Choosing the right car goes hand-in-hand with finding the right financial package too. And, just as you’d expect, we have a range of products to make your life easier.

Hire Purchase (HP) Explainer Video

Personal Contract Purchase (PCP) Explainer Video

Hire purchase (HP)

This traditional scheme allows you to buy your car by paying, after the initial deposit, in simple, equal amounts at a fixed rate.

Plan Benefits

  • Suitable for non-VAT registered customers
  • Regular fixed instalments
  • At the end of the agreement, you own the car

How does the plan work?

  1. Choose from a range of deposits.
  2. You then choose your agreement length from 12 - 60 monthly payments to suit your cashflow needs.
  3. And at the end of the agreement the car is yours (you may settle the agreement at any time).

Personal Contract Purchase (PCP)

The same as the Flexible Hire purchase (HP) with the added advantage that the final payment (guaranteed to be the minimum worth of the car) is optional – if you don’t wish to pay you can part exchange or return the car.

How does the plan work?

  1. Choose from a range of deposits.
  2. You then choose your agreement length from 24, 30, 36 or 42 monthly payments to suit your cashflow needs.
  3. A Guaranteed Minimum Future Value is set by taking into consideration the age and mileage of the car. This value is used to set the optional final payment.

At the end of the agreement you have three options regarding the final payment:

  • You can part exchange the car against another vehicle. The GMFV is deducted from the part exchange and any excess can be used as a deposit on your new vehicle (you can also sell the car privately and keep any profit over the GMFV)
  • Buy the car outright by paying the GMFV
  • Return the car to Finance with nothing else to pay, subject to mileage and condition

Personal Contract Purchase (PCP) - The Three Options

You can part-exchange the vehicle and pay the Guaranteed Minimum Future Value, using any money over this amount as deposit towards a new vehicle. Alternatively the vehicle can be sold privately and you can keep the profit over the Guaranteed Minimum Future Value which must be paid to Finance. You gain the benefit of any value in excess of the Guaranteed Minimum Future Value.

Option 1 - Part Exchange

At any stage during your agreement you can talk to your dealer about settling your account and using any equity in your car towards a new vehicle. Or you can sell the vehicle privately having settled your account and keep any excess value above the GMFV/Optional Final Payment to use as a deposit on your new vehicle

Option 2 - Retain ownership

At the end of the agreement you can pay the GMFV/Optional Final Payment and retain ownership of the vehicle.

Option 3 - Return the car

Provided the vehicle is in a decent condition (please refer to your guide to fair wear and tear) and within your agreed mileage, you can return the vehicle with nothing more to pay. If you have exceeded the agreed mileage, an excess mileage charge will be due.

Hire purchase (HP)

A traditional method of finance which provides a simple repayment plan; the cost of the car plus a charge for interest is repaid by regular fixed instalments.

How does the plan work?

Traditional Finance Plan

  1. Choose from a range of deposits.
  2. You then choose your agreement length from 12 - 60 monthly payments to suit your cashflow needs.
  3. And at the end of the agreement the car is yours (you may settle the agreement at any time).

Flexible Hire purchase (HP)

Just like the Hire purchase (HP), with the added benefit of allowing you to defer part of the cost of your vehicle until the end of the agreement. This allows you to tailor the instalments to suit your budget.

How does the plan work?

Flexible Finance Plan

  1. Choose from a range of deposits.
  2. You then choose your agreement length from 12 - 48 monthly instalments to suit your cashflow needs.
  3. Agree a final payment – taking into consideration the age, mileage and use of the car.

At the end of the agreement you pay the final payment before taking ownership of the car (you may settle the agreement at any time).

Personal Contract Purchase (PCP)

The same as the Flexible Hire purchase (HP) with the added advantage that the final payment (guaranteed to be the minimum worth of the car) is optional – if you don’t wish to pay you can part exchange or return the car.

How does the plan work?

Flexible Finance Plan

  1. Choose from a range of deposits.
  2. You then choose your agreement length from 24, 30, 36 or 42 monthly payments to suit your cashflow needs.
  3. A Guaranteed Minimum Future Value is set by taking into consideration the age and mileage of the car. This value is used to set the optional final payment.

At the end of the agreement you have three options regarding the final payment.

Personal Contract Purchase (PCP) - The Three Options

You can part-exchange the vehicle and pay the Guaranteed Minimum Future Value, using any money over this amount as deposit towards a new vehicle. Alternatively the vehicle can be sold privately and you can keep the profit over the Guaranteed Minimum Future Value which must be paid to Finance. You gain the benefit of any value in excess of the Guaranteed Minimum Future Value.

Option 1 - Part Exchange

At any stage during your agreement you can talk to your dealer about settling your account and using any equity in your car towards a new vehicle. Or you can sell the vehicle privately having settled your account and keep any excess value above the GMFV/Optional Final Payment to use as a deposit on your new vehicle

Option 2 - Retain ownership

At the end of the agreement you can pay the GMFV/Optional Final Payment and retain ownership of the vehicle.

Option 3 - Return the car

Provided the vehicle is in a decent condition (please refer to your guide to fair wear and tear) and within your agreed mileage, you can return the vehicle with nothing more to pay. If you have exceeded the agreed mileage, an excess mileage charge will be due.

M.R.King & Sons - Halesworth

M.R.King & Sons - Halesworth

M.R.King & Sons - Saxmundham

M.R.King & Sons - Saxmundham

M.R.King & Sons - Woodbridge

M.R.King & Sons - Woodbridge

The Tyre  King – Halesworth

The Tyre King – Halesworth