Purchasing personalised number plates using financing

For many, finding the right personalised number plate is a once in a lifetime occasion. However, many potential buyers are quickly put off of the deal owing to the seemingly exorbitant prices. It bears reminding that premium quality private number plates don’t come cheap, and can easily cost as much as a car!


Recognising this fact, many major brokers and resellers have established relationships with financial institutions and developed financing packages for buyers. Many of these packages, which falls under the jurisdiction of the Financial Conduct Authority, are equally as competitive as conventionally loan packages.



Basic requirement for buyers


• Age: At least 18 years

• Citizenship status: Must at least be a permanent resident of UK for a minimum of 12 months.

• Repayment: Has an active personal savings account for direct debiting of instalment payments.

• Occupation: Must be employed in a permanent capacity (not contract), either self-employed or salaried, work at least 16 hours per week, or a government retiree with a permanent pension.

• Target market: Individuals. Businesses are not eligible to apply for financing.


Application Process


The application can be made or submitted over the phone as there are no physical forms to fill. Nevertheless, for transparency (and to serve as a reminder to customers), participating brokers and banks will email details of the application. Approvals (and rejections) are usually granted on the spot, unless the amount involved is particularly large.


The loan limit varies between brokers as well as banks. However, an informal survey conducted by us reveals that all brokers offer financing of at least £20,000 to qualified applicants. A couple of banks are even willing to go as high as £50,000. Typically though, brokers will name themselves as legal grantee in V778, the certificate of entitlement, until the loan has been repaid in full. In such instances, the buyer will be registered as a nominee in form V778.




If you experienced any issues with either the banks or brokers when making an application, you may seek redress with the Ombudsman Service. The parliament established agency is tasked with helping consumers when dealing with financial institutions, among others. You may file your complain with the Ombudsman using their website’s online complaint form. They will typically get in touch with the complainant within three working days. While they are not known for their speed, they will resolve all complaints within three months of receipt.



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George Ali

63 Walwyn Rd CHAPELTOWN S35 8HU