When you have chosen your vehicle, you will then agree your annual mileage and decide on the agreement term with one of our Business Managers.
We will then determine the Guaranteed Minimum Future Value (GMFV) of the vehicle at the end of the agreement and work out a deposit and monthly amount that works for you.
At the end of your agreement you will then have three options:
Return – Simply return the car the back to us
Retain – Keep the car by paying the optional final payment
Renew – Trade it in for another car
For a quotation, help, or advice contact us and ask to speak to one of our Business Managers.
Yes, you can settle your agreement early by asking the finance company to provide you with a settlement figure. The finance company will require you to pay off the outstanding balance including the Guaranteed Future Value and any option to purchase fee, you may also be entitled to a rebate of interest charges. Be aware the difference between what your car is worth may be lower than what you still owe as there may be a difference which is known as negative equity. On the other hand, you may find that at the end of your term your car is worth more than the settlement and Guaranteed Future Value, which means you will have some positive equity to contribute towards your next car.
Hire Purchase is a way to finance buying a new or used car. You will normally pay an initial deposit and will pay off the entire value of the car in monthly instalments. When all the payments are made, the Hire Purchase agreement ends, and you own the car outright.
Yes, you can settle your agreement early by asking the finance company to provide you with a settlement figure. The finance company will require you to pay off the outstanding balance including any option to purchase fee, you may also be entitled to a rebate of interest charges. Be aware the difference between what your car is worth may be lower than what you still owe as there may be a difference which is known as negative equity. On the other hand, you may find that at the end of your term your car is worth more, which means you will have some positive equity to contribute towards your next car.