Finance

Financing your car

We work with a number of finance companies to give make sure you have options when it comes to financing your vehicle.

Our goal is to ensure you can buy the car of your dreams at an affordable price with monthly payments that fit your budget.

Treating customers fairly is at the heart of everything we do when it comes to finance products and you can be assured that we will always work to ensure the best outcome for you.

We want to make finance achievable for as many people as possible, so in line with this, we have set our baseline APR for Hire Purchase (HP) and Personal Contract Purchase (PCP) at 11.9%* with our preferred provider, MotoNovo Finance.

The latest digital technology means you can complete details of your finance application from the comfort of your home, taking time to read key documents and pieces of information. It’s really important to us that you understand the agreement you are entering into and you will be given as much time as you need.

It’s important to us that we have a diverse panel of lenders on hand, so we also work with Evolution Funding. This company works with a wide range of finance providers and is able to put forward options beyond those available from MotoNovo. With Evolution our fixed APR is 11.9%.

If you want to get an understanding of whether a car might be affordable to you, every vehicle has a finance calculator built into the advert text.

We also offer an eligibility checker; this tool performs a soft credit check on your file to assess the likelihood of you being accepted by our various lenders.

In more detail, our finance options are as follows:

Hire Purchase (HP)

This is a simple, traditional way of funding your new vehicle. It involves fixed monthly payments over a period of between 12 and 60 months. Once all payments have been made, there is normally a final administration charge, often referred to as an Option to Purchase fee, the vehicle is yours.

• Leaves other credit requirements undisturbed as the loan is secured on the vehicle, leaving your bank free for future emergencies and opportunities.
• Fixed interest rates and monthly payments.
• Low and zero deposit deals available.

Personal Contract Purchase (PCP)

This type of agreement keeps your monthly payments to a minimum and gives you greater flexibility by giving you more options at the end of the deal. It is the perfect solution for private buyers and those opting out of company car schemes. Monthly payments and the guaranteed future value (GVF) of the vehicle are determined by your anticipated annual mileage. You should always be realistic when stating your anticipated annual mileage to avoid paying excess mileage charges at the end of your term.

Benefits to you:

• You can change your car more regularly.
• You can choose from a wider price range of car for a lower fixed monthly payment over a shorter term.
• Guaranteed future value eliminates risk of negative money equity and protects against depreciation.
• Flexible options at the end of the agreement to fit in with your personal circumstances.
• You have the additional option to settle the agreement early and you will be given a rebate on interest charges.

The maximum term for a PCP agreement is 48 months, and the maximum age of the vehicle is 60 months at the start of the agreement.

What are my options at the end of the agreement?

1. Make the optional final payment (including the option to purchase fee) and keep your car
2. Hand the car back to the finance company and pay nothing more (subject to the condition of the vehicle)
3. Part exchange the car and use any difference in its value to pay the deposit on your new car

If you have any questions about our finance products, our team would be happy to help.

*The final rate is determined by MotoNovo and subject to status and involves a credit check.