Personal Car Finance
Buying a Car? You don’t have to use the finance offered by the dealer. Ask us for a quote, we are normally cheaper!
As a finance broker we have the market covered when it comes to helping you fund your car at the lowest possible interest rate. Whether you are buying a Fiat or a Ferrari, ask us for a quote today!
Your monthly repayments will depend on various factors such as:
- How much deposit are you putting down? You don’t have to include any cash deposit, but if you do, this will lower how much you borrow and reduce your monthly instalments.
- How long do you want the finance over? We can arrange finance for you from 2, 3, 4 or 5 years and the longer you take the finance over the lower the repayments will be.
- What interest rate can you get? This is determined on how strong your personal credit is but please rest assured that we will get you the best rate possible. After all, we want you to keep coming back to us for finance and to refer us on to your friends and family.
When financing a car there is two main finance products available:
Hire Purchase (HP)
HP is a type of car finance loan secured against the vehicle that allows you to spread the cost of the car over 24, 36, 48 or 60 affordable monthly repayments. Once all of the repayments and the ‘option to purchase’ fee has been paid you will automatically become the legal owner of the vehicle.
On this type of agreement you are not restricted to mileage or the condition of the vehicle which, if you do a lot of miles, might be the perfect option for you. Unlike a Personal Contract Purchase or PCP agreement there is no balloon payment so yes your monthly instalments will be higher, but remember, you own the car outright at the end of the term.
Personal Contract Purchase (PCP)
PCP is a car finance loan that enables you to put a chunk of the cost of the car on as a final payment known as a balloon or residual value (RV). At the end of the agreement you will have the choice to either settle the balloon in full and take full ownership of the car, refinance the balloon over another extended period, hand it back to the finance company or simply trade the car in to a dealer for a new car.
Due to the balloon payment at the end of the agreement your monthly instalments will be lower than what they would be on HP finance. However, bare in mind that you will be restricted to a certain limit on your annual mileage allowance. For instance, if you were to take a 4 year PCP agreement with an annual mileage of 10,000 miles per annum you cannot exceed 40,000 miles as you will be charged additional mileage fees (but only if you decided to hand the vehicle back to the finance company).
What is the best option for you?
Simple, call or email and have a chat with one of our experts who can try and help you make this decision. We could provide you with quotes on both HP and PCP which will help you make the decision once you have the figures.