Hire Purchase Explained...

Hire Purchase (HP) is similar to borrowing money from your bank with fixed monthly payments over a fixed term. BUT, unlike a loan from your bank, this loan is secured against the vehicle.

The benefits of this are potentially cheaper monthly payments and more flexibility. Also, in the case of an unexpected emergency, you haven't got all your credit tied up with your bank.

PCP Explained...

Our PCP is a Personal Contract Purchase. PCP is similar to Hire Purchase (HP) with a fixed monthly payment over a fixed term BUT you can offset a proportion of the vehicle's cost to the end of your agreement. This enables you to afford a higher priced or better specification of vehicle with lower or similar monthly payments.

Subject to the term and the annual mileage, the amount you offset will be guaranteed as this will be the amount that the Finance company will agree to buy the vehicle back from you at the end of your agreement with them. Alternatively, this amount becomes your final payment if you decide you want to keep the vehicle or use it as a part exchange for another.

Our PCP's are a popular choice with many of our customers as it offers low monthly payments and a guaranteed future value to ensure your peace of mind and the ability to afford a better vehicle for your original budget.

Lease Purchase Explained...

Lease Purchase will enable you to purchase your next car with lower monthly repayments by deferring an amount of the total cost of the vehicle to the end of the agreement. This amount is known as the Residual Value (RV). It is your responsibility to settle the final payment either through additional finance, cash or settlement by part-exchange.

Repayment periods are typically taken over 2, 3 or 4 years and settlement can be made at any stage of the agreement. We would recommend that you select your anticipated annual mileage to a realistic level so that a realistic Residual Value is set for the vehicle. At the end of the agreement you have three options:

* If you want to keep the vehicle, you can simply pay off or re-finance the outstanding balloon payment.
* You can come back to us and part exchange your vehicle for a new one. If the trade-in value is greater than the RV, 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 RV.