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Fantastic rates HP and PCP
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We work with Most major lenders to provide you with a deal that suits you.
Your Next Car provide a wide range of finance facilities which are described below and fully integrated into our web site. From the comfort of your own home you can view all the available finance products for your next vehicle and generate your own personalised quotations by changing the deposit, term and annual mileage. In addition, you can complete an application through our secure on-line proposal form which will pass your information directly to our finance company. You will then be guided through the process by them. In gaining pre-approval it allows you to make a considered choice on your next car purchase in a quick and convenient manner through a greater selection of finance products.
- Find your vehicle
- Choose your finance product
- Apply on-line Or call one of the team
- Visit us and view the car Sign up and Drive away!
Hire Purchase (HP) is very similar to borrowing a sum of money from a bank and paying it back over a fixed period of time, with interest. Hire Purchase is a type of secured loan which are often preferred over alternative (unsecured) loans because they allow a greater borrowing limit. The term “secured loan” means exactly that, a loan that the lender can secure against an asset (in this case, the vehicle). HP gives you additional rights over those of a personal loan and is only available through dealers that have passed the stringent approval process of the finance companies.
Personal Contract Purchase PCP
A Personal Contract Purchase (PCP) plan will enable you to purchase your next car with lower monthly repayments. The way this is achieved is by deferring an amount of the total cost of the vehicle to the end of the contract. This amount is known as the Guaranteed Future Value (GFV).
The Guaranteed Future Value plus your deposit is subtracted from the cash price of the vehicle and your monthly payments are based on the balance (plus interest on the balance and the GFV).
By only repaying the difference between the cash price and the optional balloon payment you are only financing the depreciation of the car.
At the end of the contract you have four options:
- You can return the vehicle to the finance company. As long as you have not exceeded the agreed mileage, you will have nothing more to pay.
- If you want to keep the vehicle, you can simply pay off or refinance the outstanding balloon payment.
- You can come back to us and part exchange your vehicle for a new one. If the trade-in value is greater than the GFV, the difference can be used towards a deposit on the next agreement.
- You can sell the vehicle privately and keep any profit over and above the GFV.
Why Apply Online?
You are in no way obliged to buy the vehicle, but by applying you register an interest in the vehicle.
You can submit your details at any time, our system is available 24hrs a day for your convenience.
By arranging your finance in advance you can have the comfort of knowing your finances are in place.
The whole process is confidential with no need to disclose personal details to our operatives.
The service is provided on a secure server so your details are kept totally safe.
We are confident that our products are suited to a wide range of finance needs, but if you are not sure then the Finance & Leasing Association have produced an impartial guide to motor finance. Their simple guide to your finance options will explain how the different products work and their finance decider tool will help you choose which product is the most suited to your needs.
- APR (Annual percentage rate) – a standard method of calculating the full cost of the interest and other charges on the finance. You should use the APR to compare the cost of different finance options, although lease agreements will not show an APR.
- Balloon Payment – a one-off payment made by you at the end of some finance agreements. It will reduce your monthly payments.
- Credit Rating – a scoring system used by finance companies to help decide how much finance to make available to you. Click here for more information
- Flat rate – the base interest rate charged on the finance. Dealers will sometimes quote a monthly or annual flat rate but you should ask for the APR, which more accurately describes the true cost of the finance.
- Guaranteed Future Value (GFV) – it is the lowest amount that your car is guaranteed to be worth at the end of a contract purchase deal and will usually be the same as the deferred amount on the finance.
- Residual value – the value of your car at the end of the finance agreement, after a certain time and mileage. It may or may not be guaranteed, depending on the terms of your agreement.
- Total amount payable – the total cost of the finance, including any interest or other charges, if you repay the finance over the agreed period. This is a good way to compare the actual cost of various types of motor finance.