Frequently Asked Questions

I have seen a car I like what do I do next?

Firstly, you need to apply for the finance by completing the online application or contacting us direct. We will normally get back to you within 24 hours, however, we have strict service standard with our lenders which means we can often get back to you with 2 hours. 
Once we have your finance approval we will come back to you with a competitive, affordable payment to suit your budget. 
If you are happy to proceed we will work on your behalf with the motor dealer and arrange the paperwork for your signature. 
Once we have the signed documents we will arrange for the funds to be transferred to the dealer. 
The process is simple and hassle free. 

Who can apply for a loan?  

Applicants between the ages of 18 and 65 years of age provided annual income is a minimum of £5000.

• Customers in full time employment
• Full UK driving licence required (on occasions we can consider Provisional Licence)
• Proof of address within the last 60 days.

Do I need to buy from specific garages?  

No. The choice is yours. The supplier should be a reputable motor dealer and licensed under the Consumer Credit Act.

Can I buy privately?  

We can arrange a personal loan for you, however, we would recommend you purchase through a reputable dealer for your own protection.

If buying from a dealer how old can the car be?

Generally speaking the car should be no more than 10 years old at the end of the agreement.

Do I have to own my own property?

No. Applicants who currently rent or live with parents can apply for finance with Meridian Finance.

I want a Personal Loan so how much can I borrow?

Homeowners may borrow up to £12500 and those who rent or live with parents may borrow up to £7500.  

How do I apply for a loan?

You can use the simple online application form or contact the office direct either by telephone or email.

What happens to my details?

The information you submit will be used by our panel of lenders to assess your credit application. We are fully authorised by Data Protection and ensure your personal details are respected. Your loan application is treated in the strictest of confidence. We will not contact your employers, bank or any third party without your prior permission.

May I apply if I am self employed?

Yes.

I’ve been turned down elsewhere, is it still worth applying?

Yes. We accept over 85% of customers who have been turned down by other lenders every month. We also provide excellent advice on how to re-build your credit profile.  

What if I have defaults or County Court Judgments?

We have facilities to help all our customers’ circumstances and all applications are assessed under their own merits.

How long will it take until my loan is approved?

Our online application takes less than 3 minutes to complete.
We are in constant communication with our lenders which ensure all applications are concluded as quickly as possible.
Meridian Finance will normally get back to you within 24 hours, however, we have strict service standard with our lenders which means we can often get back to you with 2 hours.  

Can I have a written quotation?

Yes. If you want a written request this will be posted to you on the same day.

How much can I afford?

It is important that your monthly payment does not stretch your budget too far. As a general rule a weeks pay should equate to a monthly rental.

What rates do you charge?

Our rates are very competitive and vary depending on the individual customer profile. Meridian Finance does not charge our customers a fee for arranging finance.  

What happens if interest rates rise?

Our agreements are set on a fixed rate, so regardless of movements in the bank interest rates your repayments will remain the same throughout the life of your agreement.  

What happens if I lose my job or cannot work due to an accident or sickness?

For peace of mind and security Meridian Finance can provide a Payment Protection Policy. The policy may provide help with repayments in the event of sickness, redundancy, disability and death. We strongly recommend that our customers consider taking out this protection.
Insurance products are regulated by the Financial Services Authority (FSA) and for your protection Meridian Finance comply strictly with the FSA guidelines.  

What is GAP or Shortfall Insurance?

Shortfall provides immediate cover, which pays out if the vehicle is declared a total loss as a result of an accident, fire, act of vandalism or theft. Shortfall pays up to £7,000 for any one claim.
It covers the difference between the amount you receive from your fully comprehensive motor insurance payout and the amount remaining on the hire purchase agreement, except for any arrears and the amount paid out by the motor insurance policy in the event of your vehicle being declared a total loss.
Insurance products are regulated by the Financial Services Authority (FSA) and for your protection Meridian Finance comply strictly with the FSA guidelines.  

Can I settle the finance agreement early?

Yes, at any time. The settlement figure is set by the Office of Fair Trading to ensure all customers are treated the same way.  

Do I need a bank account?

Yes. All accounts are paid by direct debit.  

Can I get a copy of the paperwork I sign?

Yes. The motor dealer will give you a copy of the finance agreement. Once your deal is processed and paid out the lender will send you a copy of the agreement within 7 days of completion.

When will my first payment be due?

The first payment is normally taken out of your bank account one month after your transaction is complete.