Buying a new car is a decision that requires careful consideration. Once you have chosen the right model, it’s essential that you select a cost-effective finance plan that best suits your budget. That is why we have devised flexible finance options - to help more of our customers get behind the wheel of a new Toyota or Citroën.
Our most popular finance plans are the Personal Contract Plan, Personal Contract Hire and Hire Purchase arrangements.
Personal Contract Plans involve a deposit followed by fixed monthly payments that cover a fraction of the full cost of the car. At the end of the contract, you can either return the car to us or buy it for the agreed resale price.
Personal Contract Hire is a long-term lease, again involving a deposit and fixed monthly payments. As it is a hire package, you simply return the car to us at the end of the contract.
A Hire Purchase package enables you to buy a car by paying a deposit followed by fixed monthly payments, rather than one lump sum.
Every driver has their own preference for financing their car. The team at Bentleys Motor Group is dedicated to helping our customers get on the road and will help you select the right finance option for your budget. They can also tailor the plan with lower deposits and higher monthly instalments or vice versa, to make budgeting even easier.
Find out more about the different finance packages and special offers available by contacting us today. Fill in and submit the online contact form or call us directly to speak with the team.
Call Us Today On: 01925 594648
Personal Contract Purchase (PCP) is a finance product that allows you the opportunity to buy a new or a used car.
It is similar to a Hire Purchase agreement as you will usually pay an initial deposit, followed by monthly instalments over a term typically between 18 to 48 months.
What makes PCP different to Hire Purchase (HP) is that your monthly instalments are paying off the depreciation of the car, and not its entire value, over the course of the term. Then, when you get to the end of your agreement, there is a final, balloon payment that must be made if you want to keep the car. The balloon payment is often referred to also as the Guaranteed Future Value (GFV).
When you have chosen your vehicle, you will then agree your annual mileage and decide on the agreement term with one of our Business Managers.
We will then determine the Guaranteed Minimum Future Value (GMFV) of the vehicle at the end of the agreement and work out a deposit and monthly amount that works for you.
At the end of your agreement you will then have three options:
Return – Simply return the car the back to us
Retain – Keep the car by paying the optional final payment
Renew – Trade it in for another car
For a quotation, help, or advice contact us and ask to speak to one of our Business Managers.
You can normally settle your agreement early by asking the finance company to provide you with a settlement figure. However, the finance company will require you to pay off the difference between what your car is worth, and what you still owe and there may be a difference which is known as negative equity. On the other hand, you may find that at the end of your term your car is worth more than the Guaranteed Future Value, which means you will have some positive equity to contribute towards your next car.
Hire Purchase is a way to finance buying a new or used car. You will normally pay an initial deposit and will pay off the entire value of the car in monthly instalments. When all the payments are made, the Hire Purchase agreement ends, and you own the car outright.
The short answer is yes, you can end your finance early. There are different provisions within each finance agreement that allows you to do just that. If you have got through two-thirds of the way through your finance agreement, the options to end the finance agreement early open up.
For a Hire Purchase agreement, there is an option of paying it off early through a settlement fee. A settlement fee covers the cost of any remaining unpaid instalments and interest payments remaining on the agreement. Once the settlement fee is paid, you take full ownership of the car early.
Under a Personal Contract Purchase agreement, you can also pay a settlement fee for bringing the agreement to an end early. After that, you can choose to hand the car back or you have a second option. Through a PCP agreement, you can take full ownership of the car by paying off the remaining Guaranteed Minimum Future Value also known as a balloon payment.