Can I put a private number plate on a Financed Car?

financed car private plate

The world of number plates is filled with exciting possibilities, especially when it comes to private registrations. Many car enthusiasts consider private number plates as an exciting way to express their individuality and add a personal touch to their vehicles. However, things get a bit complex when the vehicle is on PCP (Personal Contract Purchase) finance.

If you're in this situation and wondering if you can apply your dream number plate on a financed car, we have got you covered. This article will unravel the intricacies involved in applying for private registration on a financed car.

What are Private Number Plates?

Private number plates, also known as personalised number plates are customised registration plates. Unlike standard registration plates that come with the vehicle and follow a specific format (local memory tag, age identifier etc), private number plates allow the vehicle owners to have a unique set of characters.

This could include your initials, names, or anything that mirrors your personality. They not only make your vehicle stand out in the crowd but also add a dimension of 'uniqueness' to your ride. Private number plates are like a personal statement, making your vehicle truly yours.

Understanding PCP Finance

PCP finance has emerged as a popular vehicle purchasing method, making owning a vehicle more affordable and flexible. Under this arrangement, you pay an initial deposit and then make monthly payments for a specified period.

At the end of this term, you have an array of options. You can return the car, make a final balloon payment to own the vehicle outright or use any surplus value (if the car is worth more than the Guaranteed Future Value initially set by the finance company) as a deposit towards a new vehicle.

While this sounds straightforward, the key aspect to remember is that the finance company holds legal ownership of the vehicle until the final payment is made. This condition plays a crucial role when you want to add a private registration to your financed car.

Relationship between Private Number Plates and PCP Finance

The allure of private number plates is undeniable however when your vehicle is under PCP finance, attaching a private number plate comes with its own set of rules and considerations.

Under a PCP finance deal, the finance company technically owns the vehicle until the final payment is made, but there's good news. Most finance companies do allow you to attach private registration plates to your financed vehicle. This could even enhance the value and desirability of the vehicle.

However, while it is possible, it is essential to understand that this is not an automatic process. You can't simply purchase a private number plate and attach it to your financed car. The finance company, as the legal owner of your vehicle, must be informed and their consent obtained before you can proceed.

Why is the finance company's consent so crucial?

Well, it's all about ensuring transparency and staying on the right side of the law. Attaching a private number plate alters the vehicle's identity, changing the details that appear on the vehicle's log book and other official documents.

As the legal owner, the finance company needs to track these details accurately. Therefore, any changes, including attaching a private registration plate, need to be approved by them.

It's also worth noting that while most finance companies allow you to attach a private number plate, each company may have different policies and processes in place. Some may charge an administrative fee for the service, while others may have specific conditions that need to be met.

Therefore, it's essential to check with your leasing company on their specific policies before proceeding with a private number plate purchase.

Process of Transferring Private Registration on Financed Car

The process of transferring a private registration onto a financed car requires a few critical steps. Firstly, you need to secure consent from your finance company. This usually involves writing a letter to them explaining your intention to change the vehicle's number plate. Once they've approved your request, you can proceed to purchase your chosen private registration.

Next, you need to apply to the DVLA to assign the private plate to your vehicle. This can be done online or by post, and it's crucial to include your Certificate of Entitlement (V750) or Retention Document (V778) in your personal number plate application. The DVLA will then issue a new V5C registration certificate to the finance company reflecting the new number plate.

Finally, don't forget to update your car insurance provider about the change in your own private number plate. This ensures that your insurance coverage remains accurate and valid.

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