Finance Hassocks, Nr Brighton, West Sussex

Finance

We are more than happy to spend the necessary time in helping you source the correct finance package to suit your budget.

Our finance packages are extremely competitive with those in the market place and are tailor made to suit your requirements. We are able to settle existing finance packages on your present car as part of any finance deal on any of ours.

Car credit is a great alternative if you don't want to pay for your new car up front with one lump sum. The loan providers, principally Santander, often take other factors in to consideration when calculating the interest rate for a particular loan, such as the LTV (loan to value) of the vehicle; this can very often result in rates being lower than those offered by the high street banks.

We are able to offer a number of extremely flexible funding solutions that fall under the following three main headings:

1. Personal Loan

Personal Loan is one of the most popular ways to fund the purchase a new or used car, for the customer who wishes to own the vehicle from the outset with no restrictions or ties, it is the legal term for a contract, in which persons usually agree to pay for goods in parts or a percentage at a time It is also sometimes called a Per Loan or Unsecured Loan.

A Personal Loan agreement allows the buyer to raise funds to purchase the goods, repaying the debt plus fixed interest with scheduled payments over an agreed term, typically between 12 and 60 months. Personal Loan agreements are NOT secured against the goods, you will NOT be required to settle the outstanding debt when selling the vehicle.

1. Very low deposit – Most Hire Purchase providers offer agreements that require a very low initial deposit, allowing the hirer to be able to collect and use the vehicle without having to pay much until the first scheduled installment is due (normally 30 days).
2. Right of Withdrawal –A hirer has the right to withdraw from the Hire Purchase agreement within 15 days of executing the agreement. (The Hirer will have to make alternative arrangements to repay the balance in full).
3. Early Repayment – A hirer can repay early part or all of the balance payable which will be reduced with an interest rebate.

Benefit Summary:

· Very low deposit, in some cases no Deposit
· Fixed Interest Rate for term of loan
· Very low deposit
· No tie to mileage contract
· No lock in so early settlement can be made at any stage of the agreement
· Withdrawal Rights
· Unsecured Loan
· Vehicle free to sell at any time

2. Personal Contract Purchase (PCP)

Personal Contract Purchase (PCP) is becoming a very popular choice for customers who change their vehicles regularly or wish to have lower payments during the course of the loan.

A PCP is a form of car finance similar in principle to a Hire Purchase (HP), but instead of paying off the entire value of the car in monthly instalments, you are effectively only paying off the depreciation.

A PCP plan will enable the customer to purchase a new vehicle with far lower monthly repayments by deferring a large amount of the total cost of the vehicle to the end of the contract - this amount is known as the Guaranteed Future Value (GFV), often referred to as the optional final balloon payment.

The GFV is set by the finance company and is based on the chosen vehicle and the annual mileage stipulated by the customer. The annual mileage can typically be set between 6k and 30k per annum and will affect the figure given for the GFV.

With a standard fixed term loan you are paying out regular monthly payments to get some of it back at the end of the term ie. what the vehicle is worth when you have finished the loan, which can easily be affected by market forces.

At the end of the contract the hirer can choose one of four options:

1. Part exchange your vehicle for another car, with the benefit of the guaranteed future value you are protected from any loss or negative equity, If the trade in value is greater than the GFV the difference can be paid back cash to you or used as deposit against the new vehicle
2. Keep the vehicle by paying off or refinancing the outstanding balance
3. Return the vehicle to the finance company
4. Sell the vehicle privately and keep any profit over and above the GFV

Benefit Summary:

· Very low deposit

· Fixed Interest Rate for term of loan

· Lower monthly payments

· Protection against negative equity at end of agreement

3. Hire Purchase

Hire Purchase is one of the most common ways to fund the purchase a new or used car, it is the legal term for a contract, in which persons usually agree to pay for goods in parts or a percentage at a time.

A hire-purchase agreement allows the buyer to hire the goods for a monthly rent. When a sum equal to the original full price plus fixed interest has been paid in equal installments, typically between 12 and 60 months the buyer may then exercise an option to buy the goods at a predetermined price (usually a nominal sum like £5.00). Hire Purchase agreements are secured against the goods, you will be required to settle the outstanding debt when selling the vehicle.

As a hirer you can usually enjoy the following rights and benefits:

1. Very low deposits – Most Hire Purchase providers offer agreements that require a very low deposit, allowing the hirer to be able to collect and use the vehicle without having to pay much until the first scheduled installment is due (normally 30 days).
2. Right of Withdrawal –A hirer has the right to withdraw from the Hire Purchase agreement within 15 days of executing the agreement. (The Hirer will have to make alternative arrangements to repay the balance in full).
3. Early Repayment – A hirer can repay early part or all of the balance payable which will be reduced with an interest rebate.
4. Early Termination – Once a Hirer has paid half of the total amount payable, should he wish to he has the benefit of being able to hand back the goods and walk away from the loan without any further payments due, and without affecting his credit rating whatsoever. (providing he taken reasonable care of the goods).

Benefit Summary

· Very low deposit, in some cases no Deposit
· Fixed Interest Rate for term of loan
· No tie to mileage contract
· No lock in so early settlement can be made at any stage of the agreement
· Voluntary Termination Protection rights
· Withdrawal Rights
Once your details have been entered we can almost always get confirmation through by way of an offer within 30 minutes, meaning that you can wait and in many cases drive the car away on the same day.

When you arrange your finance with us a Direct Debit will be set up so that your monthly payments are paid on time automatically, please note that Finance is only available to people over the age of 18.

Please fill in the boxes of our finance calculator and click calculate to see your likely monthly payment levels.

Finance Enquiry

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