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What Car Finance Options Does Aldermore Offer?

Aldermore Bank gives you flexible car finance with the help of MotoNovo Finance Limited. MotoNovo Finance Limited is a lender that is part of the Aldermore Group. They offer both Hire Purchase (HP) and Personal Contract Purchase (PCP) deals. These choices can help you with the purchase of a car. They also let you keep your repayments low and set up your agreement to fit your financial situation.

All loans are approved by the Financial Conduct Authority (FCA). The lender will look at your credit history, how much income you get, and their lending criteria before they make a decision.

Product Term Length Deposit Required Ownership Outcome Used/New Vehicles
HP 12–60 months No minimum required Own the car after final fee Used or new
PCP 36–48 months No minimum required Choose to own, return or replace Typically new

Aldermore’s motor finance team works with their approved car dealerships and brokers. If you want to see Aldermore offers, you have to apply through a car finance platform that is checked and approved by the FCA.

What Is the Difference Between HP and PCP With Aldermore?

Aldermore works with MotoNovo Finance Limited to offer both hire purchase and personal contract purchase plans. These choices help you pay for a car over time. With hire purchase, you can own the car at the end. With personal contract purchase, you get lower monthly payments, but you do not own the car unless you pay a final amount.

Hire Purchase (HP)

  • You can pay the same monthly amount for up to 60 months.
  • You do not need to give any deposit at the start.
  • After you pay the last fee, the vehicle will be yours.
  • This is a good choice for people who want to own the car.

Personal Contract Purchase (PCP)

  • You get lower monthly payments because there is a last big payment at the end.
  • The finance time is between 36 and 48 months.
  • At the end, you can keep the car, give it back, or get a new one.
  • This works better for new cars and for people who want to change their cars often.

Both finance options come with good, competitive interest rates. The terms are easy to understand. They are set up based on your credit report and your current situation.

Who Can Apply for Aldermore Car Finance?

To apply for car finance with Aldermore, you need to meet these minimum requirements:

  • You have to be 18 years old or older.
  • You need to live in the UK.
  • You must have a full UK driving licence.
  • You need to pass both a credit check and an affordability check.
  • You must not be bankrupt right now or in an IVA.

Your credit history and the way you handle your money help decide if you get approved. They also help to set how much you can borrow and what your interest rate will be.

Who Can Apply for Aldermore Car Finance

Can You Apply for Aldermore Car Finance With Poor Credit?

Yes — Aldermore, with the help of MotoNovo, is good at helping many types of people. They help people who have money worries or not much credit history.

Their choices are not only about your credit score. They will also check your:

  • Income and job stability
  • Past payment history
  • Current debts and monthly expenses
  • All details in the financial support form (this means how affordable it is)

You may still get approved, even if you have had problems before. If you meet the lending criteria the lender has now, and you can show that you are good with your money, you can still get a chance.

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Does Aldermore Work With Dealerships?

Yes, Aldermore offers car finance, but you can only get it through approved dealerships in the UK. You cannot get car finance straight from the bank.

To use Aldermore for car finance, you can get help from a car finance broker such as:

  • Free Price Compare
  • Zuto
  • CarFinance 247

These brokers help you look at offers from many lenders, including Aldermore car finance. They use a soft credit check that does not hurt your score.

Example: Financing a Used Car With Aldermore

Sophie is 29 years old and earns £2,100 each month. Her credit history is fair. She wants to buy a 3-year-old Vauxhall Astra. The car costs £8,000. Sophie applies for help at Free Price Compare. This website puts her in touch with MotoNovo Finance. MotoNovo Finance is part of the Aldermore Group. This connection helps Sophie look into her finance options with Aldermore.

  • Finance type: HP
  • Loan term: 48 months
  • Deposit: £0
  • Representative APR: 11.9%
  • Monthly payments: about £210
  • Total repayable: £10,080

She picks hire purchase because she wants to have full ownership of the asset. After she finishes the agreement and pays a small fee, the car is hers.

Disclaimer: This text is just an example to show how something could work. Things like getting approved, interest rates, and repayments can change. They all depend on your credit profile, how much you earn, what the lender says, and the kind of vehicle you pick.

Is Aldermore FCA Regulated

Is Aldermore FCA Regulated?

Yes. Both Aldermore Bank and MotoNovo Finance Limited have full approval and are watched over by the Financial Conduct Authority in the UK.

  • Aldermore Bank Plc has the FCA Firm Reference Number 204503.
  • MotoNovo Finance Limited has the FCA Firm Reference Number 313486.

This makes sure that all lending is done in line with UK consumer credit laws and financial protection rules.

How Does Aldermore Compare to Other Car Finance Providers?

Aldermore is seen as one of the best car finance providers. It is a good choice for people who want simple HP or PCP finance. This is because it gives the security that comes with being backed by a bank.

Here’s how it compares:

Lender Finance Types FCA Regulated Supports Poor Credit Bank-backed Ownership Option
Aldermore (MotoNovo) HP, PCP Yes Yes Yes Yes (HP)
Moneybarn HP Yes Yes No Yes
Close Brothers HP, PCP Yes Selective No Depends
Lendable (loan) Personal Loan Yes Yes No Yes
Metro Bank HP Yes No Yes Yes

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Does Aldermore Offer Any Business Asset Finance?

Yes. This page talks about personal car finance. But Aldermore also offers a full range of asset finance products. You can get asset finance with MotoNovo and other parts of Aldermore.

These cover:

  • Business vehicles
  • Machinery
  • Equipment finance
  • Commercial leasing

These are often used by landlords, building companies, or people who need business finance solutions to buy machinery or other big items. For personal car finance, you can only choose from HP or PCP options.

Correct as of 30 July 2025

FAQs About Aldermore Car Finance

No, you can't get Aldermore car finance straight from them. It is given by dealers and brokers. If you want to see what they have, use a site like Free Price Compare.

Yes. You can get both HP and PCP deals on used cars. This is allowed if the car fits the age and mileage rules set by the lender or broker.

Interest rates can change, based on your credit report, the kind of vehicle you pick, and how long you want the loan to last. Most of the time, APRs start close to 8.9% if you have a good credit report.

No minimum deposit is needed. You can choose to pay for the whole amount through finance. You can also add a deposit if you want to make your monthly payments lower.

Yes. Aldermore is a UK bank that is fully approved and is an FCA-regulated lender. Your finance agreement will be safe and will be handled in a professional way, so you are in safe hands.

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Page last updated on: 31/07/2025

Page reviewed by: Andrea Troy

4000+ reviews