Black Horse Finance specialises in vehicle finance (cars, motorhomes, motorbikes and caravan finance) and is a part of the Lloyds banking Group. It has 50 years of experience in motor finance and has built a network of over 7,000 dealers as of July 2011. Here's what Black Horse offers:
Black Horse loans (as of July 2011)
Personal car loans
They're offered to U.K. residents over 18 years old. Borrowers can avail between £1,000 and £25,000 to finance a car, which can be repaid back over a period between one and five years. The interest rates are fixed and repayments are also fixed during the term of the agreement. Interest rates depend on credit score, deposit, and other finance-related factors. The documentation is arranged by Black Horse’s motor dealers. Hire purchase Black Horse loans
They are available on new and used cars which are up to ten years old. Repayments can be made between one and five years. The sanctioned loan will be between £1,500 and £25,000. Interest rates will depend on factors like credit score, deposit, etc. Documentation is easy. Ultimate Plus
It's a unique hire purchase loan which gives the buyer three options – to return the car, part exchange it or buy it. It works the same way other Black Horse loans do – the borrower qualifies for the loan, pays the deposit and gets the car. After two to three years, he must decide to exercise one of the options. Payments are determined based on the proposed annual mileage. With this loan, borrowers, who can be car enthusiasts, can part exchange their old car every 2-3 years and get a new set of wheels. The anticipated trade-in value after a certain period is communicated to the buyer. Repayments are set for two-three years. Indemnities may be required and the assumptions are that the vehicle will be in a good condition on end-of-agreement and its mileage would not have exceeded the proposed annual mileage. Guaranteed Asset Protection (GAP)
It's an optional asset protection plan with specific benefits which will soon be offered by Black Horse. It is currently under review. Warranty product A warranty product with specific coverage is also being reviewed by Black Horse and it should be added soon to their portfolio of products. Personal finance loans
As per a notice posted on its site, Black Horse finance has stopped giving secured and unsecured personal loans from the 1st quarter of 2011. The situation remains the same as of July 2011.
To sum up
Black Horse Finance belongs to the famous Lloyd’s Banking Group and it carries a good reputation in the car finance market in the U.K. It features innovative car finance options and this is why it has over 250,000 customers.