Apply for funding
If you’ve discussed your needs with us and are ready to apply, we look forward to receiving your application. Our form takes roughly 10-15 minutes to complete.
If you are completely new to NextGear Capital, we would recommend you get in touch for a chat.
Check what you need
Don’t forget to keep to hand the following information:
- Details of company Directors (including DOB & personal address)
- VAT number
- Business registration number
Visit our FAQs below if you’re unsure what you need to apply.
FAQs
I’m a dealer, how do I apply?
The process should only take a few minutes and you just need to follow the instructions on the form for help.
In order to make an application for a NextGear Capital Stocking Plan, you need to fulfill the following criteria:
- be a VAT registered dealer
- have physical premises where customers could view vehicles for sale
- stock 6 or more vehicles
- have been trading or held a franchise for more than 12 months and be able to provide financial statements
- you also need to be able to provide a personal guarantee from either you (if you operate as a limited company or limited liability partnership) or in certain other cases, a third party.
If you have any questions about eligibility, please call our Customer Service team on 0343 50 60 600 and the team will explain the criteria in more detail.
Once you submit the application form we will be in touch.
How quickly can I set up a Stocking Plan?
If you make your application online today, you can expect confirmation that we’ve received it within one working day. If we need additional information from you about you or your business, such as bank statements and financial statements, we will contct you within two working days. If you can provide all the necessary information, you can expect an on-boarding decision in a further two working days.
If the application is approved, all the necessary documentation and requests for information (such as insurance, proofs of ID/address, Landlords Waiver) should be with you within three working days. Once we have received and satisfactorily reviewed the required documentation, we will activate your Stocking Plan within five working days.
How much does it cost?
If we ask you now how much it costs to stock individual vehicles or how much profit you’ve made when all costs are taken into consideration, like most dealers you might find it difficult to pinpoint a figure.
But with NextGear Capital, you’ll be able to accurately work out the profit figure for every sale. Our payment structure is based on set fees, so you’ll know exactly how much each transaction will cost, however long it takes to sell the vehicle. Plus you can use our calculator to find out how using a NextGear Stocking Plan can help your business over a 12 month period as well as for an individual vehicle sale.
You will be charged a set-up fee once your Stocking Plan is activated and a renewal fee for each annual renewal of your Stocking Plan. A fee is also charged each time our agents conduct a physical audit of your stock. The current audit frequency is monthly.
What is covered in the price?
We’ll cover 100% of the hammer price, including VAT where applicable, for eligible vehicles bought at auction. Auction fees and delivery costs are invoiced as disbursements and not included in the purchase price.
For vehicles that are Trade Sourced, we’ll cover the purchase price less any reduction of valuation risk based on trade guide values – either CAP or Glass.