Finance Specialists

Finance Specialists

An Introduction To Financing Your Vehicle

When it comes to financing your next vehicle purchase, Premier Cars Sandbach Limited offer an extensive range of finance packages for both business and private individuals.

Being a licensed credit broker we can introduce you to a wide range of competitive, fixed monthly payment plans for up to 5 years. Arranged through our established relationships with some of the UK's largest automotive finance providers including; Close Motor Finance and Motonovo Finance. These include: Hire Purchase, Personal Contract Purchase, Lease Purchase and Contract Hire.

We understand that the various finance options available can be confusing, our members of staff follow a strict OFT guidance for credit brokers and intermediaries to ensure you are introduced correctly to those lenders who best suit your needs to fund your next vehicle purchase.

Personal Contract Purchase (PCP)

Personal contract purchase is an increasingly popular way of funding your vehicle, in particular when purchasing a new vehicle or a used vehicle up to 5 years old

Agreements usually range between 2-4 years. A 10% minimum deposit is required with a fixed monthly payment, followed by a guaranteed future value at the end of the term. This figure is calculated based on the period of your loan and your anticipated mileage at the end of the agreement.

PCP combines low, fixed monthly payments with flexibility at the end of the agreement. You either pay the guaranteed future value (and you then own the car), return the car to the finance provider with nothing else to pay (subject to agreed mileage & condition) or part exchange the vehicle for a new one (you may have equity to use as deposit against your next vehicle).

Hire Purchase

The traditional but still the most popular way of funding a used car.

Giving the customer eventual ownership of the vehicle, Hire Purchase is a fixed monthly payment spread over 1-4 years. A 10% minimum deposit is required with the remaining balance (plus fixed interest) repaid in fixed monthly instalments over your chosen term.

1st Monthly payment would be due by direct debit 1 month after vehicle collection.

Lease Purchase

Lease Purchase is structured in the same way as a Personal Contract Purchase (PCP) in that a capital lump sum amount, known as the "balloon" payment is deferred to the end of the agreement. This must then be settled to gain outright ownership.

Lease Purchase repayment periods are typically taken over 2, 3 or 4 years. Deposits are normally between 10% and 50% of the vehicles purchase price.

Unlike a PCP, Lease Purchase offers no option of handing the vehicle back to the finance provider at the end of the agreement. It is your responsibility to settle the final "balloon" payment either through additional finance, cash or settlement by part exchange.

How long does it take to obtain finance?

At Premier Cars, we make things very simple, no more making appointments with your bank or completing credit application forms online - We can get a decision on your finance application within 30 minutes.

All we need to know is your, name, address, occupation, date of birth and bank account details for direct debit instruction... It is that simple.

Call us now on 01270 768044 far a simple, straight forward finance quotation and fixed interest rates for up to 5 years!