• Finance

Finance

We have many finance options available at highly competitive rates. Using our Car Finance is a fast and convenient way of purchasing your new vehicle without tying up large amounts of capital. In most cases, we can get an immediate decision on your loan and with the correct proofs of ID, you can drive away on the same day.   

To keep things simple we have listed the most common methods of taking out Car Finance below.

Hire Purchase - HP

A simple and traditional way to finance your car over a fixed period for a fixed monthly amount.

How does it work?

  • You pay a deposit then make regular monthly repayments to repay the balance, it’s that simple.
  • As your interest rate is fixed you’ll know exactly how much you’ll repay at the outset of the agreement.
  • The loan is secured against your car.
  • Once all the instalments have been paid the car is yours.

What else do I need to know?

  • Repayment periods can vary from 12-60 months. The choice is yours.
  • If you decide to sell the car before the end of the term a settlement figure will be calculated without penalty, based around the time you have had the loan.

Personal Contract Purchase - PCP

A highly flexible and popular plan that provides you with the option to change your car on a regular basis and can offer reduced monthly payments compared to straight HP  

How does it work?

  • At the outset of the agreement, we’ll set a guaranteed future value for your car.
  • Like HP you pay a deposit and then make equal monthly repayments but based on the amount borrowed less the guaranteed future value.

At the end of the monthly repayment period you’ll have three options;

  • Pay the guaranteed future value and the car is yours
  • Hand back the car with nothing more to pay*
  • As most of our customers do, part exchange the car and use any equity as a deposit on your next car.

And what else do I need to know?

  • Typically repayment periods are over 36 or 48 months.
  • The guaranteed future value is based on your repayment period and estimated mileage. This can be set from 6,000 to 30,000 miles per annum.
  • This plan is most effective for cars up to 36 months old  
  • The agreement can be settled midterm in the usual way should you wish to change car sooner. 

Lease-Purchase

A flexible finance plan for business customers.

How does it work?

  • At the outset of the agreement, we’ll set a lump-sum final repayment. This is referred to as a ‘balloon’ payment.
  • You pay a deposit and then make reduced monthly repayments based on the outstanding loan balance less the balloon repayment.
  • At the end of the monthly repayment period you have two options;
  • Make the balloon repayment and the car is yours, or, part exchange the car and use any equity as a deposit on your next car
    And what else do I need to know?
  • Repayment periods can vary from 12-48 months.
  • The balloon repayment amount will be set dependent on the age of the car and the length of the agreement. 
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