A Conditional Sale (CS) agreement is similar to Hire Purchase (HP). These are different from ordinary credit agreements because under CS and HP agreements you do not own the car until you have paid off the agreement.
Contents
What does CS mean on Autotrader?
Conditional Sale
What does condition sale mean?
Conditional sale
What are the 2 types of car finance?
The most common types of car finance agreement are hire purchase (HP), personal contract purchase (PCP), lease purchase or personal loan, though other options are available also.
What CS means?
AcronymDefinitionCSComputer ScienceCSComputer SocietyCSChristian ScienceCSCase(s)235 autres lignes
What does HP mean when buying a car?
Car hire purchase
What credit score is needed to buy a car?
661
Is it worth buying a category’s car?
Cat S and Cat N cars are generally worth far less than equivalent cars that haven’t been involved in a collision, so they can look like good value. Just make sure that any accident damage has been fully repaired to the required standards.
What type of finance is CS?
What is a Conditional Sale (CS) Finance? Conditional Sale (CS) is a type of finance agreement where you own a car when you pay the last monthly payment. During the agreement, you’ll be a registered keeper of the vehicle, but the finance company remains the owner throughout the term until you’ve paid off the finance.
Can I trade in my HP car?
Can I sell a car with outstanding hire purchase finance (HP)? The lender maintains ownership of the car during a hire purchase contract until you have paid off all of the agreement. Since they are the legal owner, you are not legally able to sell or trade in the car.
What happens if I don’t pay my hire purchase?
Hire purchase arrears If you miss payments to a HP agreement, your creditor will contact you. … If you don’t pay back the arrears, your creditor will usually issue a default notice after around three months. After they’ve issued the default notice, they can take action to repossess the goods.
Who decides the option to purchase fee?
Option-to-purchase fee is an optional fee, which is applicable only if you purchase a car. The dealer will charge this fee at the end of the term. You need to pay this fee to transfer the vehicle legally to your name. Unlike an administration fee, this fee will not be included in your monthly installment.
What credit score is needed to buy a car UK?
You have better chances of getting car finance with a good credit score which can range between 881-960 for Experian, 420-465 for Equifax and 604-627 for TransUnion.
Why would I get rejected for car finance?
You may be refused car finance if your credit score is low or in poor shape. This could be because of outstanding debts, missing or late payments on your mortgage, credit cards or bills. … It’s important you find out if your poor credit may be the reason you’ve been rejected.5 août 2019
What checks are done for car finance?
The most common checks for car finance include a credit check and a financial assessment. You’ll also need to supply proof of identity and various other pieces of documentation.6 oct. 2020