Can You Pay Monthly For A Private Number Plate?
Although cars come off production lines in vast numbers each day, the relationship that car owners have with their vehicles can be deeply personal. Private number plates can be a much desired option for many motorists seeking to add that personal stamp to their vehicles.
Private number plates can be bought from the DVLA or through online registration dealers, as well as private sellers. Number plates that feature or indicate names, common phrases and words (also known as cherished plates), are highly sought-after - as are short number plates with few characters. These highly prized plates can be very expensive to purchase, ranging from a few hundred pounds to thousands depending on the demand for the characters they display.
If you’ve got your heart set on a private plate but find the prices too steep for your budget, you might be wondering ‘can you pay monthly for a private number plate?’ If so, you’ve come to the right place.
From the options open to you, to what you might require to qualify for a monthly payment agreement, you’ll find all your answers here.
Finance deals for private number plates
If you’re not one of the fortunate few who can afford to spend hundreds to thousands on a personalised registration but would still like to own one, there are finance deals available that allow you to pay for plates in monthly installments, just as you can with the cars that display them.
You’ll find a variety of payment plans available with different lengths of term to select from. You’ll be able to make your monthly repayments over one, two, three or even four years to spread out what can be a large sum.
Applications can be made either online or over the phone with no paperwork to be completed or signed. They are usually processed instantly and will be checked thoroughly before a decision is made as to whether you’ll be granted finance or not. Although this can be quick, sometimes assessments take longer.
If you’re approved, a direct debit will be set up and your initial payment will commonly be taken about a month after your agreement begins, and then on an agreed date each month, a payment will be taken from your account until the end of your contract.
A selection of finance deals are offered with 0% interest on 12-month repayment terms, providing you can pay a deposit of at least 10%.
Private registration dealers
While you can’t acquire a finance deal from the DVLA, on the government website you’ll find a page dedicated to dealers who have accepted the DVLA’s ethical trade practices terms and conditions and comply with them. These personalised registration brokers will be able to offer you finance options that allow you to pay in monthly installments, as well as access to a wide range of plates.
Finance is typically available for plates worth between £250 to £15,000.
What do I need to be accepted for finance when buying a private number plate?
Finance deals for number plates are subject to your status. While not as extensive as the requirements if you want to buy a new car with a finance agreement, there are still criteria you need to meet to qualify.
To be eligible for personalised number plate finance, you must be over 18 years of age. You must also be a resident in the UK. Finally, you must possess a UK-based bank account with the capacity to accept direct debits.
After you’ve completed your online or telephone application, all your details will be examined to ensure you meet these requirements for finance. At this point, your lender will confirm if your application has been approved or refused.
