Our primary lender for all online Lancaster BMW finance agreements is Black Horse Finance.  If you are declined by Black Horse, you will be notified and given the opportunity to fund your vehicle using one of our alternative lenders.  ​​

Your finance application is processed instantly upon you applying for your car finance. Usually the decision process is made in seconds. We will let you know if your application is successful via the online platform and also by email. If your finance application is unsuccessful, one of our Lancaster BMW team will contact you to discuss further options.

In some circumstances our chosen lender partner may ask you to complete additional customer checks prior to agreeing your finance agreement. This could include (but not be limited to), identity checks, confirmation of personal details such as date of birth or address, and evidence of affordability. In this instance, we will make you aware of any supporting documentation that is required. You will be asked to meet these requirements and then we will be able to proceed with your finance application.

Whether or not you are eligible for car finance will depend on several factors including (but not limited to) your age, employment status, financial situation, and affordability.  After submitting your proposal to Black Horse, we will be notified if they require further information to support your application.  If they decline your application, we will offer you an opportunity to fund your vehicle with an alternative lender.

You must be over 18 to apply for finance, and acceptance is subject to status.  In some circumstances a guarantee may be needed.​

When purchasing your vehicle on finance, you will have the opportunity to fund it using one of two products; PCP (personal contract purchase) and HP (hire purchase).  The difference between the two products is as follows:

Hire Purchase

Hire Purchase is a little like a mortgage on a house where you pay an initial deposit and then pay the balance over an agreed period of time in equal monthly payments. Typically, agreements can run from 1 to 5 years. The vehicle remains the property of the finance company until you make the last payment. If you settle early, you will be offered a rebate of some of the interest. However, you may find, with a small initial deposit, if you settle very early, the amount owing may be more than the vehicle is worth.

Hire Purchase may suit buyers who plan to keep their vehicles for a longer period of time, perhaps longer than the agreement term, who have a large deposit or want a simple agreement with no commitment at the end of the term.

Personal Contract Purchase

Like Hire Purchase, an initial deposit is paid with monthly payments over an agreed period of time. However, the final payment at the end of the agreement is significantly larger than under a normal Hire Purchase agreement, usually several thousand pounds. This is often called a Guaranteed Manufacturers Future Value (GMFV) or Balloon Payment. This makes the payments in-between the initial deposit and the large final payment much smaller than with Hire Purchase and the agreements are shorter.

You must pay this large final payment, the GMFV, at the end of the agreement. However, the finance company will guarantee that your vehicle will be worth at least this value as long as it is in a suitable condition and covered less than an agreed mileage limit. This gives you three options:

You can hand the vehicle back to the finance company to make the final payment.

You can pay the large final payment and keep the vehicle.

Usually, your vehicle should be worth more than the final payment. So you can part exchange the vehicle, and use the extra that it is worth, after paying off the large final payment, for a new vehicle.

Personal Contract Purchase may suit buyers that want a new or nearly new vehicle and fully intend to change it at the end, or before the end, of the agreement or want a more expensive vehicle than may be available to them using other forms of finance. 

Yes, by applying for finance online our finance company will perform a hard credit search against your name and details to ascertain whether they can lend you the amount required to purchase your car.​

If you are declined finance with Black Horse, we will offer you an alternative.  We work with a number of carefully selected credit providers who may be able to offer you finance for your purchase. We are only able to offer finance products from these providers. ​

We work with a chosen panel of flexible lenders which enable us to fund customers with varying credit situations. In most cases we are able to find a suitable lender for our individual customer’s personal circumstances. If you are declined with any of our lenders, you will be notified and asked if you would like us to propose you to an alternative.