Finance Option
What is it?
A simple way of financing that gives you the certainty of a fixed interest rate, and fixed monthly payments throughout the agreement. The initial deposit and repayment period can be structured to help meet your budget and the length of time you expect to keep the car. You can trade in your existing car and put this towards the initial deposit, or if you wish, just put down a cash deposit.
How does it work?
We will structure the agreement to meet your individual requirements based on the car, the agreement duration required, the available deposit and your monthly budget.
After paying the initial deposit you make regular monthly payments to cover the amount borrowed plus any interest and fees. The interest rate is fixed which means you’ll know exactly how much you will repay throughout the term of the agreement. Once all of the payments have been paid the car is yours.
Features and Benefits
✓ A guaranteed fixed monthly payment, allowing you to budget with confidence.
2. Lease Purchase
What is it?
This is a more flexible form of purchase agreement. The initial deposit and repayment periods can be structured to meet your requirements and budget. A final lump sum balloon payment option is available if you would rather make lower repayments throughout the agreement. The balloon payment is calculated on the anticipated value of the car at the end of the agreement.
How does it work?
We will structure the agreement to meet your requirements based on the car, the agreement duration, your deposit and monthly budget
After paying the deposit you make regular monthly payments and any balloon payment, to repay the amount borrowed plus any interest and fees
The interest rate is fixed which means you’ll know exactly how much you will repay throughout the term of the agreement
At the end of the monthly payment period you have two options:
- Retain the car: simply pay the balloon payment, and the car is yours
- Renew the car: choose another car, using any equity towards your deposit
3. PCP – Personal Contact Purchase
What is it?
Similar to a Lease Purchase agreement but with additional flexibility since part of the cost is deferred until the end of the agreement which may give you the benefit of lower monthly payments. The deferred amount is known as the Guaranteed Future Value (GFV) sometimes known as Optional Final Payment.
At the end of the agreement you have three options:
- Retain the car: simply pay the Guaranteed Future Value, and the car is yours.
- Renew the car: choose another car, using any excess part exchange value that is above the Guaranteed Future Value towards your deposit.
- Return the car: there’s nothing more to pay if the car is in good condition and within the agreed mileage terms.
How does it work?
We will agree with you an estimated annual mileage and this will be used to determine the car’s GFV
You agree on the amount of deposit, and this figure combined with the agreement duration and GFV will determine the amount of your monthly payment
You sign the agreement, pay the deposit and then make the monthly payments
The interest rate is fixed which means you’ll know exactly how much you will repay throughout the term of the agreement
At the end of the agreement, we’ll write to remind you of the three available options
You decide which option is best for you. We may be able to help if you decide to part exchange the car
Features and Benefits
✓ A guaranteed fixed monthly payment, allowing you to budget with confidence
✓ Potentially lower payments than a Conditional Sale agreement
✓ Variety of options available at end of the agreement
✓ You can match the length of your agreement with the time you want to keep the vehicle
For more info Call Us!