Finance your Vehicle
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
This traditional scheme allows you to buy your car by paying, after the initial deposit, in simple, equal amounts at a fixed rate.
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.
At the end of the agreement you have three options regarding the final payment:
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.
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
At the end of the agreement you can pay the GMFV/Optional Final Payment and retain ownership of the vehicle.
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.
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.
Traditional Finance Plan
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.
Flexible Finance Plan
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).
At the end of the agreement you have three options regarding the final payment.
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