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Finance FAQs - New Dacia

Obtaining Finance

  • What does APR mean?
    APR stands for Annual Percentage Rate. When you borrow money on an agreement regulated by the Consumer Credit Act, lenders are required by law to quote this rate, which calculates the total amount of interest that will be paid over the whole term of the loan while taking into account any additional charges that the borrower has to pay. The APR allows you to compare the cost of finance from different lenders.

  • Will I get the advertised rate?
    If you are accepted for finance with Dacia Credit, the rate you will pay is the advertised typical rate for that car and is not affected by your personal circumstances.

  • Do you need to know my salary or outgoings?
    We will discuss with you the affordability of the loan, and in some instances we will ask you for further information to support this if required. You should not commit to a finance agreement unless you are confident that you can afford the payments throughout the term of the agreement and have no unforeseen reasons that would prevent you continuing to afford the agreement.
    The only personal details we need from you to be able to process your finance application are name, date of birth, contact and employment details and details of the bank account you would like us to set up the direct debit for. We will also need to know details of the vehicle you are purchasing, and the finance plan you have chosen. In some instances, we may require further information to support your finance application, in which case we will notify you via your Dacia Dealer.

  • Do you carry out a credit search?
    Yes, Dacia Credit will search your record at Experian Limited and they will keep details of our search. To obtain a copy of your Credit record, you can write to Experian Ltd, Consumer Help Service, PO Box 9000, Nottingham, NG80 7WP, go to www.experian.co.uk, or call them on 0844 481 8000. If you wish to obtain further information on how finance companies carry out credit scoring, the Finance and Leasing Association provide a consumer guide - you can find this at www.fla.org.uk.

  • Do you charge any fees?
    Dacia Credit standard fees are: Finance Facility Fee £125 and Option to Purchase Fee £95. However, these fees may vary dependent on marketing promotions.

  • How much can I borrow?
    Subject to satisfying our normal credit criteria, and taking into consideration the affordability of the loan Dacia Credit will lend up to the full amount of the vehicle being purchased, although in certain circumstances we may require you to contribute a deposit.

  • What information do I need to provide to Dacia Credit when applying for finance?
    In order to validate your identity, you will need to provide a full UK, or EU driving licence, with both photo-card and counterpart sections. In addition, a proof of address will be required - acceptable proofs of address are: a bank or credit card statement, utility or council tax bill, mortgage statement (all dated within the past three months).

  • Do I have to put down a deposit?
    In general Dacia Credit does not have any minimum deposit requirements. Occasionally certain promotions may require minimum deposits, or in some circumstances we may require you to contribute a deposit. In these instances, your Dacia Dealer will advise you of any deposit requirements.

  • Why do I have to comprehensively insure my car?
    Comprehensively insuring your car protects you, Dacia Credit and any other party involved in an accident. Should you write-off your car without comprehensive insurance you will still be liable to repay your loan. We offer an excellent value comprehensive insurance product through Dacia Insure.