We know that purchasing a vehicle is a big investment for most people and we’re dedicated to making the buying process as straightforward and hassle-free for our customers as possible. We can help you create a finance package that could get you behind the wheel of your dream car.
Car Finance Explained
There are three main types of finance deals that you might want to consider:
Hire Purchase
Sometimes just referred to as HP, this is a loan secured against the vehicle itself. This is a great choice for people who want to spread out the cost of their car. Typical HP deals involve a deposit and the rest of the balance is paid in installments, plus interest. Once you’ve paid your final installment, you own the car outright.
Representative Example
Payable by 60 payments of £413.61. Payments are based on a duration of agreement of 60 months, a Cash Price of £21,000.00, with a deposit of £2,100.00 leaving an amount of credit of £18,900.00. The agreement is calculated using a fixed rate of interest of 11.90% per year resulting in Representative 11.90% APR and a total amount payable of £26,926.60. The representative example includes an estimated option to purchase a fee of £10.00
We act as a credit broker, not a lender.
Personal Contract Purchase (PCP)
This is a good option for those who like to change their car every few years but don’t want to fork out a big sum each time. You will typically be asked to pay a deposit followed by monthly payments. At the end of the agreed period, for example, three years, you will have the option of paying the rest of the balance, returning the vehicle or using any residual value on a deal with your next car.
Personal Leasing (Contract Hire)
Contract Hire deals are very much like the PCP deals described above, however, you won’t have the option to buy the car outright at the end of the deal.
So, whatever your credit history, we are in a position to create the perfect finance solution for you. Get in touch with a member of our friendly team to find out what your options are.
Moto Farm Trading is authorised and regulated by the Financial Conduct Authority, under FCA number: 1008647 We act as a credit broker, not a lender. Whichever lender we introduce you to, we will typically receive a commission from them (either a fixed fee or a fixed percentage of the amount you borrow). The lenders we work with could pay commissions at different rates.
- Why Finance Through a Dealership
- What is Personal Contract Purchase?
- What is Hire Purchase?
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