Our Products
Northridge Finance offers a range of products. All loans are subject to NIIB/Northridge lending conditions. Applicants must be 18 years or over and resident in the UK. These include:
Hire Purchase (HP)
- HP is the simplest and best-known form of motor finance.
- Entering into an agreement with Northridge, you pay a deposit and then makes fixed, monthly payments over a period of time, usually between 12-60 months.
- You’re the “registered keeper” of the car and responsible for insuring and maintaining it, but Northridge remain the legal owner until the full balance & option to purchase fee has been fully repaid.
- At any point during the agreement you can ask for a settlement figure, allowing them to pay a lump sum that clears the balance to take ownership of the car, we do not charge any fees or penalties to settle early.
Personal Contract Purchase (PCP)
- PCP is a variation of Hire Purchase. The main difference is that Northridge estimates a fixed value for the car at the end of the agreement, called the Guaranteed Minimum Future Value (GMFV).
- The GMFV is the key to PCP, and is based on a number of factors, such as the cars age and agreed mileage (minimum 6,000 miles per annum).
- Deferring the GMFV to the end of the agreement means that both the upfront deposit you pay and your fixed monthly payments will tend to be lower than those on a comparable HP agreement over the same period.
- At the end of the agreement, you have a choice whether to pay off the GMFV to take ownership of the car, return it to Northridge in good condition and within the mileage allowance or refinance the remaining GMFV via our Direct Sales department (subject to credit checks & Terms and Conditions).
You can read more information on our PCP product here.
Personal/Business Loan
- A fixed cost, fixed period loan of money for a variety of needs. e.g. private vehicle purchase, Home improvements (only available to home owners), Insurance premium finance.
- For Personal/Business Loan, our Maximum lend is £25,000
You can read more information on What Direct Sales offer for this here.
As members of the Finance and Leasing Association, we are experienced in:
- Motor Finance
- Insurance Premium Finance
- Office Equipment with Agri-Finance managers in place,
Whatever your financial requirements, we are in a prime position to help.
Adequate Explanations
Under Financial Conduct Authority requirements, all of our customers must be provided with ‘Adequate Explanations’ of the product being sold. To assist you with this information Northridge have published the following support sheets:
Adequate Explanations Support Sheet for HP & PCP
Adequate Explanations Support Sheet for Contract Hire
Northridge Finance prides itself on its delivery of a premium service. By listening to our customers we continually find ways of enhancing our service even further.