The Car Loan Centre

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Finance Jargon Buster


Agreement term

The term over which you agree to repay the finance, often expressed as 12, 24 or 36 months, where you are required to make repayments monthly.

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APR stands for the Annual Percentage Rate of charge. You can use it to compare different loan products. The APR takes into account not just the interest on the loan but also other charges you have to pay: for example, any arrangement fee.

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Any money owed by you to the lender that’s overdue. If you are in arrears you should contact us and let us work with you.

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Breakdown cover

Much as we might not like it, sometimes cars break down or won’t start. Breakdown cover provides assistance should you breakdown away from home or at your home address, subject to the cover provided, in most instances it offers recovery to your home or a garage you request. Different products offer different levels of cover, you should select the cover appropriate to your needs.

At The Car Loan Centre we take steps to protect you from this with our 5* warranty cover which includes 6 months’ free breakdown as standard, including home start and recovery to a local garage of your choice. Speak to our sales team to extend your level of cover.

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Bill of Sale

Whereas we use Hire Purchase agreements for our Logbook Loans, many lenders use Bills of Sale to secure theirs. The laws governing Bills of Sale were passed in 1878 and 1882. As they have been around for so long they lack many of the protections found in more modern agreements (like our Hire Purchase agreements), so always be careful and make sure you know what you are signing up to!

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Consumer Credit Directive. This is an EU directive designed to improve the disclosure of information to consumers.

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Cooling-off period

The Consumer Credit Act provides a statutory cooling off period of 14 days, should you wish to withdraw from a credit agreement during the cooling off period you should contact the lender before the expiry of the 14 days. If you have bought goods on credit and decide to withdraw from the agreement you may still be responsible for the purchase price of the goods.

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Credit agreement

A credit agreement is a formal document that contains the terms upon which a lender has agreed to lend to you and sets out your obligations to repay the loan. If you are a consumer that agreement will be in a form prescribed by the Consumer Credit Act.

You will some sometimes hear companies refer to the credit agreement as a finance agreement.

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Credit history

Your credit history is a record of your borrowing behaviour and is based on information supplied to credit reference agencies, this may include finance agreements, bank account or utilities and is something a lender will consider when making a decision to lend.

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Credit rating

Credit rating (also known as a ‘credit score’) is an indication of how credit reference agencies rate your credit behaviour, your credit score is made up of different factors such as your payment history or level of credit. Different credit reference agencies may score you differently.

At The Car Loan Centre we do not use your credit score as we understand that your score may not reflect your current circumstances or your ability to repay finance. We manually assess each application to ensure the product you take is affordable to you.

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Credit search

A credit search is a search undertaken to identify your credit history, it is undertaken by most lenders to establish your credit history. Too many searches over a short period can affect your ability to obtain credit and your credit score. A search will remain on your credit history for one year. If you obtain credit the lender will appear on your credit report.

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Customer deposit

Or just deposit, is the initial payment you put down towards the car at the start of the finance agreement. The larger your deposit, the lower your monthly payments. Your deposit will be shown on the credit agreement.

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Depreciation is the amount of value a vehicle loses over time. You should be aware that if you pay for a vehicle with a finance agreement over a number of years, it will be worth less at the end of the agreement than the amount the vehicle was sold for.

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Document Fee

This is a fee usually charged at the start of the finance agreement. It's paid to lenders to cover their administrative cost, such as issuing relevant documentation and setting up the finance. It's also known as an acceptance fee or an administration fee and is included by lenders when calculating the APR.

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Early settlement

This is when you decide to end the finance agreement before its contractual expiry date. If you repay your finance early, depending on when you repay, you may be entitled to a rebate on the total amount that you are scheduled to pay.

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FCA is the acronym for the Financial Conduct Authority who regulate financial markets in the UK, they approve lenders and brokers. The Asset Exchange Ltd trading as The Car Loan Centre are fully authorised and regulated by the FCA, our FCA reference number is 729827.

If a lender or broker is not on the FCA register they are not authorised and a consumer may not be protected.

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Fixed-rate interest

This is a set rate of interest which will apply to the credit agreement throughout the term of the agreement and will not change. It is the annual rate applied to your account and should not been confused with APR.

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GAP insurance

Guaranteed asset protection – a type of insurance which covers the difference between the original cost of the car and its value should the vehicle be written-off or stolen. Most GAP products cover the difference where traditional motor insurance pays less than the purchase price of the vehicle.

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Hire purchase

This is sometimes shortened to HP. This finance deal normally involves putting down a deposit and then is repaid with fixed monthly instalments. You don’t own the car until the debt is fully repaid, and you pay the option to purchase fee at the end of the agreement, once you have paid the final instalment and the option to purchase fee you own the vehicle.

Hire Purchase agreements are a type of credit agreement.

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Joint application

It’s possible to apply and sign a finance agreement with two or more people. Together, they are responsible for repaying the loan or finance agreement.

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Loan To Value, or LTV

The Loan to Value is relevant to our Logbook Loan product and tells you what we will lend compared to the value of the vehicle. We always use trade values to value a vehicle, which is the amount a motor trader would expect to pay for the vehicle, so don’t be surprised or offended if the amount comes back as a little less than you expected. If we offered, for example, a 70% LTV that means we would be willing to lend you 70% of the trade value of your vehicle, with the loan secured on your vehicle.

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Logbook Loan/Log Book Loan

A logbook loan is a loan secured on your vehicle. It is a way for you to unlock the equity you have in your vehicle, and you are not limited in what you can spend the money on, you can use your loan for any reason.

You do need to remember that, until you pay the loan off, it’s the loan company and not you that owns the vehicle, so you won’t be able to sell it our use it to secure any other finance. Once you’ve paid the loan off the title to the car passes back to you, which means you own it again. Always check the terms and conditions of a Logbook Loan. Where our Logbook Loans are done using Hire Purchase, many lenders use a Bill of Sale to secure the loans. Bills of Sale have been around since 1878, and offer fewer protections than the Hire Purchase agreements we use.

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Part exchange

Trading in your old car and using it as a contribution towards a new one.

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Also known as a soft search. It’s a type of credit search which doesn’t leave a trace on your credit file. It’s used to give finance companies an indication of risk and to decide how much they can offer you.

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Soft search

See Quotation above.

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Term length

This is used to describe the length of time you’ll be paying off the finance agreement e.g 18 months.

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Total repayable

This is the total amount, including the loan, total cost of credit, interest and fees, which you’ll repay the lender over the term of the agreement.

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Cover for your vehicle to give you peace of mind. The Car Loan Centre provide 6 month warranties on all vehicles sold, and you can choose to extend the warranty for an extra cost if you wish. Although our warranties are 5* cover some items are not covered, and you should read your warranty carefully. Our warranties come with recovery to a local garage and home start as standard. It may be that a warranty from a different service provider is more suitable for you. If you decide it is, you might want to purchase it independently.

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Privacy Policy

The Asset Exchange Ltd t/a The Car Loan Centre is a Data Controller. The Asset Exchange Ltd is registered as a Data Controller with the Information Commissioner’s Office under registration number ZA020916. Any questions regarding The Asset Exchange’s Privacy Policy should be directed to the Data Protection Officer. You can send us an email or web message (contact details are on our website), or write to us at: The Data Protection Officer, The Asset Exchange Ltd, Unit 15, 238 London Road, Wickford, Essex, SS12 0JX

Processing Purposes

The Asset Exchange Ltd will collect data for the purposes of marketing and processing vehicle sales, for finance applications and the management of finance agreements, which may include asset recovery.

The Asset Exchange Ltd does not currently rely on automated decision making to grant finance. All decisions are made by a trained team of underwriters.

We may share data with selected third parties to fulfil the purposes above, this may include credit reference agencies (see below), introducers or agents who will act on our behalf, which may include group companies and where any of our obligations under a finance agreement are sold or assigned, or to help us enforce our rights under an agreement. We will also share data with Law Enforcement or other bodies where we are obliged to. If necessary, we may also share information with approved and vetted asset recovery or debt collection partners.

In order to process your application, we will perform credit and identity checks on you with one or more credit reference agencies (“CRAs”). Where you take finance from us we may also make periodic searches at CRAs to manage your account with us. To do this, we will supply your personal information to CRAs and they will give us information about you. This will include information from your credit application and about your financial situation and financial history. CRAs will supply to us both public (including the electoral register) and shared credit, financial situation and financial history information and fraud prevention information. We will use this information to:

  • Assess your creditworthiness and whether you can afford to take the product;
  • Verify the accuracy of the data you have provided to us;
  • Prevent criminal activity, fraud and money laundering;
  • Manage your account(s);
  • Trace and recover debts; and
  • Ensure any offers provided to you are appropriate to your circumstances.

We will continue to exchange information about you with CRAs while you have a relationship with us. We will also inform the CRAs about your settled accounts. If you borrow and do not repay in full and on time, CRAs will record the outstanding debt. This information may be supplied to other organisations by CRAs. When CRAs receive a search from us they will place a search footprint on your credit file that may be seen by other lenders. If you are making a joint application, or tell us that you have a spouse or financial associate, we will link your records together, so you should make sure you discuss this with them, and share with them this information, before lodging the application. CRAs will also link your records together and these links will remain on your and their files until such time as you or your partner successfully files for a disassociation with the CRAs to break that link.

The identities of the CRAs, their role also as fraud prevention agencies, the data they hold, the ways in which they use and share personal information, data retention periods and your data protection rights with the CRAs are explained in more detail at

If you consent to receive marketing material from us we may use data we hold on you for the purpose of targeting our advertising, to give end users a better and more appropriate advertising experience.

We use Google Analytics to improve our website and service. Data we receive from Google is anonymised and does not identify any individual person.

Third parties, including Facebook, may use cookies, web beacons, and other storage technologies to collect or receive information from our websites, and elsewhere on the internet, and use that information to provide measurement services and target ads. You may opt out of the collection and use of information for the purpose of delivering targeted advertising by going to or

More details about our cookie policy can be found here

Our website utilises a live chat service. If you use this service certain information will be stored. This information is: Your email address (if provided), the website address that the chat started on, the entry page on our website that you arrived on, the referral page (if available) that brought you to us, your user environment: (browser, platform, user agent), languages set up in your browser, your user history on our site (visits and communications), and your chat history with us.

Information We May Collect

The information we collect and process about you may include:

  • Information supplied by you to marketing agencies / third parties or through our own marketing material where you have provided consent to its receipt.
  • Information provided by you in an online enquiry form or application form.
  • Personal data for the purposes of ascertaining your identity, personal circumstances and financial history.
  • Information obtained during the course of managing any finance agreement.
  • In the course of managing a finance agreement where you disclose to us sensitive personal information. Where you disclose sensitive personal data, we will take extra steps to ensure such data is protected.

How we will use your information?

Your information will be used in the following manner:

  • To provide you with details regarding the products and services we offer.
  • To process, assess and decide on applications for finance with The Asset Exchange Ltd.
  • To manage and perform our obligations under a contractual finance relationship with The Asset Exchange Ltd.
  • To meet our regulatory obligations as required by Law.
  • To inform and update credit bureaus of our contractual relationship.
  • We will process your information fairly and in accordance with Data Protection legislation and will seek to ensure the information we hold is accurate and up to date, we may contact you for the purpose of ensuring we hold up to date relevant information.


We will obtain your consent to the processing of your data, though in most instances after you have applied to us we will have a contractual basis or legitimate interest to the processing of your data, as defined in the relevant data protection legislation.

We will seek your consent at the time of your making any enquiry about the products or services we offer, this consent will allow us to market our services to you and services complimentary to the products we offer from third parties. You do not have to give this consent, and where you do you may withdraw this consent at any time by contacting us and advising that you wish to withdraw your consent. Refusing consent for marketing purposes only will not prevent you from making an application for finance.

If you wish to obtain finance through us you will give your consent at the time of making an application, this consent will include permission to make such enquiries as are necessary to process a finance application including the use of credit bureaus such as Call Credit or Equifax and fraud detection bureaus and/or the use of Account Information Service Providers (AISPs) with whom you have consented to share your online bank transaction data. You may choose to refuse consent, but if you do we will not be able to process your application.

Where we have entered into a finance arrangement with you we will have a legitimate interest to share your data with credit bureaus and third parties for the purposes of managing an account including debt collection agencies where appropriate.

Please see ‘your rights’ (below) in respect of withdrawing consent.

Storage of your Personal Data

We will take appropriate steps to ensure the data we hold about you is kept safe and secure, we will use protected safe servers where data is kept in electronic format. We will only share data to fulfil the purposes for which your data was given.

We will not share, store or transfer your data outside of the European Economic Area ("EEA") unless the recipient is compliant with current EU data protection legislation.

We will only disclose your personal data where required by Law or for the purposes of financial crime detection and apprehension.

Retention of Data

We will retain the data we hold about you dependent on our ongoing relationship, if the data we hold is limited to marketing purposes where we have no ongoing relationship it will be held for less time than an individual whose data is held to manage a finance agreement.

At the expiry of our retention period your data will be securely disposed of, where that data is held physically we will arrange its lawful destruction. Where data is held in electronic format we will lawfully dispose of it in accordance with data destruction practices at that time relating to electronic data.

We will retain data for the following terms:

  • If you have had an agreement with us we will hold the information relating to that agreement for 6 years after the agreement is finished.
  • If you apply for finance but the application does not proceed we will hold that information for 1 year after your application.
  • If you exercise your right to withdraw from an agreement within the first 14 days we will hold your information for 3 years from the date of withdrawal.
  • Information held for marketing purposes only is consent based, we will hold this information until such time as you withdraw your consent.

Your rights

You have the following rights in relation to the data we hold and process:

You have the right to inspect the data we hold about you by making a request direct to us. You should make your request to the Data Protection Officer. We will disclose the data we hold within 1 month of your request.

If the data we hold is out of date or incorrect you have the right to have those records rectified. Where you feel we hold out of date or incorrect information you should notify the Data Protection Officer. In some cases it may be necessary for you to provide proof the data is incorrect before we are able to amend it.

You have the right to request we provide the data we hold on you to a third party. The data would be provided electronically in a machine-readable format, such as .csv.

You have a right to request we erase the data we hold on you (the ‘right to be forgotten’), where we are not otherwise required to retain such data, and where such erasure would not conflict with our legitimate interests.

You may withdraw your consent to the processing of your data for marketing purposes at any time, any other request to withdraw consent will be dependent on our contractual relationship with you at that time. Such withdrawal may be absolute, or, if you prefer, for a limited time only.

Our basis / bases for processing data

  • Marketing: Consent
  • Sales Process: Contract
  • Underwriting: Contract
  • Performance of existing agreements: Contract
  • Data from vehicle trackers: Contract
  • Debt / asset recovery: Contract
  • The data relating to completed agreements: Legitimate Interest (HMRC requirements)

In some instances, such as if we are required to provide data to a governmental or law enforcement body, then our basis will be a legal obligation.In the unlikely event that we need to release data in a ‘life or death’ situation, I.E. to prevent or minimise a threat to the life of a natural person, our basis will be vital interest.

You should be aware that:

  • The right of erasure does not apply to processing on the basis of legal obligation.
  • The right of portability only applies to processing on the bases of consent or contract.
  • The right to object only applies to processing on the basis of legitimate interests.

If you dispute the processing of your data, or feel your data has not been processed in accordance with the relevant data protection legislation, you should first raise your concern through our customer services department. You may also lodge your complaint with the Information Commissioner‘s Office, by visiting their website at, telephoning 0303 123 1113, or writing to: Information Commissioner's Office, Wycliffe House, Water Lane, Wilmslow, Cheshire, SK9 5AF.

Terms & Conditions

A. Introduction

These terms of use govern your use of our website; by using our website, you accept these terms of use in full. If you disagree with these terms of use or any part of these terms of use, you must not use our website.

B. Who can use this site?

This site and the products and services described on this site are for consumers only and only available to consumers who are resident in and who access the site from within the UK (excluding Channel Islands and Isle of Man). We reserve the right to amend the content of this site including the value or price of any services offered.

C. Copyrights, trade marks and copying materials on this site

Unless otherwise stated, we or our licensors own the intellectual property rights in the website and material on the website. Subject to the licence below, all these intellectual property rights are reserved. We give no permission for the use of our trademarks, and such use may constitute an infringement of our rights. You may view, download for caching purposes only, and print pages from the website for your own personal use, subject to the restrictions set out below and elsewhere in these terms of use.

You must not:

  • republish material from this website (including republication on another website);
  • sell, rent or sub-license material from the website;
  • show any material from the website in public;
  • reproduce, duplicate, copy or otherwise exploit material on our website for a commercial purpose;
  • edit or otherwise modify any material on the website;
  • redistribute material from this website except for content specifically and expressly made available for redistribution.

D. Acceptable Use

You must not use our website in any way that causes, or may cause, damage to the website or impairment of the availability or accessibility of the website; or in any way which is unlawful, illegal, fraudulent or harmful, or in connection with any unlawful, illegal, fraudulent or harmful purpose or activity.

You must not use our website to copy, store, host, transmit, send, use, publish or distribute any material which consists of (or is linked to) any spyware, computer virus, Trojan horse, worm, keystroke logger, rootkit or other malicious computer software.

You must not conduct any systematic or automated data collection activities (including without limitation scraping, data mining, data extraction and data harvesting) on or in relation to our website without our express written consent.

E. Warranties

We do not warrant the completeness or accuracy of the information published on this website; nor do we commit to ensuring that the website remains available or that the material on the website is kept up-to-date.

To the maximum extent permitted by applicable law we exclude all representations, warranties and conditions relating to this website and the use of this website (including, without limitation, any warranties implied by law of satisfactory quality, fitness for purpose and/or the use of reasonable care and skill).

F. Third party websites

Our website may include hyperlinks to other websites owned and operated by third parties. These links are not recommendations. We have no control over the contents of third party websites, and we accept no responsibility for them or for any loss or damage that may arise from your use of them.

G. Exclusion of liability

Nothing in these terms of use will: (a) limit or exclude our or your liability for death or personal injury resulting from negligence; (b) limit or exclude our or your liability for fraud or fraudulent misrepresentation; (c) limit any of our or your liabilities in any way that is not permitted under applicable law; or (d) exclude any of our or your liabilities that may not be excluded under applicable law.

The limitations and exclusions of liability set out in this section and elsewhere in these terms of use: (a) are subject to the preceding paragraph; and (b) govern all liabilities arising under the terms of use or in relation to the subject matter of the terms of use, including liabilities arising in contract, in tort (including negligence) and for breach of statutory duty.

To the extent that the website and the information and services on the website are provided free-of-charge, we will not be liable for any loss or damage of any nature.

We will not be liable to you in respect of any losses arising out of any event or events beyond our reasonable control.

We will not be liable to you in respect of any losses, including (without limitation) loss of or damage to profits, income, revenue, use, production, anticipated savings, business, contracts, commercial opportunities or goodwill.

We will not be liable to you in respect of any loss or corruption of any data, database or software.

We will not be liable to you in respect of any special, indirect or consequential loss or damage.

H. Assignment

We may transfer, sub-contract or otherwise deal with our rights and/or obligations under these terms of use without notifying you or obtaining your consent.

You may not transfer, sub-contract or otherwise deal with your rights and/or obligations under these terms of use.

I. Severability

If a provision of these terms of use is determined by any court or other competent authority to be unlawful and/or unenforceable, the other provisions will continue in effect. If any unlawful and/or unenforceable provision would be lawful or enforceable if part of it were deleted, that part will be deemed to be deleted, and the rest of the provision will continue in effect.

J. Exclusion of third party rights

These terms of use are for the benefit of you and us, and are not intended to benefit any third party or be enforceable by any third party. The exercise of our and your rights in relation to these terms of use is not subject to the consent of any third party.

K. Law and jurisdiction

This site and these conditions are governed by and construed in accordance with English law and any disputes relating to these terms will be subject to the exclusive jurisdiction of the Courts of England & Wales.