HOW PCP WORKS
1. You let us know how much deposit you would like to pay
2. We will calculate your monthly payment based on the maximum annual mileage to suit your needs
3. We will calculate your Optional Final Payment depending on your driving requirements
WHAT HAPPENS AT THE END OF THE AGREEMENT?
You will get a choice of three options:
Option One - Drive away a new car
If the vehicle is worth more than the Optional Final Payment amount, you could part exchange your vehicle by putting the difference towards a deposit on a new car.
Option Two - Return your car
Simply return your car in good condition, within the agreed mileage limits, and pay nothing.
Option Three - Keep your car
Pay the Optional Final Payment and be transferred ownership of the vehicle.
BENEFITS OF PCP
The deposit is negotiable.
Fixed monthly payments.
Option to change your car every 2 to 3 years.
Flexible end of agreement options.
HP (Hire Purchase)
Hire Purchase is the traditional way to finance your vehicle. It involves paying off the cost of the vehicle with interest on a monthly basis. Despite being a great way to personally finance your vehicle, Hire Purchase is also a popular finance choice for businesses.
HOW HIRE PURCHASE WORKS
1. You let us know how much deposit you would like to pay.
2. From this we calculate, including interest, the monthly payments for the duration of the contract.
3. At the end of the agreement, after all payments have been made (including the Option to Purchase Fee), ownership of the vehicle is transferred to you.
BENEFITS OF HIRE PURCHASE
The interest rate charged on the finance will remain unaffected by any future changes in interest rates.
The initial payment is flexible.
Fixed monthly payments are not subject to VAT.
Taxation benefit from writing down allowance.
No mileage restrictions.
LP (Lease Purchase)
Personal contract hire is very similar to normal contract hire, but is exclusively for private individuals. This is one of the most common form of leasing. With a personal contract hire agreement you take control of a vehicle for a contractual period – usually referred to as the 'lease period'. You will make fixed monthly payments for the duration of the contract – when the contract expires you will simply return the vehicle and take out a new personal contract hire lease. PCH means you never have to worry about resale values of your vehicle.