Black Horse Loans www.blackhorse.co.uk Review

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★★☆☆☆
2.1 / 5
32% of users recommend this
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  • Speed of Application

  • Customer Service

  • Value For Money

Guest's review of Black Horse Loans www.blackhorse.co.uk

★☆☆☆☆

“originaly with bank of scotland transferred to black...”

Written on: 15/11/2010

originaly with bank of scotland transferred to black horse not recomended

customer service they have added £37 28 extra to my final payment but

dont know why wont use again

  • Value For Money

  • Customer Service

  • 8

    Loan Rate

  • Speed of Application

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Guest's Comment

Written on: 20/06/2011

I have a loan with Black Horse, and I assume it's your option to purchase fee. Basically at the end of a hire purchase agreement, that's how much you have to pay to transfer ownership of the car into your name. It's usually noted on the last payment of your agreement where it's broken down. The option to purchase fee is an administration fee and this is the fee charged for contacting DVLA, solicitors fees etc.

If it's not your option to purchase fee, it could be that you changed your reg number at some point. The fee is also noted on the agreement if you change your reg number as the agreement stipulates it is prohibited to change your reg number.

Alternatively, it could be a fee charged for changing the due date known as lost interest charge because all the interest is calculated from the outset. When you change your due date, the agreement gets extended by however many days and this interest isn't taken into account because the agreement has been ammended. That's why it's called "Lost interest charge".

Lastly, it could just be arrears where you've missed a payment/made a late payment or a cheque has bounced. All charges are stipulated on the agreement.

I have had no problem with Black Horse!

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