Hire Purchase

This is a simple, traditional way of funding your new car. It involves fixed monthly payments over a period of between 12 and 60months. Once all payments have been made the vehicle is yours.

Benefits to you;

• Leaves other credit requirements undisturbed as the loan is secured on the vehicle, leaving your bank free for future emergencies and opportunities.
• Fixed interest rates and monthly payments.
• Low and zero deposit deals available.

Personal Contract Purchase

This type of agreement keeps your monthly payments to a minimum and gives you greater flexibility by giving you more options at the end of the deal. It is the perfect solution for private buyers and those opting out of company car schemes.

Benefits to you;

• You can change your car more regularly
• You can afford a better car for a lower fixed monthly payment over a shorter term.
• Guaranteed future value eliminates risk of negative money equity and protects against depreciation.
• Flexible options at the end of the agreement to fit in with your personal circumstances.
• You have the additional option to settle the agreement early and you will be given a rebate

How it works;

Deposit

• As little as one monthly payment.

Period of Agreement

• Divided into any choice of 18 to 42 fixed monthly payments.

Guaranteed Future Value ~ You have three choices

1. Make the optional final payments (including the option to purchase fee and keep your car)
2. Return the vehicle back to the finance company and pay nothing more (this is subjected to the condition of the vehicle)
3. Part exchange your car, using any surplus value over the GMFV (Guaranteed Minimum Future Value) as the deposit on your next car

Contract Hire

Contract Hire is a rental product where the monthly rentals are based on the period of hire, the annual mileage, the vehicle price and the anticipated future value of the vehicle. Service and maintenance cover can be introduced. You typically pay an initial payment of three or six monthly rentals and this is followed by equal monthly rentals over the 2 or 3 year period. At the end of the agreement, as long as you have fulfilled the mileage and condition requirements, you simply return the vehicle to us.

Key benefits of Contract Hire

• Lower fixed monthly rentals
• Rentals are allowable against tax (restricted on the cars with CO2 emissions over 160g/km)
• 50% of the VAT can be reclaimed on rentals on cars (the actual percentage may vary)
• There's an optional maintenance package to cover unexpected costs
• Cash flow is improved
• Administration is minimal
• You are protected against any fall in used vehicle prices
• You are not responsible for disposing of the vehicle
• Your vehicle can be changed for a new one every 2 or 3 years

The length of the agreement, initial payment and annual mileage can be adjusted to meet your requirements.