Most of our customers are in the fortunate position to pay for a vehicle from savings. For many, the low interest rates that we have seen over recent years, means that there is no loss of income when they purchase a vehicle.
If funds are to be obtained to purchase a vehicle, a personal loan can provide a low cost solution. Try your bank or use one of the comparison sites on the internet to obtain the best rate.
For many years, a hire purchase agreement has been the usual way to finance a car purchase. The finance is secured on the vehicle.
One of the benefits of Hire Purchase is that a lump sum can be paid to the Finance company at any time to either clear the debt, or lower the monthly payments or shorten the term. Making it a ﬂexible way of paying for a vehicle which has the potential to change as your circumstances change.
A representative of the company will discuss your needs and suggest a payment plan to suit your needs. For many years Mobility Nationwide have worked closely with Raphaels Bank, a specialist in funding wheelchair cars. They can be contacted on 02380 215733 (Jacqui Wilkins), Raphaels bank, do not need customers to be in employment, instead they look at income from all sources (including benefits) to assess affordability.
Many people are fortunate to qualify for the government funded Motability scheme. However, many people do not. As a general rule, if the person became disabled after the age of 65, they would not qualify for the scheme, those under 65 may qualify if they are in receipt of certain benefits. These are:
- Higher Rate Mobility Component of the Disability Living Allowance
- Enhanced Rate of the Mobility Component of Personal Independence Payment
- Armed Forces Independence Payment
- War Pensioners’ Mobility Supplement (WPMS)
If a person is in receipt of these benefits, a car will be provided under the Motability Scheme after an advance payment has been paid (depends on the model chosen), the car will then be provided instead of the benefit. The scheme also covers the insurance and repair and maintenance of the vehicle. All new
wheelchair accessible vehicles are on a five year agreement.
For many of our customers, either the vehicle that they require is not on the scheme, or they prefer to us their savings to own the vehicle and have the income of their benefits coming in instead.
Other Sources of Finance
Local disability groups such as the MS Society, Scope, Muscular Dystrophy Campaign, or the armed forces charity SAFA etc may be able to help, or will know sources of finance.