16 Nov Are these open-ended contracts? Which banks do we use?
Yes, all our bank contracts are called Conditional Sales Contracts meaning they are open ended.
You can pay it down as quickly as you’d like, and as you do this the interest and term will automatically adjust accordingly. The contract can also be paid out in full at any time during the term of the loan. Interest is always paid on the declining balance. Once the loan is satisfied the bank will release the lien on your vehicle.
The benefit to registering with many different banks is that DirectFS can match you to the right bank based on your credit history so you can get the lowest interest rate possible.
Some Banks we lend with are:
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