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Car Finance
Vehicle credit in the form of any of the following payments are plus VAT, unless otherwise stipulated.
Contract Hire
Fixed term contract with an initial deposit and monthly repayments, usually over 12, 24 or 36 months. During this period the vehicle is owned by the finance company and not by the customer. At the end of the agreement the car is returned.
1+17
One payment down then seventeen consecutive monthly payments. Example: 18 month deal - £100 deposit and £100 a month.
3+17
Deposit of three payments (first month) followed by seventeen consecutive monthly payments. Example: 18 month deal - £300 deposit and £100 a month.
Personal Contract Hire
The same as Contract Hire but with VAT included in the repayments.
Personal Contract Purchase
A fixed term contract with an initial deposit and monthly repayments, usually over 24, 36 or 48 months. At the end of the agreement after the final payment is made the customer will own the vehicle or the customer has the option of returning the car to the finance company before the final payment is made, mileage restrictions apply. VAT is included in the repayments. (PCP)
Finance Lease
A fixed term contract with an initial deposit and monthly repayments, usually over 24, 36 or 48 months. At the end of the agreement there is a balloon payment (not guaranteed) which must be settled. (FL)
Lease Purchase
A fixed term contract with an initial deposit and monthly repayments, usually over 24, 36 or 48 months. At the end of the agreement there is a balloon payment which is not guaranteed by the finance company which must be settled. VAT is included in the repayments. (LP)
Hire Purchase
A fixed term contract with an initial deposit and monthly repayments, usually over 24, 36, 48 or 60months. At the end of the agreement the vehicle is owned by the customer. (HP)
For a full explanation of any of the above take advantage of our sales team who will be happy to explain the different types of finance in more detail and discuss the best options for you. Call 0870 240 3137 or use the ring back form found on the contact details page.
