Finance explained

The world of motor industry finance products may seem a minefield, particularly if you’ve never purchased a vehicle in this way before.

We are fully knowledgeable and are able to offer clear, jargon-free information about the benefits of each of our finance solutions to help you make the choice that is right for you. Approved by the Financial Services Authority, the wide range of products we offer are designed to be flexible to your requirements.

Whether you are choosing a car as a private individual or for your business, we have numerous options available to finance your new or assured used vehicle.

Most of our retail customers use one of three popular methods:

Personal Contract Purchase

Currently the most popular way to pay for a car, this product is ideal for customers who wish to change their car on a regular basis, taking away the worry of depreciation. Low deposits and lower monthly payments are usually available, together with the option of changing your car more frequently than other more traditional finance options. Monthly payments and guaranteed future values depend on factors such as your annual mileage and your vehicles specification. As a result, Personal Contract Purchase is very well suited to new or nearly new car purchases.

Hire Purchase

This is the most straightforward method of purchase and is ideal for customers who desire outright ownership at the end of the agreement. It is best suited to those with higher deposits or customers who change their cars at intervals of greater than 48 months. In some instances it is possible to offer to offer a final non-guaranteed balloon payment which can reduce the monthly payment.

Personal Contract Hire

Available for private individuals, this allows you to run a car without the worry of ownership or depreciation. This product also gives you the option of having a maintenance package so you have no unexpected bills.

Business: Contract Hire or Operating Lease

Contract Hire, which is known as Operating Lease, can be a very tax efficient funding method for the VAT registered business user. Contract Hire enables the finance company to reclaim the VAT on the car you drive. This saving is then passed on to you with reduced monthly rentals. There are also other tax efficiencies available. Maintenance packages are also usually taken giving the business user fixed budget motoring.