There are many different funding options that can be tailored to suit your individual requirements. The two most popular finance options are PCP and HP, explained in more detail below.
If you click on the vehicle you are interested in and scroll to the bottom of the page you will find a finance calculator which will enable you to configure your package - varying the deposit amount, length of agreement and mileage contract (if PCP). If you have an existing relationship with a Finance Company or other Lender, NO PROBLEM; we are fully FCA approved and registered therefore, if you decide to buy a car from us and arrange your own finance, simply put us in touch with the lender and we will invoice them directly, very simple.
If you want finance then no problem at all, but we have no interest in 'Selling' our customers finance - I.e. We view it as a service, not a profit opportunity - hence why you will find our quoted rates so competitive. Also important to note is that we do not charge any admins fees at all - rest assured there are no hidden 'extras'.
What is a PCP?
A personal contract purchase (PCP) is a form of hire purchase, but with a larger final payment at the end of the loan. So whereas conventional hire purchase divides the total amount borrowed into equal monthly payments, typically over three, four or five years, a PCP gives lower monthly payments but with an optional final payment at the end of the agreement, often referred to as a balloon.
On the face of it, leaving a big lump sum until the end of the agreement seems like putting off the painful moment when you have to find several thousand pounds. But the point is you don’t have to; paying the balloon is one of three options open to PCP customers at the end of the loan. If you don’t want to pay, just hand the car back and call it quits. If the difference between the final payment and its market value gives you equity, then you can use this money as a deposit for another vehicle. The third option is that you could sell the vehicle, settle the balloon payment and retain any equity.
The key is that as well as giving a much lower monthly payment a PCP keeps a customers options open - you may not necessarily know if you will or are able to make the balloon payment to own the car outright, trade in the car for a new one, or just hand the keys back with nothing else to pay - but you know that you will have those three options.
With a PCP you have to pre set an anticipated mileage amount. This is to prevent a mileage penalty for those that intend to simply hand the car back at the end of the agreement. It also is significant in the lender calculating the balloon payment - i.e a lower mileage user will get a higher balloon figure and thus a lower monthly payment.
What is HP?
Conventional Hire Purchase (HP) divides the total amount borrowed into equal monthly payments, typically over three, four or five years - in short, at the end of your agreement the vehicle is wholly yours - owned outright. There are no mileage limits with a HP as there is no option to hand the vehicle back at the end of the term.
HP can work out cheaper than a PCP over the lifetime of a loan because with HP you’re paying off the amount borrowed more quickly and not paying interest on a balloon payment.
Other Payment Methods
Our preferred method of payment is by CHAPS/Bank Transfer.
We accept all major debit and credit cards inc American Express. We do not levy any card charge or admin fee for payments made by any card, however all card payments are capped at £3000 (in total per customer, not per individual payment)
We accept CASH payments however for security reasons and money laundering legislation we require prior notice. There will be a handling/banking recharge of £10 per £1000 for cash transactions.
For CHAPS or OVERSEAS payments please contact us for our bank details.
FTC Prestige & Performance Cars
- 01494 431114 07867 784426
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