Purchasing Number Plates Via Pay Monthly
Last updated: 21 April 2022
Purchasing a private number plate is a simple process but when choosing to pay for a chosen registration via pay monthly, some customers will have additional questions which they often want answered prior to completing the purchase.
In order to make the process as easy and hassle free for our customers as possible we have created this article which aims to cover the most common questions our customers ask when looking to purchase a personal plate on finance, our sales team is always on hand to answer any additional questions you may have in regards to making the process of purchasing your private registration an easy and affordable process.
Do I have to wait until the finance is paid off before I receive my personalised plates?
No, once your finance is approved and you have electronically signed your pay monthly agreement online we will proceed with your order as soon as possible, there is no need to wait until you have made all the monthly payments. Please note however that our finance provider does require a 10% deposit upon acceptance of the pay monthly agreement, however this is after you are accepted and the agreement has been signed
I have an average credit score, will I still be accepted for private plate finance?
Our finance provider is very flexible, they will perform a credit check however if you have a low to medium score this does not mean that you will be out right rejected, the finance company we use "Novuna", has a range of options for this circumstance, for example:
• They may refer your application for further checks, this can involve asking you to provide wage slips or passport/driving licence ID documents in order to provide them with additional information in order to make a decision.
• Another good tip for those customers who feel that their credit score may not be perfect is to look for private registrations within your budget, this will then make it feasible for you to pay off within a 12-24 month period. This way you are more likely to be accepted as a lower overall value of the goods such as: £300-500 rather than in access of £1000+ would be more likely to be accepted with a lower credit score as the finance company see this as being more affordable for the customer.
How long does it take to apply for pay monthly?
The process of applying for pay monthly to purchase a private registration is very simple:
Step 1) Using the search tools on our website you can find a whole range of private plates to suite any name, initials, profession or business, we also allow you to search number plates by mens names, search number plates by womens names, number plates by makes/models of car or browse all available personal number plates by letter or year.
Step 2) Once you have found a private registration that you are interested in our website will break down the cost of purchase along with any additional costs including DVLA transfer fee and VAT, it will then show you a total cost via pay monthly finance along with the fees and the cost per month.
Step 3) Once you proceed with the "Pay Monthly" option you will then be asked to fill in a few details in regards to the delivery of the goods, this includes name, address and the nominee name for the registration (please note that this nominee name must match the registered keeper/the name on the logbook of the vehicle you are looking to apply the registration to).
Please also note: when checking the details of a particular personal registration number you will need to ensure that you carefully check the year of the registration and that it is able to be applied to your vehicle, for more information on number plate years and restrictions for certain vehicles see our guide here.
Step 4) Once you have chosen the product and entered your details you will be put through to our provider "Novuna" in order to complete the finance. During this process you will be asked for the following additional information in order to complete the pay monthly application:
• Previous address history (if less than 3 years at your current address)
• Employment information including your employment status and salary details (you will only be asked to provide wageslips/proof of income if you application is referred for further checks)
• Bank details, such as sort code and account number for setup of the monthly direct debit.
Due to FCA regulations and to prevent fraud, the delivery address for the registration documents/plates to be delivered to must match the billing address used for the finance application, if this does not match in some cases we may need to change the details in order to match the novuna customers details if this is the case.
It is possible to purchase more than 1 registration when paying by finance?
Yes, this is not possible via our website, however if you have found two private registrations you are interested in please feel free to contact our sales team who can then arrange for two registrations to be added under a single pay monthly agreement. The agreement will still need to be completed online by you (the customer) and e-signed, however we would need to initially set this type of purchase up for you over the phone.
However we would only recommend this option for customers who feel that they have good to excellent credit scores, due to the fact that the overall goods price for the finance would be higher when purchasing two registration numbers under one agreement.
If I change my mind and want a different registration am I able to adjust the finance agreement after it is signed?
Yes, if you find a different registration after you have already been accepted for a pay monthly finance agreement, however this does have some restrictions:
1) You can only do this within 10 days of the original agreement being signed, this is due to the fact that we have a 10 day returns policy on registration purchases due to in part by strict refund rules set by the DVLA, you can see more in regards to our refund/returns policy here.
2) When changing to a different registration, if the overall cost of goods price is lower this will in most cases be acceptable without the need for further checks, however in the event that the customer is looking to purchase a more expensive registration, this will require the finance company to perform additional checks on whether they are able to offer you the additional funds based on your financial situation and/or credit score.
3) Once an agreement has been adjusted to a new price, you will be required to re-sign the new agreement with the finance company, as previously this is done electronically online via e-signature.
Additional things to note when taking out a pay monthly finance agreement:
• It is important that you also check to make sure that the private registration you are purchasing is within your budget and you are able to keep up the stated monthly payments on your agreement, failure to do this and late/missed payments may result in negative effect on your personal credit score that may make it more difficult to obtain credit in future.
• If you are rejected for finance you can ask a friend or family member if they are willing to apply on your behalf, in this instance we would advise that both you are the family member consider the financial implications of this decision and it would be the other party’s responsibility to keep up the repayments as per the finance agreement. In this instance the delivery of the goods would also need to be changed in order to match the Novuna customer details on the agreement.