Car Finance

REGULATORY STATUS

Pico Cars Ltd is authorised and regulated by the Financial Conduct Authority (FCA) for consumer credit activities. Our Firm Reference Number is FRN 1041408.

We act as a credit broker and not a lender. This means we can introduce you to a panel of lenders (we do not offer finance from the whole market).

OUR ROLE (WHAT WE DO / DON’T DO)

• We can help you apply for vehicle finance through one of our lenders.
• The finance agreement is between you and the lender, and the lender will make the final decision.
• We do not provide advice on whether finance is right for you (unless we explicitly tell you we are doing so).

HOW WE ARE PAID

We do not charge you a fee for our credit broking service.

If you enter into a finance agreement through a lender we introduce, we may receive commission/remuneration from that lender. This may be:

• a fixed amount; or
• a percentage of the amount you borrow.

Different lenders may pay different commission amounts.

COMMISSION DISCLOSURE (YOUR RIGHT TO ASK)

The commission we receive does not change the interest rate, total amount payable, or monthly payment you owe under your finance agreement (those are set by the lender).

You can ask us for the amount or likely amount of commission we expect to receive for your proposed finance agreement at any time, and we will provide it before you proceed.

IF YOU PROCEED WITH FINANCE

• Finance is subject to status, including the lender’s affordability and eligibility checks and their terms and conditions.
• You must read the lender’s documentation carefully before signing.
• You may be required to complete identity and verification checks as part of the lender’s process.

IMPORTANT INFORMATION

• Applicants must be 18 or over and typically a UK resident (exact criteria depend on the lender).
• Written quotations are available on request.
• You can check our details on the Financial Services Register on the FCA’s website using our FRN above.

WHERE THE FULL DETAIL IS

If you’re considering finance, we’ll provide you with our Motor Finance Information & Acknowledgements Pack to review and sign/acknowledge before you proceed.