Initial Disclosure Document

Who are we?

NexCar Ltd

Sidings Terrace, Neath, SA10 6RF

Tel: 01792 803470
Email: sales@nexcar.uk
Website: www.nexcar.uk

Who Regulates Us?

The Financial Conduct Authority (FCA) is the independent watchdog that regulates financial services.

NexCar Ltd is authorised and regulated by the Financial Conduct Authority for credit brokerage. FCA firm reference number: 1016417. We are a credit broker and not a lender.

You can check this information at www.fca.org.uk. Use this information to decide if our services are right for you.

What Will You Have to Pay Us for Our Services?

We will receive a commission from the lender, as either a fixed fee or a fixed percentage on the amount you borrow. These arrangements are negotiated with our lenders in advance and do not give us any discretion to negotiate or adjust your annual percentage rate (APR) or any other item included in the total charge for credit.

The APR may vary according to your credit status or the amount you borrow. The commission we earn does not change in relation to the type of finance (Hire Purchase, Personal Loan or Personal Contract Purchase) you choose or the length of the finance agreement.

The lenders we work with could pay commission at different rates. However, the amount of commission that we receive from the lender is predetermined and cannot be changed for your agreement.

We will confirm the likely amount of commission we will receive for arranging your finance agreement in good time, before you sign the finance agreement.

We do not charge you a fee for our services, but the commission we receive from the lender impacts the amount you pay.

Which Service Will We Provide for You?

We act as a credit broker not a lender. We work with a number of carefully selected credit providers who may be able to offer you finance for your purchase. (Written quotation available upon request). Each credit provider may have different interest rates and charges.

We are only able to offer finance products from these providers which may be suitable for you, and we will explain the key features of your chosen product to you. As a credit broker with a limited panel of preferred credit providers from whom we receive commission, NexCar is not impartial and is free to prefer its own interests.

In line with our regulatory requirements, we will try to get you the finance arrangement you were quoted from our limited panel of credit providers or a suitable alternative offer and the commission we receive will never be our primary decision of which lender to place you with.

However, we may be influenced by the amount of commission we earn. This means you should not think we are giving financial advice or a recommendation to you. Depending on your circumstances, you may be able to negotiate a better or different finance arrangement if you shop around.

We are NOT independent financial advisors. We will provide details of the products available from the credit providers that we work with, but no advice or recommendation will be made. You must decide whether the finance product is right for you.

All finance is subject to status and income. Terms and conditions apply. Applicants must be 18 years or over.

Our Insurance Services

We do not offer any insurance products.

What to Do If You Have a Complaint

To register a complaint, contact us by either:

Email: sales@nexcar.uk
Telephone: 01792 803470

Or write to us at:
Sidings Terrace,
Neath,
SA10 6RF

Complaints Procedure

How We Handle Your Complaint

NexCar Ltd are committed to providing high quality services to all our customers. However, we appreciate we may not always get it right. If a problem occurs, we strive to address complaints promptly and effectively.

Contact Us

The best way to contact us is to call or email us and we will try to resolve your complaint within 3 working days:

When and How You Will Hear From Us

If we can resolve your complaint within 3 working days, we will send you written confirmation of this in the form of a summary resolution letter. Where we cannot resolve your complaint within three working days, we will send you a written acknowledgement so that you know we are investigating your concerns.

We will then undertake a full investigation to enable us to make an informed assessment of your complaint. We will keep you updated on our progress and contact you if we need to provide further information regarding the issues you have raised.

We will send you a final response within 8 weeks (unless your complaint relates to discretionary commission arrangements, see below), although we aim to get your complaint resolved well before this time.

The final response will:

  • Let you know the outcome of the investigation
  • If appropriate, advise you of what we intend to do to rectify the problem
  • If we disagree with your complaint, clearly explain why

Complaints Relating to Commission Arrangements

Complaints relating to commission arrangements (Discretionary Commission Arrangements (DCA) and non-DCA) are subject to specific regulatory requirements.

The Financial Conduct Authority (FCA) has announced it is undertaking a review of the handling rules for complaints about motor finance agreements which contain DCA and non-DCA commission.

This includes a pause to the normal 8-week timeframe to respond to complaints relating to commission arrangements. During this pause we will continue to investigate any relevant complaint relating to commission, but we may not respond with a final response until the FCA have concluded their investigation, which is likely to be concluded on 4th December 2025.

Please refer to www.fca.org.uk/consumers/car-finance-complaints for an explanation of the FCA's reasons for the temporary changes in relation to car finance commission complaints.

Referring Your Complaint

After our investigation, if you are still unhappy with our response to your complaint, you can choose to refer it to the Financial Ombudsman Service (FOS). They provide a free, independent service to help resolve complaints:

Website: www.financial-ombudsman.org.uk
Telephone: 0800 023 4567 or 0300 123 9 123
Email: Complaint.info@financial-ombudsman.org.uk
Address: Financial Ombudsman Service, Exchange Tower, London E14 9SR

If you decide to refer your complaint after we have issued our final response, you should do so within 6 months of the date on our final response letter. If your complaint relates to commission arrangements, please refer to www.fca.org.uk/consumers/car-finance-complaints for further details on your rights to refer to the FOS.

All records will be kept for a period of six years.

SAF & FCA Approval Status

NexCar Ltd is authorised and regulated by the Financial Conduct Authority for credit brokerage, firm reference number 1016417. We are also SAF Approved.

What is SAF?

Specialist Automotive Finance (SAF) provides knowledge-based motor finance learning to boost professionalism and increase consumer confidence in motor finance.

SAF Approved provides recognition for companies where all of their customer-facing staff, involved in the sale of motor finance, have passed the SAF Expert test.

What Does the Learning Cover?

SAF Expert provides learners with intermediate level knowledge of 9 different motor finance products used by customers to buy or lease vehicles. The learning also covers the key FCA principles and rules for the sale of motor finance and other important regulations such as those relating to unfair trading and anti-money laundering.

SAF Expert is the standard level of learning for staff involved in the sale of motor finance to customers covering:

  • Finance structures - how motor finance products are structured
  • Finance products - the structure, common profiles and features of all motor finance products commonly used in the market
  • Interest rates - an explanation of variable and fixed interest rates
  • Consumer credit and the FCA - changes to how consumer credit is regulated, principles-based regulation and the FCA's permission and authorisation process
  • Promoting and selling motor finance - how FCA rules and legislation determine the way motor finance should be promoted, provided and explained to consumers, and the customer's rights once the finance agreement is in place
  • General legislation impacting on the sales process - including unfair trading practices, distance selling, the protection of personal data and the prevention of money laundering

A copy of our SAF Approval certificate is available upon request.