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Ford and Ford Commercial Finance - FAQ's

What does car finance mean?

Car finance is an affordable way to spread the cost of your vehicle purchase. At Gates Ford, we offer a selection of packages that allow you to tailor your plan to your needs. For example, you can decide the amount you wish to put down as a deposit – part of which can be made up by part-exchanging your vehicle – and the period over which you’d like to make repayments. To find out more about our finance plans, contact us today.

Can car finance be paid off early?

The type of finance package you choose determines how you pay back the loan on your vehicle and whether you own it at the end of the agreement. To find out if you can pay your finance off early, contact a member of our team today.

How does company car tax work?

Company car tax has two purposes: the first is to acknowledge the benefit your company receives through vehicle use, while the second encourages companies to consider their carbon footprint.

The cost of your company car tax for a vehicle is based on that vehicle’s CO2 emissions. Those with higher emissions levels are therefore taxed at a higher rate. If a business vehicle is used for private trips, a ‘benefit in kind’ tax is incurred. Tax is calculated from the cost of the new vehicle, its VAT and other elements, and the amount the employee will have to pay is generally deducted from their salary. For full details, contact out business specialists today.

Which car finance is best?

The type of car finance that suits you best depends on your circumstances, the vehicle you choose, and what you wish to do with it at the end of the agreement. For example, you may wish to simply lease the car for a few years, then exchange it at the end of the term for a new model. Alternatively, you may not be able to pay a large deposit, in which case you can choose to pay larger monthly instalments or extend the period of the contract.

For details on our finance options and how to tailor them, contact Gates Ford in Essex, Hertfordshire and Middlesex today.

How is car finance calculated?

Again, how the finance plan for your vehicle is calculated depends on the type of package you opt for. Your plan will consider the deposit you put down, the overall cost of the vehicle, and the interest that will be accrued over the payment term. Some agreements also take mileage into account or enable you to add the cost of a service plan to the monthly instalments. Contact us today to tailor a finance plan to your needs.

Will I get accepted for car finance?

Your personal financial circumstances may affect whether you are eligible for certain types of car finance. To find out if you will be accepted for any of our packages, speak to our sales advisors today.


What methods of payment do you accept?

We are pleased to accept balances paid by the following methods before delivery:

1. CHAPS/ Telegraphic Transfer: If you wish to pay by either of these methods, we will supply our bank details upon request.

2. Switch/Delta or Connect Cards, Credit Cards and Company debit cards. We can only accept payments on cards up to a level of £1,000 per purchase.

Please note that we are unable to accept more than £1000 cash as a final balance payment and have a total cash payment policy of £9000 maximum due to Money Laundering Regulations.



What documentation do I need to provide if I am using finance facilities?

The following must be provided at least 72 hours prior to collection of your new vehicle:

1. Your valid UK or EU (photo) driving licence (both parts of the EU photo licence are required), showing your current signature and address.

2. One of the following proofs of identity:

a) Your passport

b) Cheque guarantee card

c) Credit card

d) A works security pass, incorporating a photograph.

3. In addition, we also require one of the following as proof of your current address, dated within 3 months of your vehicle delivery date:

a) Gas utility bill

b) Electricity utility bill

c) Telephone bill (not mobile) Please note: all water and mobile phone bills are unfortunately not accepted as proof of address.

4. Bank or credit card latest statement- dated within one month of your vehicle delivery date.

All of the above are Finance Industry Standard requirements and are designed for your own protection.

A facility fee may be charged by the finance company on your first payment and a purchase fee will be charged on your last payment.