Document background
The Employee Car Loan Agreement is designed for use in England and Wales when employers wish to facilitate vehicle purchases for their employees through company-provided financing. This document is particularly relevant when organizations want to offer car loans as part of their employee benefits package while maintaining legal compliance and protecting their interests. The agreement includes essential provisions for loan terms, repayment mechanisms through salary deductions, security arrangements, and insurance requirements. It ensures compliance with relevant legislation including the Consumer Credit Act 1974 and Employment Rights Act 1996.
