We’re here to make the process as smooth as possible.
Step 1 – Report the incident to the relevant Police Station.
Step 2 – Contact an E-Finance & Development Insurance Agent to advise of the incident.
Step 3 – The E-Finance & Development agent will guide you through the steps for claims with the insurance.
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.
To continue providing quality service, the following new fees will take effect from 2nd February 2026.
Customers are reminded that, unless otherwise stated, all letters are processed within a 24-hour turnaround once payment has been confirmed.
This refers to the amount of mileage a car on finance is allowed to drive each year. Some finance agreements have a mileage limit, which is used to calculate the Residual Value.
Any money owed that’s overdue.
This is the historical record of all your credit borrowing.
Also known as a credit score, this is based on your past credit history and existing debt. Lenders use the information held in your credit file to decide the terms and conditions which you may qualify for. It assists in determining your ability to repay the debt successfully.
This is when you decide to end the finance agreement early, and pay off the rest of what you owe and take ownership of the vehicle.
This is the agreement which confirms the terms of the finance contract. It usually explains the monthly payments, cancellation terms and what happens at the end when the finance has been repaid.
This is a set interest which remains unchanged throughout the term of the finance agreement.
This is sometimes shortened to HP. This finance deal normally involves putting down a deposit and then is repaid with fixed monthly instalments. When the debt is fully paid, title of the car is passed over to the customer.
An operating lease is an agreement to finance equipment for less than its useful life. The lessee can return equipment to the lessor at the end of the lease period without any further obligation. The lessee can also purchase the vehicle at the end of the lease agreement.
This is the estimated value of the car at the end of your loan or finance agreement. Residual values are usually calculated as a percentage of the vehicle price, but are expressed as a dollar value.
This is the total amount, which you’ll repay the lender including the loan, total cost of credit, interest and fees.
The agreed fixed length of time in which you have to repay the finance.
Annual percentage rate, also known as interest rate. This is the interest you’ll have to pay back on top of the amount you borrow. This is usually represented as a percentage of the amount outstanding.
This is a final payment at the end of some financing agreements. This payment allows you to take ownership of the car. This figure will be worked out and agreed at the start of the agreement and is often based on the Residual Value.
This is the historical record of all your credit borrowing.
A 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, and the more likely you’ll be accepted.
Once you’ve paid all debts associated with your car, it then becomes equity because it’s an asset you own. As time progresses, the equity contribution of your payments increases.
A finance lease agreement is a contract type where ownership of the property is transferred to the lessee at the end of the lease term upon settlement of the all outstanding monies owed, inclusive of balloon payments.
This is usually a parent or close relative who agrees take on the debt if you can’t longer keep up with the repayments. A guarantor is usually required for specialist or guarantor loans, loans for younger people or those with minimal or no credit history. The guarantor will also be subject to normal lending criteria processes.
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.
A quote or quotation is a written summary of the finance offer and provides all relevant information clearly laid out. A quote is not legally binding, and an application and approval process must be completed prior to entering into a contract. A quote will usually details how long it is valid for e.g. 30 days.
This is the length of time you’ll be paying off the finance agreement and is usually expressed in months e.g. 84 months.
