Document background
A Vehicle Finance Agreement is essential when providing credit facilities for vehicle purchases in England and Wales. This document is used when customers require financing to purchase or lease vehicles, whether for personal or business use. The agreement must comply with the Consumer Credit Act 1974 and related regulations, including mandatory information requirements and cooling-off periods. It typically includes detailed financial terms, vehicle specifications, maintenance obligations, and default provisions. The document can be structured as a hire purchase, personal contract purchase (PCP), or lease agreement, depending on the financing arrangement.
