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This is the most basic form of car finance. You pay a deposit on your chosen vehicle to the dealer and we pay the remainder of the purchase price on your behalf. You’ll then pay this money back with interest on a fixed term, which can be anywhere between 24 and 60 months. At the end of the agreement, once you have made all your payments, title to the vehicle passes to you.
A common way of getting more car for your money, lease purchase works in a similar way to hire purchase. You pay your deposit to the dealer, we pay the remainder and you make monthly payments on a finance agreement with a final lump sum ‘balloon’ payment at the end.
You must pay this final balloon to the finance company or sell the vehicle to cover the balloon payment.
PCP is available for all cars up to 5 years old, and for some prestige and sports car up to 7 years old.
You choose how much deposit to put into the agreement, and we arrange to finance the remainder for you over a set period (typically between 24 and 48 months.) At the end of the finance agreement, there is a final optional balloon payment. You can either pay this balloon payment to keep the car, or simply hand it back to the finance company without further charges (other than excess mileage or damage charges.)
With contract hire, you’re simply hiring a car for a set period of time. We will take into account what mileage you expect to cover, whether you want maintenance and servicing included and how long you’d like to keep the car. At the end of the agreement you’ll just hand the vehicle back to the finance company.
This option is worth considering if you are VAT registered, want a competitive monthly rental and don’t mind taking on the risk of a vehicle’s future value. You’ll pay an initial rental to the finance company, followed by monthly payments, and there may be a final balloon rental payable.
After this, you can continue to lease the vehicle for a small ‘peppercorn’ rental, or sell the vehicle and retain the majority of the sales proceeds.
We can help to re-finance the final balloon on your current PCP or lease purchase agreement if you want to keep your vehicle but don’t have the funds to pay the balloon. If you’re purchasing a vehicle at the end of a contract hire agreement then we can readily offer finance to assist with the purchase.