General Information
Why should I choose Dorsia Finance?
Dorsia Finance is your number-one partner for funding prestige, sports, or classic cars. We offer competitive funding packages, backed by a wide panel of trusted lenders. From start to finish, we ensure a seamless process and deliver the best possible funding solution tailored to your needs. With us, you can feel confident that you’ll get the best deal.
Are you regulated by the FCA?
Yes, Dorsia Finance is authorised and regulated by the Financial Conduct Authority (FCA) for the sale of consumer credit.
- Company Name: Dorsia Finance Limited (CRN: 08329191)
- FCA Reference Number: 676452
As a credit broker (not a lender), we work independently with a wide range of lenders to provide you with a broad and competitive choice of finance products and solutions. We are not affiliated with any specific motor manufacturer.
What are your opening times?
We are open five days per week:
Monday to Friday: 9am – 5pm
What is a broker and why should I use one?
A broker acts as an independent intermediary between you and the financial institution. By choosing Dorsia Finance, you gain access to a wider range of car finance options than you would through a bank or dealership. We work on your behalf to secure the best deal tailored to your needs, handling everything from the application to the paperwork, so all you need to do is choose your ideal car.
Why don’t you have an online calculator?
Car finance is unique to each individual, and a generic online calculator can often lead to inaccurate figures due to the assumptions made. At Dorsia Finance, we offer a tailored quote based on the details you provide, ensuring that the figures are accurate and reflect your actual financial situation. This helps us find the most competitive and relevant deal for you.
Do I have to speak to someone on the phone, or can I get a quote online?
We believe in offering a personalised, hands-on service. While we could provide an automated service, we prefer to have a quick chat with you to ensure we understand your exact needs and can offer the most accurate and competitive quote. You can get in touch by phone or email, and we’ll provide you with tailored figures based on a few simple details.
What credit reference agencies do you use?
If you proceed with an application, our lenders may conduct a ‘hard’ search using a combination of Equifax, Experian, and Core Credit.
Car Finance Basics
Are car finance payments tax-deductible?
It depends on the type of agreement. For specific tax-related queries, we always recommend consulting your accountant or HMRC.
Are car finance rates negotiable?
Due to recent regulatory changes, finance rates cannot be negotiated. However, at Dorsia Finance, we work with a broad panel of lenders who offer varying rates depending on factors such as the loan amount and vehicle age. Our goal is to always provide you with the most competitive rate tailored to your needs.
Does car finance count as a personal loan?
Yes, car finance is considered a form of personal loan. This includes secured car finance agreements, personal loans from banks, or other credit arrangements.
How are car finance repayments calculated?
Car finance repayments vary depending on the product. They are calculated based on the amount you borrow, plus any applicable interest and fees. Some lenders add fees to the first or last payments, while others distribute them differently. Your dedicated Dorsia Finance Account Manager can provide a detailed breakdown tailored to your agreement.
What type of car finance is best?
There’s no one-size-fits-all solution for car finance. The best type depends on your individual circumstances, such as the car you’re purchasing, your budget, and your long-term goals. At Dorsia Finance, our team of specialists will work with you to identify the ideal finance product tailored to your needs.
What is APR and how is it calculated?
APR, or Annual Percentage Rate, is a way of measuring the cost of borrowing, including interest and any other charges, for financial products like car finance agreements. It represents the amount of interest you’ll pay annually on the borrowed amount.
At Dorsia Finance, our team can walk you through how APR impacts your car finance deal and help you find the most competitive rate available.
Is car finance a secured or unsecured loan?
The finance products available through Dorsia Finance typically fall under the category of “secured loans.” This means the loan is secured against the vehicle, which serves as collateral. Secured loans often offer more competitive rates compared to unsecured loans because the lender retains financial control of the vehicle, reducing their risk.
Credit Impact and Requirements
Can car finance affect my credit rating?
When applying for finance through our lending partners, a full credit search will be conducted, which will leave a mark on your credit file. Multiple applications across different providers could negatively impact your credit score. However, a small number of searches won’t harm your credit rating, and responsibly managed finance agreements could even improve it over time.
Can car finance affect my mortgage?
A car finance agreement won’t impact an existing mortgage. However, if you’re planning to secure a new mortgage and apply for car finance at the same time, multiple ‘hard’ credit searches could affect your mortgage application. Additionally, your monthly car finance payments might be considered when assessing your affordability for a new mortgage.
When do you do a credit check?
If you decide to proceed with an application, the lender will carry out a hard credit search to assess your credit history. Hard searches are only performed after we obtain your explicit verbal consent.
What are ‘soft’ and ‘hard’ credit searches?
- Soft Credit Search: A preliminary check of your credit file that does not impact your credit score.
- Hard Credit Search: Used by lenders to assess your full credit history when you apply for finance. This search leaves a mark on your credit file and may slightly lower your credit score.
How can I improve my credit score?
- Register to vote.
- Check for errors or fraudulent activity on your credit file.
- Always make payments on time.
- Build a credit history if you don’t have one.
- Resolve any negative financial associations.
- Avoid applying for too much new credit in a short time.
- Work on removing defaults, CCJs, or bankruptcies.
Why has my car finance application been declined?
There are several reasons why an application might be declined, including:
- Previous payment history issues with car finance
- No presence on the electoral roll
- A high number of recent ‘hard’ credit searches
- Suspected fraudulent activity
- Not meeting the lender’s specific lending criteria
Eligibility and Specific Situations
Can I get car finance with no deposit?
Yes, Dorsia Finance offers finance options that require no deposit. Speak to one of our dedicated Account Managers to explore the best solution for you.
Can I get finance for a left-hand drive vehicle?
We may be able to arrange finance for left-hand drive vehicles depending on the specific circumstances. If you’re considering one, reach out to us to discuss your options.
Can I get finance on a used vehicle?
Absolutely! At Dorsia Finance, we specialise in arranging finance for quality pre-owned vehicles. Share a few details about the car, and we’ll provide a competitive finance solution.
Can I get car finance with an IVA?
Being in an IVA can make securing car finance more challenging, but it’s not impossible. Contact one of our Account Managers at Dorsia Finance to discuss your situation, and we’ll do our best to find a way to help.
Can you help with Halal car finance?
Yes, we can! Dorsia Finance can assist with Islamic, or Halal, car finance designed for individuals following Sharia Law. This type of finance enables you to spread the cost of a car without involving interest, in accordance with Islamic principles. Contact our team for the latest details on how our lenders handle Halal finance options.
Can I finance a motorhome with Dorsia Finance?
Absolutely! Dorsia Finance has extensive experience in financing motorhomes, horseboxes, campervans, racing trailers, HGVs, vans, motorcycles, and even forklifts. Whatever your vehicle, we can offer tailored finance solutions to suit your needs.
Can I finance a truck or motorcycle with Dorsia Finance?
Yes, you can! Whether you’re looking to finance a truck, motorcycle, or any other vehicle, give us a call on 01522 420420 to discuss your options in more detail. Our team will work with you to find the best finance solution for your specific requirements.
Finance Agreement Management
Can car finance be cancelled?
UK legislation allows for the early cancellation of certain finance agreements under the “voluntary termination” process. While voluntary termination will be recorded on your credit file and may influence future lending decisions, it’s an available option for those in financial difficulty. If you have concerns, contact your dedicated Dorsia Finance Account Manager.
Can car finance be transferred to another car?
Finance agreements cannot be transferred from one car to another. However, Dorsia Finance can assist you in settling your current agreement and arranging finance for a new vehicle.
Can car finance be transferred to another person?
In most cases, car finance agreements cannot be transferred to another individual as they are tailored to the original applicant’s circumstances. However, we can help transfer personal agreements into a company name or vice versa. For further guidance, contact our team.
Can I arrange finance for more than one car at once?
Yes, you can! This is subject to your credit status, and we’ll work to find a suitable solution for multiple vehicles.
How do I check what is owed on my car finance?
Reach out to your Dorsia Finance Account Manager, and we’ll obtain the latest balance from your lender for you.
Can I settle my finance agreement early?
Yes, settling your finance agreement early is possible. However, terms vary between lenders, and some agreements may include financial penalties or conditions. At Dorsia Finance, your dedicated Account Manager will explain the terms specific to your agreement and provide personalised advice.
How do I change the bank account I want my payments to go out of?
To change the bank account your payments are taken from; you will need to update this directly with your lender. Contact your Dorsia Finance Account Manager, who will assist you in getting in touch with your lender to make this change smoothly.
Vehicle Ownership and Usage
Will I still be the registered owner of the car even if I use car finance?
Yes, you will be the registered keeper of the vehicle, and the V5 registration document will be in your name. However, you will not be the legal owner until the finance agreement has been fully settled.
Can I release equity from my car?
Absolutely! Many lenders can offer loans of up to 80% of your car’s value. At Dorsia Finance, we can assist with a valuation and help you explore options from our panel of lenders to find the best solution.
Can I sell the car if it’s on finance?
Yes, you can sell a car under finance, but the outstanding finance must be fully settled before the sale is completed. Additionally, any prospective buyer won’t be able to secure finance for the vehicle until the existing balance has been cleared. We’re here to help guide you through this process.
How soon can I swap my car once I’ve started a finance agreement?
There’s no set timeframe, but swapping early may involve penalties for settling your agreement ahead of schedule. Speak to your Dorsia Finance Account Manager to understand the specific terms of your agreement and explore your options.
What happens at the end of my agreement?
The outcome depends on the type of finance agreement you have:
- Hire Purchase (HP): Once you’ve completed all payments, including any ‘option to purchase fee,’ the vehicle is yours.
- Personal Contract Purchase (PCP): You can either pay the final balloon payment to own the car, return the vehicle to the lender, or trade it in for a new agreement.
What happens if I go over my agreed mileage for my PCP deal?
If you exceed your agreed mileage, the lender will charge an excess mileage rate when you return the vehicle at the end of your agreement. This rate will be clearly outlined at the start of your agreement. If you think you might exceed your mileage limit, contact one of our Dorsia Finance Account Managers to explore your options and find the best solution.
Dorsia Finance Services
Why should I choose Dorsia Finance?
Dorsia Finance is your number-one partner for funding prestige, sports, or classic cars. We offer competitive funding packages, backed by a wide panel of trusted lenders. From start to finish, we ensure a seamless process and deliver the best possible funding solution tailored to your needs. With us, you can feel confident that you’ll get the best deal.
Isn’t it easier to secure finance directly with the dealership?
While it might seem easier to arrange finance directly through a dealership, Dorsia Finance offers significant advantages. We have access to a wide panel of lenders, allowing us to tailor solutions to your needs. Unlike dealership-arranged credit, a finance solution from us can be applied to vehicles from any source, giving you greater flexibility.
Are there any limitations on where I can buy my car?
No, there are no limitations. Dorsia Finance can finance vehicles from any UK motor dealer, private seller, or auction. We offer flexibility to ensure you can get the car you want, wherever you find it.
Process and Timeframes
How long will I have to wait to receive approval on my finance?
At Dorsia Finance, we aim to make the approval process as quick and efficient as possible. Typically, we can have your application approved in principle within 24 hours.
Why do you need so much information to give me a quote?
At Dorsia Finance, we aim to provide you with the best possible finance deal tailored to your specific needs. The more details we have about your situation, the better we can personalise your finance agreement and secure a competitive rate for you.