Available for loans over £25500. One of the most flexible type of car loan in the market. The best way to describe it is like a Tracker Rate Mortgage for cars. You pay off a fixed amount of capital each month so you can see the loan reducing every month by this amount. Interest is calculated daily based on market rates.

Benefits:
Flexible – if you receive a bonus or salary increase in future, after the first year you can make occasional lump sum payments of up to 5% of the balance owed. This will immediately reduce the loan and your interest payments. If you want to pay off more than 5% in any given month or settle the whole loan before the end of the contract, this is also possible. Compared to most other types of loan the early repayment penalty for doing this is lower (If you are settling in the 1st year you'll only be charged: 4% x amount you pay off, or in the 2nd year: 3%, or in the 3rd year: 2%, or in the 4th year: 1%). This usually works out much cheaper than Fixed Rate loans where almost all interest on the whole loan is loaded into the first year of your contract.
Savings when interest rates are low - Market rates are currently low. However most fixed rate loans haven't dropped by as much. As variable rates track the market they are currently lower than most fixed rate deals
Interest is calculated daily only on the outstanding balance owed each month, not on the original amount borrowed at the start thus reducing overall interest
Low initial deposit - doesn't tie up your personal or business assets
Control - you decide the deposit, you decide the term, you decide if you want a balloon payment
Transparency - as with repayment mortgages, monthly capital repayments are fixed from the outset, so you can clearly see your loan reducing by this amount every month throughout the term. In comparison fixed rate loans front load interest at the beginning of the term so you don't pay off much capital in the early part of the loan. hence customers are often shocked how much they still owe on fixed rate deals when they try to settle early. This is completely avoided with variable rate deals
Assets - after the final payment you own the car
VAT - already included in payments so what you see is what you pay, and is fixed for the contract regardless of future vat increases

Individuals and Companies are both eligible to apply if they fulfil the minimum requirements.

1. Registered on the voters roll in the UK for at least 3 years
2. - If Self Employed, a Company Director or a Sole Trader you must have at least £80k provable Net Income or Dividends in the last 12 months, and be prepared to confirm you use the car for business/work related use 66% or more of the time
   - If Employed you must have a provable Net Salary over £150k pa, and be prepared to confirm you use the car for business/work related use 66% or more of the time - OR you can be a High Net Worth individual personally worth in excess of £500,000 excluding the value of your main home (a financial statement will be required from your accountant in such cases)
3. You must have a clean credit history i.e. No County Court Judgements, late mortgage payments, or maxed out credit cards
4. If you are a new customer, prior to delivery of your car you may be asked to visit the supplying dealer with your driving licence for an ID check

1. Company must be established for at least 3 years. Recent start ups are not eligible
2. If Limited your last 3 years accounts must be up to date and registered at Companies House
3. If not Limited then you must be able to provide a copy of the last 3 years accounts if requested by the lender
4. The company must have a clean credit history i.e. No County Court Judgements, late loan payments, or maxed out credit cards
5. The applying/signing director should be currently registered on the voters roll at his/her home address
6. If you are a new customer, prior to delivery of your car you may be asked to visit the supplying dealer with your driving licence for an ID check

No. And there is no obligation to proceed if you're accepted