Midland Credit Limited

Midland Credit Limited, vehicle finance broker in the UK

Midland Credit Limited operates as a credit broker specialising in vehicle finance in the UK. The company presents itself as an intermediary, not a lender: it connects customers with a panel of lenders and earns its income from the commission paid by the lender when a finance agreement is taken out. It does not charge fees to the customer for its service.

Its activity is aimed at the purchase of cars, vans and caravans, and it accepts purchases from any dealership, provided it is reputable and authorised. The company states that it can finance vehicles from thousands of dealerships across the UK and Northern Ireland.

Finance products

• Car finance.
• Finance for customers with adverse credit history.
• Finance for self-employed workers.
• Van finance.
• Caravan finance.

The finance amount ranges from £3,000 to £50,000. In most cases no proof of income is required and the credit limit is determined by the lender, which confirms it through the finance advisor assigned to the customer.

Accepted applicant profiles

The company states that it considers all circumstances. Finance can be applied for by employed, self-employed, retired individuals or those who receive part of their income through benefit payments, as long as their net monthly income is at least £1,000. Some lenders on its panel also assist customers with a poor credit history, a current individual voluntary arrangement (IVA) or a previous bankruptcy. The company notes that this does not equate to a guarantee of approval, although it maintains that it has one of the highest approval rates in the motor finance market.

Processing and contract terms

The process is structured in three steps: applying online or by phone, finding the vehicle once the application is approved, and signing and collecting with the support of the advisor. The company states that a decision can be reached in less than an hour and that the initial credit search is a soft search, visible only to the applicant and with no impact on their credit score.

In almost all cases no deposit is required, although the customer can provide one or part-exchange a vehicle to reduce the amount financed and the monthly payment. Contracts are formalised through Hire Purchase or Conditional Sale agreements, with fixed monthly payments typically spread over two to five years. The customer takes ownership of the vehicle upon paying the final instalment.

The company offers free valuations with Glass's Guide and a free HPI check on all vehicles it finances.

Representative example

The site shows a representative example with an annual equivalent rate of 26.9%: a £7,000 loan over five years, with no deposit, a monthly payment of £201.62, a total cost of credit of £5,097.41 and a total amount payable of £12,097.41.

Corporate and regulatory information

Midland Credit Limited is a company registered in England and Wales with company number 7684261, authorised and regulated by the Financial Conduct Authority (FCA) for consumer credit with number 732202. The company states that it may introduce customers to a limited number of lenders depending on their credit profile and that the commission it receives, set by each lender as a fixed amount or a percentage of the amount borrowed, does not influence the interest rate or the amount payable under the agreement.

Location and contact

Millhouse Business Centre, Station Road, Castle Donington, Derbyshire DE74 2NJ · Phone: 03339 000 000 · Email: sales@midlandcredit.co.uk