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Business Finance FAQs
Business Finance FAQs
The answers to your most frequently asked questions on financing your business vehicle.
How do I obtain a finance quote?
For full details of all our finance plans and quotes, visit your local Ford Dealer – to find yours click here.
 
Can I settle my loan before the end of the agreement?
Yes, you can settle your account at any time once your account has been set up. You can request a settlement quotation on your finance account via our online Account Request Service by clicking here. Alternatively please call us on 08457 125490.
 
What does APR mean?
APR stands for Annual Percentage Rate. When you borrow money on an agreement regulated by the Consumer Credit Act, every lender is required by law to quote this rate, which calculates the total amount of interest that will be paid over the whole term of the loan while taking into account any additional charges that the borrower has to pay. The APR allows you to compare the cost of finance from different lenders.
Do you need to know my salary or outgoings?
The only personal details we need from you to be able to process your finance application are name, date of birth, contact and employment details and details of the bank account you would like us to set up the direct debit for. We will also need to know details of the vehicle you are financing and the finance plan you have chosen. In some instances, we may require further information to support your finance application, in which case we will notify you via your Ford Dealer.
 
How long will it take to process my finance application?
In most cases, your Ford Dealer will be able to obtain an online decision from Ford Credit within minutes.
 
What happens after I've signed my finance agreement?
Your Ford Dealer will give you a copy of your finance agreement and the original will then be sent to us for processing. Once we have set up your account, you will be sent a second copy of your finance agreement with a Welcome Letter.
 
Over what period of time can I take my finance?
This is dependent upon the type of plan you choose to finance your vehicle. The Ford Acquire plan provides terms from 12 months to 60 months, whilst the Balloon Hire Purchase plan provides terms from 12 to 48 months.
Do you charge any fees?
Our standard fees are: Finance Facility Fee £125 and Option to Purchase Fee £95. However, these fees may vary dependent on marketing promotions.
 
How much can I borrow?
Subject to satisfying our normal credit criteria, we will lend up to the full amount of the vehicle being purchased, although in certain circumstances we may require you to contribute a deposit.
 
Do you carry out a credit search?
Yes, we use information from major UK credit reference and fraud prevention agencies within our underwriting process. If you wish to obtain further information on how finance companies carry out credit scoring, please review the Finance and Leasing Association consumer guide.
 
What information do I need to provide to Ford Credit when applying for finance?
In order to validate your identity, you will need to provide a full UK, or EU driving licence, with both photo-card and counterpart sections. In addition, a proof of address will be required – acceptable proofs of address are: a bank or credit card statement, utility or council tax bill, mortgage statement (all dated within the past three months) or your current vehicle's trade-in V5 document.
 
Do I have to put down a deposit?
In general, Ford Credit does not have any minimum deposit requirements. Occasionally certain marketing promotions may require minimum deposits, or in some circumstances we may require you to contribute a deposit. In these instances, your Ford Dealer will advise you of any deposit requirements. VAT registered customers are required to put the VAT down as a deposit.
  
How do I find my Ford Dealer?
Go to the dealer locator to find your nearest Ford Dealer.
 
I'm a Sole Trader. Which product might be best for me?
Visit our decision tree, which will direct you according to your personal requirements and circumstances.
 
I'm a Partnership. Which product might be best for me?
Visit our decision tree,  which will direct you according to your personal requirements and circumstances.
 
I'm a Limited Company. Which product might be best for me?
Visit our decision tree,  which will direct you according to your personal requirements and circumstances.
Why should I take a loan with you?
Ford Credit is a wholly owned subsidiary of Ford Motor Company and is part of one of the largest automotive finance companies in the world. We have been supplying Ford customers with finance products in the UK since 1963. We constantly strive to ensure that our products and services make financing a new Ford more accessible, whilst remaining committed to delivering the highest levels of customer service and support.

Will the interest rate change throughout my agreement?
No, Ford Credit offers fixed rate agreements, so you'll know exactly what you'll be paying from the outset over the term of the agreement.

What is Business Hire Purchase (Ford Acquire) and how does it work?
Business Hire Purchase (FordAcquire) is convenient to arrange and has flexible terms to suit your needs. Just select the Ford you want, decide how much deposit you wish to pay and what repayment period you prefer. Your repayments are then calculated based upon the balance plus interest.

Over what period of time can I take my Business Hire Purchase (Ford Acquire) agreement?
Repayment periods can be from 12 months to 60 months.

What happens at the end of my Business Hire Purchase (Ford Acquire) finance agreement?
At the end of the agreement period, assuming all payments have been made, you own the vehicle.
How do I obtain a finance quote?
For full details of all our finance plans and quotes, visit your local Ford Dealer – to find yours click here.
How do I find my Ford Dealer?
Go to the dealer locator to find your nearest Ford Dealer.
 
I'm a Sole Trader. Which product might be best for me?
Visit our decision tree,  which will direct you according to your personal requirements and circumstances.
 
I'm a Partnership. Which product might be best for me?
Visit our decision tree, which will direct you according to your personal requirements and circumstances.
 
I'm a Limited Company. Which product might be best for me?
Visit our decision tree,  which will direct you according to your personal requirements and circumstances.
How do I contact Ford Business Partner? 
For queries relating to accident, breakdown, theft, rescue, recovery, driver direct, replacement vehicles, tyres, batteries and exhausts and auto windscreen call 0844 879 6272. For all other queries call 0844 879 6333.

What is Contract Hire?
Contract Hire is sometimes referred to as Full Service Lease or an Operating Lease. The vehicle is sold to Business Partner by the supplying Dealer and is then leased to the customer for a fixed period.  The customer pays a predetermined monthly rental for this fixed period based on the customer's anticipated mileage at the end of the contract. At the end of the contract the customer returns the vehicle to Business Partner.

 
How does Contract Hire differ from Hire Purchase?
A Hire Purchase agreement gives the customer the option of becoming the legal owner once all payments have been made. Contract Hire works differently as the customer only pays for the use of the vehicle (rental) and not for the value of the vehicle at the end of the contract. At the end of a Contract Hire agreement the customer hands the vehicle back to the Contract Hire Company.
 
Is it true that there are VAT benefits in taking Contract Hire?
Contract Hire rentals attract VAT. If you are a VAT registered company you may be able to recover some or all of the VAT, provided you use the vehicle for business purposes, as follows:
 
On cars, 50% of the VAT applied to the rentals and 100% on any maintenance contract may be recovered. For commercial vehicles, 100% of the VAT applied to the rentals and maintenance may be recovered.
 
VAT charged on the outright purchase of a car is normally not reclaimed unless it is used exclusively for business purposes (no private use).
 
Will I need a deposit?
Normally you will be required to pay an initial payment equivalent to three months’ rental + VAT when your vehicle is delivered.
 
Who owns the vehicle?
Ford Business Partner are the legal owners of the vehicle: however, the customer (leasee) is responsible for any costs not covered by the Service, Maintenance and Repair contract, i.e. parking fines, traffic violations, accident damage. The customer must also provide fully comprehensive insurance cover.
 
Can I buy the vehicle at the end of my contract?
The vehicle cannot be sold back to the hiring company as this could result in all tax allowance benefits being forfeited.   However, the driver or employee of the company is able to buy the vehicle at the market price at the time.
 
Can I terminate my contract early?
Yes. It is possible to terminate the contract early: however, you will have to pay Ford Business Partner 50% of the rentals not yet invoiced, plus any charges due for de-hire damage and excess mileage.
 
Can I extend my contract?
Yes. But you need to give Ford Business Partner at least three months’ notice before the original contract ends.  Provided the vehicle has been satisfactorily maintained we can provide you with a quote, subject to age and mileage.
 
How do I pay my monthly rental?
Rentals are normally paid by Direct Debit. Other payment methods can be arranged: however, these rentals would need to be made earlier in the month and late or overdue rentals may incur interest charges.
 
Can I fit accessories or extras to the vehicle?
Yes. Manufacturer options can be added and your rental will be re-calculated to include these. Any accessories fitted after delivery will need our approval and all accessories must be in good working order when the car is returned.
 
Towbars, alarms, audio kits and telephones may be fitted provided they meet the manufacturer's recommendations and you obtain written permission from us. If fitted after delivery at your own expense they may be removed before the vehicle is handed back.
 
Can I use my personalised number plate?
Yes. Just let us know the new registration number and remember to re-register the original registration number before you hand the car back to us.
 
What happens if I incur a traffic or parking penalty?
You must ensure that all penalties are paid promptly.  If the penalty is unpaid then the police or local authority will contact us for payment and we will pass this notice on to you.  Should the penalty continue to be unpaid we will arrange its payment and re-charge your company with the cost of the penalty, plus an administration fee.
 
Can I take my vehicle abroad?
Yes. You must contact our TravelCare line on 01454 209 313 between Monday and Saturday, 9am to 5pm and they will handle all the arrangements for you. You must ensure that the driver is covered by appropriate insurance and breakdown cover.
 
What is included in the Service, Maintenance and Repair (‘SMR’) package?
All scheduled servicing, mechanical parts replaced including labour, unlimited tyre replacement, annual Road Fund Licence renewal. Some SMR packages also include breakdown cover. SMR packages are at additional cost to your rental.
 
I've had an accident. Who do I need to contact?
Report the incident to the police immediately and then contact Claims Solutions on 0844 8796272.  Claims Solutions will handle all insurance matters and in the case of a write off negotiate the best settlement. The Claims Solutions service is at additional cost.
 
My vehicle has been stolen. What do I need to do next?
Report the incident to the police immediately and then contact Claims Solutions on 0844 8796272.  Claims Solutions will handle all insurance matters and negotiate the best settlement. The Claims Solutions service is at additional cost.
 
My vehicle is off the road. Can I get a replacement?
Yes. If you have chosen a contract including a replacement vehicle this will be provided in accordance with the particular plan you have chosen.
 
I've damaged my windscreen. Who do I contact?
Contact Ford Business Partner on 0844 879 6272 and we will arrange assistance via RAC Auto Windscreens. Please note that this is chargeable. In most cases with fully comprehensive insurance the driver only pays the excess and Auto Windscreens settle with the insurance company.
 
I have a problem with my tyres, batteries and exhaust. Who do I contact?
Contact Ford Business Partner on 0844 879 6272 to find the nearest Kwik-Fit outlet. You will need to check your contract to see if you are covered.  If you do not have a maintenance contract Kwik-Fit will give you preferential rates as you are a Ford Business Partner customer. 
 
Who do I contact if I break down?
Contact Ford Business Partner on 0844 879 6272.
 
What happens at the end of my Ford Business Partner contract?
• Renewal - Ford Business Partner or your Dealer will contact you about three months before your vehicle is due for renewal to find out what your requirements are.
• Collection Request - You provide us with seven days’ written notice to arrange collection of your vehicle. The vehicle should be roadworthy and hold a valid MOT. 
• Collection - Ford Business Partner will arrange for the vehicle to be collected by our Collection Agency at a convenient time or if you prefer you can bring your vehicle back to one of our de-hire sites and be present at the inspection.
• Inspection - The vehicle will be inspected and appraised by an independent vehicle inspector who will identify and record any damage.
• Delivery - If you have renewed your contract with Business Partner then your vehicle will be delivered to you at a convenient time.
 
Contact Ford Business Partner on 0844 879 6333 for more information.
 
There is some damage to my vehicle. Will I have to pay for this when I hand it back?
Yes. We use the Thatcham Parts Price Guide to cost parts and materials. Labour costs are charged at significantly lower rates than retail bodyshop and insurance company rates.
 
What happens if I exceed my original agreed mileage?
You will be charged for excess mileage at the rate specified in your original contract.  If you have 10 or more Business Partner vehicles you can take advantage of our pooled mileage facility.
 
What is the Driver Pack?
Your car should have been delivered with a Driver Pack which includes a tax disc holder, driver card, floor mats, euro number plates and a key ring.
 
Who are the Ford Business Partner additional service providers?
Tyres, batteries and exhausts –  Kwik-Fit
Glass replacement – RAC Auto Windscreens
Recovery services – RAC
Accident repair – Manufacturer-approved dealer bodyshops
 
I have a complaint.  Who should I contact?
The complaints procedure is as follows:
 
• Contact the Customer Service Team on 0844 879 6333 or email team@businesspartneruk.co.uk.
• We will acknowledge your complaint within one working day and promise to contact you again within seven working days with a full response, or an update.
• If you are not satisfied with the outcome contact the Customer Service Team Leader on the number above.
• If you are still dissatisfied, contact our Customer Service Manager on the number above.
• If you feel your complaint requires further attention, contact the Ford Business Partner Director.
• If you still have not resolved your complaint, contact the Managing Director.
 
My car does not seem to have a Driver Pack included – where can I get one from?
If you have not received your Driver Pack contact the Business Partner Customer Service Team on 0844 879 6333.
 
My tax disc is about to expire. How do I get a new one?
Your replacement tax disc will be sent to you in the month before the renewal date. Contact Ford Business Partner on 0844 879 6272 if you have not received it.