Payment Assist is a financing platform for automobile products and services at several garages and merchants, both online and at physical locations.
There is the convenience that comes with being able to use your favourite buy now pay later platforms not only for product purchases but to finance important services.
Since many of them allow you to enjoy short-term payment plans with no interest, they can be a good option to enjoy flexible payments until you have enough to pay back.
Payment Assist
Max. Amount
£3,000
Credit Check
Soft
Type
BNPL
Tip: The platform is more popular for its huge presence at auto parts retail and repair providers but you can also use it to split the cost of services like dental, veterinary, and others.
Payment Assist is possibly the most popular non-credit card financing option at popular automobile garages, including at popular centres like Halfords and National Tyres.
You can use it to sort out needs like car servicing, fittings, motoring, other types of auto repair, and product purchases. Its strength does not stop there as providers like dental clinics, veterinary, and sofa stores are now part of its network.
It provides different payment plans with the Pay in 4 which allows you to repay within four months being its most popular product.
Among its plans, only the Pay in 4 and Buy Now Repay 7 are interest-free but minimum purchase value of £30 and £99 apply to each.
The other plans you can access when using Payment Assist include the 6 and 12-month options with a representative APR of 18.9%.
At most of its partners, you may be asked to make an initial deposit of 15% when you opt for the 7-month zero-interest plan.
Payment Assist uses a soft inquiry method to assess your eligibility. This will not impact your credit score since it will not be visible to other lenders.
Payment Assist Requirements
Its requirements are similar to many of the other financing providers, including:
- Have a phone number that is valid and an active email address
- You must have reached the minimum age of 18
- You are resident in the UK with a valid home address
- A debit card is required for auto debit set-up
- You have a good financial standing with no presence in the insolvency register
How Payment Assist Works
It is a financing option available at checkout you can utilise to spread the cost of your repairs and product purchases at several providers.
Where it is accepted, you will see it on the payment page of the retailer or service provider and can be selected like every other checkout method.
The flow is similar when shopping or using it to handle your purchases at a physical location but you will need to inform the attendant of your intention to use Payment Assist.
Once you have opted for it, your details will be taken with the platform performing a soft credit check to determine your eligibility.
Depending on the result of the inquiry, a purchasing power will be generated for you and if your cart value is within the limit, the order can proceed with Payment Assist.
You will be required to make the first payment on the order date hence, your card details will also be taken and to complete the process, the first deposit will be charged.
Subsequently, there will be monthly deductions which is an automated process until the end of your payment plan.
Features of PaymentAssist
Some of the features of the payment solution include:
Not Only for Automobile
You will mostly see the Payment Assist option when in need of repairs and product purchases for automobiles but its service coverage extends beyond that.
Many of its merchants are spread in other categories like furniture, dental care, and veterinary hence, you can enjoy it for payment plans for more needs outside the automobile industry.
Interest-free Financing
It provides two plans that come at no extra cost if you repay within the required period. These include the pay in 4 and 7 months options.
While the first plan requires a minimum cart value of £30, you will need at least an order amount of £99 to use the second option. The latter requires a deposit of 15% on the first day but for Pay in 4, only the first 25% will be charged.
Non-Interest-Free Payment Plan
The platform also provides longer terms and comes with interest with its representative APR at 18.9%.
There are 6-month and 12-month plans which can be utilised on a cart value of at least £99. The APR is the same for both.
Soft Credit Check
To understand your capability to pay back, Payment Assist will perform a soft credit check to determine the purchasing power to assign.
This check does not usually show on your credit report when being reviewed by other financial service providers, leaving no damage to your profile.
Downpayment Required
When completing the checkout process with this option, your debit card details will be collected for auto debit.
On the first day, you are required to make a downpayment and the amount varies depending on the plan selected but ranges from 15% to 25% of the order value.
The auto payments are charged through debit cards as the platform does not accept credit cards or direct debit. However, you may be able to use certain methods for subscriptions and instant payments if required.
Late Payment
Payment Assist has specific charges if you miss or delay a payment. These charges help cover the costs the company incurs when payments are not made on time. If multiple issues occur, these fees can quickly add up. Here is what you can expect:
-
Returned, Recalled, or Declined Payments: if your payment does not go through (for example, if there are insufficient funds in your account), you will be charged £10.
-
Breach of Agreement Letters: if the company has to send you a letter about a breach of your credit agreement, a £15 fee will apply.
-
Late Payment Phone Calls: if it needs to contact you by phone about a late payment, you will be charged £10 per call.
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Default Notice: if a formal default notice is issued, there will be a £20 charge.
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Debt Recovery Transfer: If your account is moved from Collections to Debt Recovery, you will face a £25 fee.
-
Legal Costs: If legal enforcement becomes necessary, you may also be responsible for any reasonable legal costs and disbursements.
Additionally, you will be responsible for any costs that arise from providing inaccurate or misleading information. All charges will be added to your outstanding debt and debited from the card you provided under the recurring payment agreement.
To avoid these extra fees, it is important to make sure your payments are made on time and that your account information is accurate.
Payment Assist can be a good way to handle your bills, especially when you utilise its no-interest options. However, you may want to consider alternatives like V12 Retail Finance which offers better long-term features if you prefer to spread the costs for several months.
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