Cookies Policy | Blogs | Privacy Policy  |   01254 919589  |     WhatsApp Us | Member Login

Payment Black Box Car Finance

Not only does Get Me Car Finance lend our own money!!! and are not reliant on other companyís decisions or criteriaís, but we have come up with a unique way of securing our money against your car. Using the Car Finance Payment Box GMCF this is truly pay as you go car for used cars to secure cars based on a payment box. So if you are looking for Pay as You Go Car Finance, then you have landed in the right place.

black box car finance

The Little Black Box
This black box car finance device lowers default rates for subprime car loan borrowers that typically run about 30% to about 5%. Lenders feel more secure offering finance on cars to high-risk customers. By helping customers to pay on time, the device also rebuilds their credit record.


Finance Fitted to Your Needs
Here at getmecarfinance every car we finance is fitted with the payment black box. We programme the device based around your preferred payment date. This is then sent to the dealer who is supplying the car to fit, usually under the dashboard in a discrete place (we cover this cost). When your payment is due the box will begin to flash 3 days before, to remind you that your payment is due. When the due date arrives and your payment hits out bank, you will be issued a 6 digit code to enter into the box. Once this code is entered it will flash green and activate the car again until the next monthís payment date, when again it will start to flash 3 days before the payment is due. At the end of the agreement when you have made all the payments the box is removed and you own the car.

 

What happens if I donít pay?
Itís quite simple!!! If you donít pay you donít get the code and the car will not start. The only way to get the car started is to call us and make the payment, the  code will be issued ASAP.  However if you are struggling to make your payments on time , you will be a given a 30 day grace period to settle any outstanding payments.

What happens if one of my payment dates lands on a weekend?
As your payment box would flash 3 days before as a reminder to you, it would be up to you to force the payment through with the bank on the Friday.
 
Will the car cut out on the due date?
No the car will still be active upto 30 days after your due payment date, so you will have some grace to complete your payment

 
Will the car cut out while Iím driving?
No not at all, that would be highly dangerous. Once your car is switched off and you are passed your due date, you would not be able to start it.
 
How do you know the dealer has fitted it correctly?
Thatís easy we run a series of tests to ensure the box has been fitted in the correct way.
 
Who takes it out once the contract finishes?
We arrange to get it taken out. Alternatively you can purchase the box at a reduced rate so it can be used as a permanent immobiliser.

We no longer need them
the good news is that we no longer need to install a Payment Box for car finance customers. :-)

 

UPDATE TO BLACK BOX CAR FINANCE


Since writing this article we have found out that the FCA may have relaxed some of the rules and their take on black box car finance and some companies in the UK have started to use these to allow customers with poor credit a better way into the car finance market. Where previously they may have been denied car finance, the black box car finance packages allow for more clients to get credit. 

The Black box car finance device is a payment reminder device which advises the clients their payment is due they are nOT visible.

All systems are fitted by the finance company by qualified engineers and are 100% removed when the car finance agreement is paid in full.

How Does a Black Box Help Me With Car Finance

People who may have a poor credit record often get refused for car finance with the main lenders on the market. This leaves them frustrated and they go on the hunt for car finance through media like google and facebook. The ever increasing advertorials promising you an acceptance when in reality they all deal with the same finance lenders. This indeed is a very frustrating situation, not for just the customers who get increasingly annoyed at the decline (from the same lenders) , but also the brokers who find themselves funding a swill of people who , if they had been told from the outset that most brokers deal with the same lenders, they would have actually stopped applying and asked what the problem was.  This however does not happen and the circus of applying again and again happens everyday.  Indeed some lenders advise us that they have seen 20+ applications from the same person with different car finance brokers go theough their systems at a weekend. 

So what is the Solution

Well there are not many solutions to be honest, but to put people on the right track there are things they should be looking for when applying for a car.

1. They should seek out actual lenders, rather than brokers.
2. They should find lenders offering cars for poor credit customers
3. They may look to lenders who fit a black box or a tracker to the cars
4. They may want to consider poor credit leasing, although they may still get declined,
5.  Or If they are feeling flush, they may want to buy a car over a shorter period, and companies like Mubiao can help with that.
6. Get Me Car Finance whilst a broker, are also a lender and can offer you a shorter term for your finance, and Mubiao can also get you in a vehicle over a 12 months period rather than a 3 or 4 year deal.

What is Black Box Car Finance

Black box car finance, also known as telematics car insurance or usage-based car insurance,, it also can be used by certain car finance/car stocking companies.  It  is a type of auto financing and insurance program that utilizes a telematics device, often referred to as a "black box," installed in the vehicle to monitor and record driving behavior. This device collects data on various aspects of the driver's behavior, such as speed, acceleration, braking, and distance traveled.

The purpose of black box car finance is to provide more personalized and potentially lower-cost insurance options for drivers, particularly those who are considered high-risk or young drivers. Instead of basing insurance premiums solely on general demographic factors, such as age or gender, black box car finance allows insurance providers to tailor the cost of insurance based on individual driving habits and behaviors.

By monitoring driving behavior through the black box, insurance companies can assess the risk associated with each driver more accurately. Safer driving habits, such as obeying speed limits and driving smoothly, can lead to lower insurance premiums, while risky behaviors may result in higher premiums or penalties.

Black box car finance programs may also provide additional benefits for drivers, such as feedback on driving performance, rewards for safe driving, or the ability to track the vehicle's location in case of theft.

It's important to note that black box car finance primarily focuses on insurance rather than the actual financing of the vehicle itself. However, some auto lenders may offer financing options specifically tied to black box car insurance programs, providing a combined package for drivers who wish to monitor their driving habits and potentially reduce insurance costs.