Document background
The Auto Loan Agreement serves as the primary contractual document for vehicle financing transactions in England and Wales. It is essential when a borrower requires financing to purchase a vehicle, whether through a financial institution or dealership. The agreement must comply with strict regulatory requirements, including the Consumer Credit Act 1974 and FCA regulations. It typically includes comprehensive details about the vehicle, loan terms, interest rates, repayment schedules, and security arrangements. This document is crucial for protecting both lender and borrower interests while ensuring regulatory compliance.
