Do you have a question about financing your next car or van? We appreciate that financing is something many customers are concerned about when looking to buy a new vehicle and we are always happy to talk about the different finance options available.
Please fill out the contact form and we will be in contact shortly. Alternatively you can take a look through the different options below.
Personal Contract Purchase
Personal Contract Purchase (PCP) is an increasingly popular choice for car finance. It offers the best in flexibility at the end of the agreement, together with low, fixed monthly payments.
PCP is perfect if you are opting out of your company car scheme. Your company car allowance can fund your monthly payments, but there is no company car tax to pay.
At the beginning of the agreement your car's guaranteed future value is calculated, based on an agreed mileage and age. This is deferred as a final 'balloon' payment.
The benefits of Personal Contract Purchase
If you choose to buy a vehicle under Hire Purchase (HP) you enter a contract where you would pay for the vehicle in parts. This is calculated by the value of the vehicle along with the interest added and divided into pre-determined amounts. It is different to a traditional loan, this is because you do not own the vehicle until the the loan has been paid off. The debt is secured against the vehicle, this means you are not allowed to sell it until the debt has been cleared.
This means you are borrowing money for the vehicle and the loan is secured against it. When you have paid all the finance owed, the car is yours.
Is it suitable for you? HP car finance would be a suitable option for you when you know you’ll be keeping the vehicle for a while.
The benefits of Hire Purchase