car belongs to the client once the final payment has been made.

A personal loan from Blackhorse motor finance is similar to a Hire Purchase agreement in many ways. The primary difference between these two plans is that the client is not required to pay an initial deposit. Repayments are made over a one to five year period, and the value of the loan is capped at £25,000.

Finally Blackhorse motor finance also offers the Ultimate Plus plan. This plan requires the user to pay a deposit and then to pay monthly installments over a yearly period which are determined based on predicted mileage. At the end of the year the client may purchase the car outright with a single payment, return the car, or part exchange it for a newer model.

Further details of these plans can be found on the Blackhorse motor finance site, at http://www.blackhorse.co.uk/Motor/.

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