Telephone: 01254 868224

Finance at Accrington Garages

If you want to buy your perfect car and you want lower monthly repayments, a PCP could be just right for you.

 
 
 
Approaching the end of a PCP?

 

With a PCP you get 4 Options at the end of the lease:

Option 1: Pay back the final payment and keep the car

Option 2: Refinance the final payment over a further period

Option 3: Sell the car and use any surplus for a deposit on a newer car

Option 4: Don’t pay the final payment, hand back the keys and walk away

 

 

 

 

Why would you choose a PCP?

 

In summary, with a PCP the advantages are:

  1. Lower monthly payments than hire purchase for the same car over the same term
  2. A low deposit at the start
  3. You can pay off the whole finance mid-term if you want
  4. Fixed monthly payments throughout the term of the agreement
  5. With a PCP there’s additional flexibility at the end of the agreement on what you want to do with the car

If you want to buy your perfect car and you want to own the vehicle at the end of the agreement, a HP could be just right for you.

Here’s how it work.

Here's an example...

Let's say you want to buy a car costing £5000 and you can pay a deposit of £500. This leaves £4500 left to pay. If you decide you can pay over 3 years, let’s say the interest on the amount you’re borrowing is £400, so the total you’re paying back is £4900. Divide by the number of months, in this case 36, and you have a fixed monthly payment of £136.11. Nice and simple.

 
 
 
 
Once you’ve made the last payment, the car is yours to keep

 

Until you pay off the finance, the car doesn't belong to you. Once you’ve made the last payment, the car is yours to keep.

Hire Purchase is great if you want a fixed monthly payment and want to own the car at the end. Monthly payments will be higher than a Lease Purchase or PCP agreement, but you won’t have a larger final payment either.

 

 

 

Why would you choose a HP?

 

In summary, with a HP the advantages are:

  1. Fixed monthly repayments
  2. No final large payment
  3. Up to 5 years to pay back.
  4. The loan is secured on the car, not your home.
  5. If you repay early you can save some of the interest charges.
  6. You own the car at the end.

 

Car leasing or a contract hire is a brilliant way to make car ownership affordable and convenient. With used and new van lease cars available at Accrington Garage, our car lease offers options are made to fit your individual or business budget. Contact us for a personalised quotation.

 
 
 
Advantages of a contract hire agreement
 
  1.  No need to sell the car or make a balloon payment at the end of the term
  2.  Affordable monthly payments, particularly for vehicles with strong residual values
  3.  Up to 100% of VAT reclaimable for businesses
  4.  Maintenance can be included for predictable running costs

 

 

 

We are here to help, just get in touch with us using the Finance enquiry form above or complete the finance application form below.

Alternatively call us on 01254 868224 to discuss your requirements.

 

W.S. (Accrington) Limited T/A Accrington Garages is an appointed representative of ITC Compliance Limited which is authorised and regulated by the Financial Conduct Authority (their registration number is 313486) and which is permitted to advise on and arrange general insurance contracts.
W.S. (Accrington) Ltd T/A Accrington Garages are acting as a credit broker and not a lender. We can introduce you to a limited number of lenders, commission may be received.

W.S. (Accrington) Ltd t/a Accrington Garages is an appointed representative of ITC Compliance Limited which is authorised and regulated by the Financial Conduct Authority (their registration number is 313486) and which is permitted to advise on and arrange general insurance contracts as an intermediary.

W.S. (Accrington) Ltd t/a Accrington Garages is authorised and regulated by the Financial Conduct Authority for consumer credit activity and our registration number is 362496. Permitted activities include acting as a credit broker not a lender. We can introduce you to a limited number of finance providers. We do not charge a fee for our Consumer Credit services. We do not act as a financial adviser, or fiduciary. We act in our own interest, whichever lender we introduce you to, we will typically receive commission from them based on either a fixed fee or a fixed percentage of the amount you borrow. Any and all commission amounts will be fully disclosed to you as part of your sales journey. You will be required to give your fully informed consent to our receipt of this commission. By doing this, you acknowledge that you understand our role as a credit broker, and that we will receive a financial incentive if you take out a loan from a lender that we introduce you to. All finance applications are subject to status, terms and conditions apply, UK residents only, 18s or over, Guarantees may be required. 

Reg Office:  1 Ropemaker Street, London, EC2Y 9AW
Reg. Company Number: 2822459
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