Finance Solutions

Learn more about the positives and negatives of different finance products. If you have a question, call our team on 01656 47 00 66.

Hire Purchase (HP) is a secured loan finance agreement against your vehicle.
Spread the cost of the vehicle in a series of monthly payments.
Once you have made your final payment, you will own the vehicle outright.
Your monthly payments will include the cost of the vehicle plus the interest.
Some lenders may charge an administration or documentation fee.
The loan is secured against the vehicle.
The vehicle can be repossessed if payments are not kept up.
The finance company is the legal owner until the agreement is paid in full.
Non-payment can negatively affect your credit rating.
Terms from 36 to 60 months.
To lower the monthly payments, you might have the option to add a balloon payment at the end of the agreement. This is often referred to as a lease purchase or hire purchase with balloon.

PCP (Personal Contract Purchase) is a secured loan agreement against your vehicle.
The difference between HP and PCP is that the value of the vehicle at the end of the finance agreement is calculated at the start and deducted from your monthly repayments.
Generally, PCP monthly repayments are lower than Hire Purchase.
PCP finance agreements gives you the flexibility to decide whether you want to own the car outright at the end of your agreement.
You can either pay the future value payment (sometimes referred to as the ‘balloon payment’) or return the vehicle to the lender.
Charges, mileage and other terms and conditions may apply.
Any fees on the agreement are charged by the lender.
As a broker, we do not charge any fees to you for our service.
Non-payment can negatively affect your credit rating.
Terms from 36 to 60 months.
The vehicle is not legally yours until all payments are made including any option to purchase fees.
If you cancel your contract early, it could be expensive.
The vehicle can be repossessed if payments are not kept up.

Finance Lease gives business customers use of an asset of newer, higher specification than the could otherwise buy outright
The cost of the asset is paid by monthly instalments rather than a large upfront investment
The cost is spread over a period of time and paid by fixed monthly instalments that will not increase – even if bank interest rates rise
Tax advantages – VAT is payable on the rentals, not the purchase price, while rentals may be offset against taxable profit (special rules apply to cars)
Claim up to 100% of the VAT on commercial vehicles, and 50% on cars (subject to being VAT registered)
Flexible repayment structures are available, tailored to match your company’s cash flow
The agreement is secured against the asset: therefore if you don’t pay, the asset may be repossessed
Non-payment can negatively affect the credit rating of both the business and the guarantor
Terms from 36 to 60 months
The finance company are the legal owners of the asset, and you will not own it
The asset is not protected if you or your company are made bankrupt

Often the cheapest way to access the newest, safest cars or vans
Delivery, breakdown, warranty, and road tax are all included in the price
Payment plans can be flexible to your needs with you choosing how much you want to pay upfront and per month
No unexpected expenses caused by breakdowns or MOT
No big payment at the end of contract, you simply hand the vehicle back to the finance company
You can’t end your contract early even if your circumstances change
There is no option to own the vehicle at the end of the agreement
Terms from 24 to 48 months.
Financial penalties for exceeding mileage limit and excessive wear and tear
The vehicle can be repossessed if payments are not kept up.

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