We have various low rate finance options and will arrange your finance in-house to ensure your car buying purchase is as smooth as possible. We partner with a huge range of reputable finance companies and together we will provide you with the best package for your needs.
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Everything you need to know
If you choose to pay for your car with a Hire Purchase agreement, you will normally pay an initial deposit and will pay off the entire value of the car in monthly instalments. When all the payments are made, the Hire Purchase agreement ends and you own the car.
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Personal Contract Purchase (PCP) is similar to a Hire Purchase agreement as you will usually pay an initial deposit, followed by monthly instalments.
What makes PCP different is that your monthly instalments are paying off the depreciation of the car, and not its entire value, over the course of the term. Then, when you get to the end of your agreement, there is a final, balloon payment that must be made if you want to keep the car.
HOW DOES PCP ACTUALLY WORK?
At the start of your PCP contract, a Guaranteed Future Value (GFV) of the car is set. This is the car’s expected value when your contract ends.
For you, this means that the money you’re repaying is the difference between what the car is worth now and what it will be worth at the end of your contract (the depreciation) plus interest, which is calculated on the full value of the vehicle. You’ll pay this difference off in monthly instalments.
Remember: you are still liable for the full amount of the vehicle if anything happens to the car or if you settle early.
This means lower monthly payments for you, but you will need to pay a final payment at the end (the Guaranteed Future Value) if you want to keep the car.
Once your agreement is finished, you’ll have three options:
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CAN I SETTLE MY PCP DEAL EARLY?
You can normally settle your deal early, however the finance company will require you to pay off the difference between what your car is worth now, and what you still owe (negative equity). On the other hand, you may find that at the end of your term your car is worth more than the Guaranteed Future Value, which means you’ll have some positive equity to contribute towards your next car.
Lease purchase works very similarly to PCP and is in essence the same concept. The major difference between the two is that the balloon payment is not a guaranteed future amount where you can simply hand the car back to the lease company.
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