Lowest Rate Guarantee
All customers are offered a lowest rate guarantee, and should you successfully challenge it, we will send you £25 as a gift.
If you have a like for like quote that has a lower APR for the same balance, and the same term, all you need to do is forward your PCCI (Pre-Contract Credit Information – this is a form a lender is obliged to send you, after you have been approved, but before you are sent paper or e-documents to sign, and it has all the relevant financial details on it regarding the offer to you. If the APR quoted is lower, we will send you a payment of £25.
The terms of this guarantee are;
- Only one claim per customer
- The finance offered needs to be the same type i.e. Hire Purchase can not be compared to a bank or personal loan and vice versa
- The balance financed and term of the loan needs to be the same
- Claims need to be submitted prior to inception of a loan and cannot be retrospectively claimed after a loan has been paid to either yourself or the supplying dealer
What Happens If I Get A Cheaper Quote After I Have Received The Loan
It depends on when you get a cheaper quote.
If your quote comes within 14 days of you taking out finance, you can activate your Right to Withdraw. All you need to do is contact us, or the lender your agreement is with, and notify us or them that you wish to withdraw. So long as you do this formally within 14 days, you have a further 30 days to raise new funds and settle the agreement. There are some small charges associated to do this, but MK Military Finance would pay for these, and you would only be expected to return the original balance borrowed.
If you get a cheaper quote after 14 days from taking a loan, you can settle the agreement and pay it off with a loan from another source. In this instance you will need to contact the lender your agreement is with and ask for a settlement figure. If you are settling earlier than the agreed term of the original loan, you will have a rebate of interest applied so the settlement will be lower than the amount of your usual payment x the number of payments outstanding. This is covered by the Consumer Credit Directive and is a standard process applied to all regulated Personal Loans and Hire Purchase agreements. All agreements we provide to Armed Forces are regulated.