In an exclusive arrangement peer-to-peer lender Unbolted.com is offering Forum Auctions’ clients up to 3 months of interest-free credit.

• Pre-approved financing for purchases at auction
• Interest-free credit for up to 3 months
• No recourse to you or your business

To take advantage of an Unbolted.com loan facility, you need to register with Unbolted.com prior to an auction. Once approved by Unbolted.com you may leave commission bids using the green bidding button that appears when you are signed into your Forum Auctions online account. The maximum amount of loan available on any Lot will usually be 85% of the hammer price.

The Unbolted.com financing facility will initially be available only for successful pre-sale commission bids.

Once you have purchased a Lot electing to receive an Unbolted.com loan you will be required to enter into a credit agreement directly with Unbolted.com by electronic signature. Prior to the loan becoming available you must first settle the balancing amount of the total purchase invoice, following which Unbolted.com will make payment of the loan amount to complete your purchase. For so long as the Unbolted.com loan remains outstanding, your purchased Lots will be retained by us and stored at our risk and free of charge.

If the Unbolted.com loan is not repaid within 3 months, Unbolted.com will charge a monthly interest cost of 1.5% of the balance outstanding. If you do not repay the loan after 6 months, or agree an extension with Unbolted.com, your purchased items will be re-offered for sale without reserve, though if the items re-sell at a price below the loan amount outstanding you will not be liable for any shortfall.

Representative Example:

• Hammer price: £10,000
• Total invoice including buyers’ premium and VAT: £13,000
• Amount of Unbolted.com loan: £8,500
• Balancing payment: £4,500
• Loan term: up to 6 months
• Interest rate for first 3 months: 0%
• Annual interest rate after 3 months: 18% fixed
• Interest charges for 3 months: £0
• Interest charges for 6 months: £202.50
• Amount repayable if within 3 months: £8,500
• Amount repayable at end of 6 month term: £8,702.50
• Representative APR: 9.2%

Individuals wishing to apply for an Unbolted.com loan must register with Unbolted.com directly.