New and Used Car Finance, PCP, Hire Purchase and Contract Hire.
As an SAF (Specialist Automotive Finance) approved dealer we pride ourselves in finding the right solution for our customer’s needs. More information is available by speaking to our approved sales advisors.
Below is a brief explanation of the finance products available on the Leasecars.co.uk website.
Contract hire is normally associated with businesses who rent cars over a period of 1 to 4 years with an initial payment of between 3 to 6 rentals followed by 23(2 years), 35(3 years) or 47(4years) rentals over the agreed period. A mileage must be stipulated at the start of the contract which can have an effect on the monthly price you pay. The log book (V5) is retained by the finance company in their name. Contract hire is also available on most vehicles to personal customer by adding the VAT to the price displayed, however on some deals they may be more expensive.
You will see deals displayed in the following format:
PCP (Personal Contract Purchase)
Personal Contract Purchase more commonly known as PCP is classed as a purchase but actually works more like a personal lease. This is because the log book goes into the customer’s name and gives the customer the option to purchase at the end of the agreed contract or hand the car back.
The beauty of PCP is it has all the benefits of Contract Hire but gives you flexibility should you wish to buy the car or end the contract early by requesting a settlement figure.
A typical PCP agreement would is appear as below:
Hire Purchase or HP as it’s known is the traditional method to buying a car on finance paying off the full balance and owning the vehicle at the end of the agreement. This is done by paying a deposit from as low as £99 upwards and then paying monthly instalments over the agreed term at an agreed finance rate. There is sometimes administration fees applied to these deals.
A typical used car HP offer would be set out as displayed below.