Finance FAQs

  • What is an interest rate?

    When you borrow money, you are charged an interest rate. With Oodle this rate can vary depending on your credit profile.

    Usually expressed as an annual percentage of the outstanding amount, your monthly repayments with Oodle incorporate this interest and is agreed upfront in your contract.

    If you wish to sell your car, you’ll need to settle any outstanding final payment, which then removes any future interest.

  • Do I need a deposit?

    A deposit is the cash amount that you need to pay up front for a new car. This amount is then deducted from the final amount you’re required to pay for the car. 

     The deposit amount depends on the cost of the vehicle and how much the dealer requires. But generally, deposits are 10% of the overall value. 

     When you borrow from Oodle you can pay for the deposit yourself or add it to your loan. Your monthly repayments will simply reflect this.

  • Can you explain hire purchase to me?

    Yes! Hire purchase (HP) is how Oodle rolls. 

     HP is a type of borrowing. It is different from other types of borrowing because you don’t technically own the car until you have paid in full. Under an HP agreement, you ‘hire’ the vehicle and then pay an agreed amount by monthly payments. 

     So, in terms of Oodle, while you are still making payments, you aren’t allowed to sell or dispose of the car without Oodle’s permission. It’s against the law.

     The lender may also be able to take back the car if you fall behind with payments.

  • What is zero deposit car finance?

    Zero deposit car finance can get you behind the wheel of a new car without any upfront payment. 

     With Oodle you can enjoy zero deposit car finance as part of your agreement.

  • How does car finance work?

    Financing a car with Oodle, is well, a piece of Oodle! We bring customers and dealers together, helping drivers get the right car with a finance deal that works for them.

    Essentially we’re giving you a loan. A great Oodle loan to help you buy the car you want. And it won’t cost you the Earth in doing so.

    There are two ways you can arrange finance with Oodle…

    1. Find the car you love and then apply for finance. And because we already work closely with motor dealers and finance brokers across the country, they may even refer you to Oodle as part of their car sales process.
    2. Apply for finance first, find out your budget and then start looking for a car. This can all be done via our website. We’ve even got a dedicated search engine to help you to discover your new car.

    Once you’ve been approved for finance and chosen your car, Oodle will then finance the purchase of the car. We’ll pay the dealer and arrange for the car to be delivered or collected. It’s that easy!

    Please do note that the purchase of the car will be on hire purchase terms. This means Oodle retains ownership of the car as security until the hire purchase price is paid in full. If you break the terms of your hire purchase agreement we may repossess the vehicle.

  • My spouse and I have split up and they need to pay half of the arrears. What do I do?

    We’re sorry to hear that. 

    If you have a joint application you’ve both tied to that contract until the very last payment. Although, there are ways you can exit the agreement:

    1. Settle the agreement in full
    2. Part exchange the car through a dealer and take a new finance agreement out with Oodle in your own name.
  • What is the FLA (Finance and Leasing Association)?

    We are a member of the Finance and Leasing Association (FLA) and follow the FLA Lending Code

    This code sets out standards of good practice for the finance industry and provides our customers with reassurance that they are dealing with a reputable organisation.

  • Where can I get free impartial debt advice?

    If you need free impartial debt advice, here are the details of some organisations who could help


    • Tel: 0800 138 1111
    • Click here for the website

    Citizens Advice

    • Tel: 03444 111 444
    • Click here for the website

    National Debtline

    • Tel: 0808 808 4000
    • Click here for the website

    Money Advice Service

    • Tel: 0800 138 7777
    • Click here for the website

    FCA information for consumers

    • Click here for the website

    Money Advice Service Tool

    • Click here for the website

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