Frequently asked questions about UDC asset finance.
Do I have to provide additional security?
Generally the asset being purchased is used as security for the loan, however in some circumstances you may be able to use your existing fixed assets as security to help raise the funds you need.
What information do I need to supply and when will I find out if my application has been approved?
By completing a simple application form and supplying us with your financial statements, we will generally be able to provide an answer within 48 hours for loans up to $150,000.
How do I go about applying for finance now?
You can enquire online. You can also call us on 0800 322 888 (small business/owner driver) or 0800 200 832 (commercial).
What happens if I pay my loan in full early?
If you repay your loan in full before the final payment, then two different fees are charged:
- A fixed fee to cover the cost of settling the loan.
- A variable fee to cover any loss derived from breaking the funding associated with your loan.
What happens if I default under the agreement?
Under the agreement you have certain obligations to meet, including the obligation to make regular payments. UDC has a security interest in the asset that it has financed for you. If you fail to meet your commitments under the agreement, UDC may be entitled to repossess and sell your asset. If the sale of the asset does not cover your outstanding debt to UDC, you will remain liable for the shortfall.
Let us know if you're having trouble paying. The sooner you let us know the better. Call us on 0800 500 832 - whatever the reason, we want to help.
What should I do if I change my address?
You can simply update your details online or contact us on 0800 500 832