Focused on delivering
Our ambition is to transform vehicle lending by consistently delivering an open, transparent, high energy and professional service to all our dealer and broker partners.
This commitment is the driving force behind our ability to offer you a broad range of customer-focused finance solutions, award-winning technology and the personal service in the way we work.
An ethos and level of service designed to help your business thrive
Today, Mann Island Finance has evolved into a multi-award winning lender of scale.
Behind our success remains a dealer-centric ethos with our business combining amazing and proven digital prowess with local finance experts ready to help you and your business to succeed in an ever changing finance market.
Whether it is cars, vans, motorhomes or pick-ups we aim to make the entire financing experience a pleasure.
Hire Purchase
Personal Contract Purchase
Access Product
Lease Purchase
Finance Lease
Hire Purchase
Hire Purchase
- Hire Purchase (HP) is one of the most commonly used methods to finance motor vehicles.
- The agreement is structured with fixed monthly payments and a final nominal “option to purchase” fee on payment of which, the customer takes legal ownership of the vehicle from the finance company. Unlike personal contract purchase (PCP), no “balloon” payment is payable at the end if the customer wants to own the vehicle.
- If the customer has a large deposit to put down, HP may be a better option for a customer than PCP.
Personal Contract Purchase
Personal Contract Purchase
- Personal Contract Purchase (PCP) is a type of hire purchase agreement (HP) which is often used by customers wanting to change or upgrade their vehicle on a regular basis.
- The agreement is structured with regular monthly payments and a final “balloon” payment, being the estimated value of the vehicle at the end of the agreement, based on the agreed annual mileage and predicted wear and tear over the period. This is called the ‘Optional Final Payment’ (OFP), also sometimes referred to as the ‘Guaranteed Future Value’ or ‘GFV’.
- At the end of the agreement, customers will have four options:
- Pay the OFP and nominal option to purchase fee and own the vehicle outright;
- Part-exchange the vehicle for a replacement. Any surplus after paying the OFP could then be used as a deposit for a new agreement;
- Hand back the vehicle (for example, where the OFP is more than its actual value). If the annual mileage agreed at the start of the agreement is exceeded or if the vehicle is not in reasonable condition on its return, this may incur extra costs.
- Refinance the OFP via a new loan arrangement so that the customer can spread the cost over a period to suit their monthly budget.
- A deposit is commonly made with PCP but, for a larger deposit, HP may be a better option because the customer risks losing that “equity” in the vehicle if it is handed back at the end of a PCP agreement.
- PCP monthly payments will be lower than for HP on equivalent terms. But overall interest charges will be higher on a PCP because a portion of the credit advanced (in the form of the OFP) remains unpaid until the end of the term.
- You can find the options when your agreement is coming to an end here End of PCP Agreement Option Selection Form
Access Product
Access Product
- Access is a Mann Island’s own-brand hire purchase (HP) product designed specifically for private customers with a less than perfect credit history who wish to improve their credit profile.
- A higher interest rate than for standard HP may therefore apply but otherwise it operates in exactly the same way as HP.
Lease Purchase
Lease Purchase
- This is in effect hire purchase with a “balloon”, designed specifically for businesses which wish to own the vehicle at the end of the agreement.
- The customer hires the vehicle for the length of the agreement and takes ownership of the vehicle once the contract has concluded.
- The payment profile of lease purchase typically involves a deposit, regular monthly payments and a final balloon payment, representing the vehicle’s estimated Residual Value (RV) at the end of the agreement, calculated in the same way as the optional final payment under a personal contract purchase contract (PCP).
- Unlike PCP, the customer cannot hand the vehicle back at the end of the agreement, so must pay the final balloon payment. If the vehicle is worth more than this payment, the surplus could be used as a deposit on a replacement vehicle. But if the payment is more than the vehicle’s actual value, the customer must make up the shortfall or refinance it.
Finance Lease
Finance Lease
- Finance Lease is available for commercial vehicles to business customers who are VAT registered.
- To reduce monthly payments, the agreement can be structured so that a “balloon” is paid at the end of the minimum hire period.
- At the end of the minimum hire period, the agreement will continue for a further ten years unless notice is given to end it, in which case, we may agree that the customer can sell the vehicle to a third party.
- If the vehicle is sold, and the proceeds exceed any amount owed under the agreements, we’ll pay the customer most of the excess by way of a rebate of hire payments. If the proceeds are less than any amount still owed, the customer must pay the difference.
Interested in joining our network
If you are interested in becoming an approved dealer partner, please get in touch.
Our benefits
Personalised service
- Our UK based support team are available to you 7 days a week
- Our team of Business Development Managers will also be on hand to help
- Contact us online, or by phone – whichever works best for you
Collaborative ambition
Sustaining our upward trajectory is very largely down to our dealer/broker relationships. We never forget this reality, As a result, we are committed to a simple aim, to be more helpful than any other lender
Easy to use technology – introducing you to our dealer management portal – MIDOS
- Stay ahead of the curve with 24/7 access, real-time tracking and reporting, automated underwriting, document production and e-sign capability
- Provide your customers with quick quotes for Hire Purchase, Lease Purchase, Finance Lease and Personal Contract Purchase
- To find out more about MIDOS, check out our user guide
Latest insights
By January 1st 2025, all independent used vehicle dealers must become SAF (Specialist Automotive Finance) approved (or equivalent) to continue offering finance through any lender who is a Finance & Leasing Association (FLA) member and…
Electric vehicle batteries should now last 20 years or more on average, according to new data from Geotab, which provides telematics – vehicle and asset tracking solutions to over 50,000 customers in 160 countries.
The cost of buying an all-electric car has been a hurdle for many people very rapidly; this affordability is changing. ‘The average 3-year-old BEV is almost 44% cheaper than in January 2023.’
On July 17th, at the State Opening of Parliament, King Charles III delivered ‘The King’s Speech.’ Written by the Government and delivered by the Monarch, the speech typically sets out bills that the Government intends to introduce to Parliament in the session ahead and other policy priorities that do not require legislation.
The shift to Electric Vehicles (EVs) continues to gain momentum. Whether you are a supporter or not, the reality is that with regulation dictating that the number of EVs as a percentage of new cars sold increases, the availability of petrol and diesel cars on our roads will decline.
Returning for their sixth year, the Motor Trader Independent Dealer Awards will be held on July 11th at the Eastside Rooms in Birmingham. Mann Island is sponsoring the UK Independent Van Dealer of the Year award, another example of its support for the light commercial vehicle sector.
This Motor Trader Podcast in association with Mann Island focuses on Consumer Duty which came into effect in July last year. What sort of impact has it had on dealers? What are the areas the FCA has focused on? What’s on the cards for this year and next? And how can dealers use Consumer Duty […]
It may not happen this year, but the trajectory for diesel sales is very clearly laid out in a report by automotive remarketing experts Cox Automotive assessing the fuel forecast for 2024 -2027, and petrol cars are following the same trajectory, or as the report puts it; “Quite simply, diesel variants are currently drawing their […]
As a finance lender whose roots are firmly linked to the light commercial vehicle (LCV) sector, Mann Island Finance’s deeply engrained empathy for and knowledge of the new and used LCV sector and its distinctive needs is very well established.
Supporting our dealers and brokers
As well as working to make vehicle financing a pleasure for customers, we work continuously to help our dealer and broker partners. From training to technology, from accessible underwriting experts to locally based field support expertise, Team Mann Island is committed to helping its partners to deliver good customer outcomes.
“As an independent dealer selling pre owned prestige cars, we have always found Mann Island Finance to be very efficient and a valued long term business partner. Highly recommended”
Karl Ridley Managing Director AutocarsUk
Creating good customer outcomes
Find out more about our commitment to delivering good outcomes for our customers and to lending responsibly.
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Need to make a complaint?
We recognise that, despite the best intentions, things can go wrong. If this is the case, please let us know.
