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We have worked hard to put together a group of finance partners that we feel will be able to find finance for the widest range of people. Whatever your credit history we should be able to find you finance. We work with some of the biggest names in the business who offer some of the most competitive packages around. Unlike some dealers we do not seek a large profit from the finance packages we offer, although finance providers may still pay us for introducing you to them. We can therefore pass the best interest rates directly across to you.

There are a number of different ways to finance the purchase of a car. Probably the simplest form of finance is Hire Purchase (Option 1). You will ideally have a cash or part exchange deposit and then apply for finance for the the balance of sale. The period of the finance can range from a few months to 5 years and you will have a payment to make each month.This option is suitable for all cars of most ages. Personal Contract Purchase (Option 2) is a lower cost method of buying a car typically up to 5 years old. You pay a deposit as before but defer an amount of the payment, called a "balloon", until the end of the finance term. This second option gives you lower monthly payments over the finance period. At the end of the term you have several options which are set out below.

Option 1: Hire Purchase

Hire Purchase (HP) is very similar to borrowing a sum of money from a bank and paying it back over a fixed period of time, with interest. Hire Purchase is a type of secured loan which are often preferred over alternative (unsecured) loans because they allow a greater borrowing limit.

The term "secured loan" means exactly that, a loan that the lender can secure against an asset (in this case, the vehicle). HP gives you additional rights over those of a personal loan and is only available through dealers that have passed the stringent approval process of the finance companies.

Option 2: Personal Contract Purchase

A Personal Contract Purchase (PCP) plan will enable you to purchase your next car with lower monthly repayments. The way this is achieved is by deferring an amount of the total cost of the vehicle to the end of the contract. This amount is known as the Guaranteed Future Value (GFV).

The Guaranteed Future Value plus your deposit is subtracted from the cash price of the vehicle and your monthly payments are based on the balance (plus interest on the balance and the GFV).

By only repaying the difference between the cash price & the optional balloon payment you are only financing the depreciation of the car.

At the end of the contract you have four options:
  • You can return the vehicle to the finance company. As long as you have not exceeded the agreed mileage, you will have nothing more to pay.
  • If you want to keep the vehicle, you can simply pay off or refinance the outstanding balloon payment.
  • You can come back to us and part exchange your vehicle for a newer one. If the trade-in value is greater than the GFV, the difference can be used towards a deposit on the next agreement.
  • You can sell the vehicle privately and keep any profit over and above the GFV.

Feel free to contact us for a no obligation finance quote.

 
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