Can You put a Private Plate on a Financed Car?
Usually, yes you can change the registration plate on a financed car (HP - Hire Purchase), however, there are some important considerations to keep in mind.
When you finance a car through a hire purchase deal, you technically don't own the vehicle until you've made the final payment, so to make any changes to your car, including changing the registration plates you will require permission from the finance company.
Why do you have to tell the Finance Company about the Private Plates?
Before you decide to put a private plate on your financed car, you need to speak to your finance company to get consent to do so and they will need to update their records to the new registration number. Failure to do so would be considered a breach of your agreement. It is free to do this with most finance companies, but occasionally some companies will charge you an admin fee to process these changes.
What if my car is on a PCP finance deal?
PCP finance is one of the most popular ways to buy a car, offering flexibility and affordability. You pay an initial deposit, followed by monthly payments for a set period. At the end of this term, you have the choice to return the car, pay a balloon payment to keep it, or use any equity towards a new finance deal. When your car is on a PCP finance deal, the finance company is the legal owner of the vehicle until the final balloon payment is made. Despite this, most finance companies will allow you to put a private registration on your vehicle. After all, a personalised registration could enhance the vehicle's desirability and value.
Can I put a private registration on a leased car?
Yes, you can put a private plate on a lease car, however, because the car isn't owned by you, so you will need to get permission from the company you lease the vehicle from before you can have your number plate installed, as they are the registered keeper of the vehicle
Transferring a Private Registration
When transferring your private registration to your leased/PCP financed car, the finance company's details must be used as the "nominee" on the DVLA transfer application in cases when they are the registered keeper of the vehicle. Once the transfer is complete, your new private registration will be assigned to the vehicle, and the DVLA will issue a new V5C logbook in the finance company's name but with the updated registration.
Looking to buy a private number plate?
Take a look on our website at the thousands and thousands of private number plates to suit all budgets with prices starting at just £275, it is a perfect & unique gift for everybody.
Click the link www.moonstoneplates.com/buy or press our logo to go back to the home page to begin your number plate journey!
Or If you would like to speak to someone you can call our team Mon-Fri 9am to 6pm at 01995 213112 or click here to contact us!
Looking to sell a private number plate?
Alternatively, if you have a registration plate and are looking to sell or know someone who might you can click here to go to our sell page or give our team a call on 01995 213112.
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