Why Motor Finance?

Taking out motor finance means you don't have to pay the entire cost of the vehicle in full before you drive it away. This is because the finance company purchases the vehicle on your behalf and then you repay the amount borrowed with interest. And so instead of paying the full amount upfront, you can choose to pay monthly, which helps you spread the cost of a new or used vehicle.

There are different types of finance products available to suit your personal circumstances and each work slightly differently.

Personal Contract Purchase

About Personal Contract Purchase
A Personal Contract Purchase is a flexible and popular choice, as you can keep your monthly repayments lower by deferring a significant proportion of the amount of credit to the final payment at the end of the agreement. This means you may be able to afford a better vehicle than you thought possible.

At the start of the agreement the finance company sets a guaranteed future value (GFV) for your vehicle. You pay a deposit and then make the monthly repayments on the balance of the loan, plus the interest charges, minus the guaranteed future value. At the end of the agreement you have three options:

  1. Pay the guaranteed future value and the vehicle is yours, or
  2. Hand back the vehicle with nothing more to pay, or
  3. Part exchange the vehicle and use any equity as a deposit on your next vehicle.

We recommend viewing the product video for further information on this finance product.

This product is ideal if you:

  • ​Want the choice to purchase a more expensive vehicle with a lower monthly payment than a traditional hire purchase agreement.
  • Like to change your vehicle frequently and drive the latest models.
  • Want to budget and stick to a fixed monthly amount, as your repayments will be fixed for the term of your agreement.
  • Want a guaranteed future value for your vehicle at the end of the agreement.
  • Are looking for a new or used vehicle, as the product is applicable to both.
  • Think you may want to settle your agreement early and part exchange the vehicle for a newer model.

Things you need to know:

  • A significant proportion of the credit is deferred to the end of the agreement, so you should budget for this if you want to own the vehicle.
  • You set your expected annual mileage, and this affects your monthly repayments and also the guaranteed future value. If you go over the expected mileage, then excess charges will apply.
  • Additional charges will also apply if you hand back the vehicle in a poor condition.
  • You cannot sell or give the vehicle away until you have made all repayments under the agreement.
  • Your vehicle is at risk of repossession if you do not make the contractual repayments.

And finally ...

  • You must be at least 18 years of age to apply.
  • You must have fully comprehensive insurance.
  • You must be the registered keeper of the vehicle and keep it in your possession for the term of the agreement. You cannot obtain motor finance in your name for someone else.

Hire Purchase

About Hire Purchase
A Hire Purchase agreement could help you buy the vehicle of your dreams by spreading the cost over an agreed term. You will pay an initial deposit, sign the agreement documents then you’re free to drive away your new vehicle. After you’ve made all the agreed monthly payments the vehicle is yours.
We recommend viewing the product video for further information on this finance product.

This product is ideal if you:

  • Want to own the vehicle outright at the end of the loan agreement.
  • Want to budget and stick to a fixed monthly amount, as your repayments will be fixed for the term of your agreement.
  • Want to set the term agreement between 1 and 5 years, as the choice is yours.
  • Are looking for a new or used vehicle, as the product is applicable to both.
  • Think you may pay the full agreement early, as you will get a rebate on any future interest payment.

Things you need to know:

  • You have protection under the Consumer Credit Act Termination Rights and protection under the Consumer Rights Act.
  • Your vehicle is at risk of repossession if you do not make the contractual repayments.
  • You have no protection against depreciation as a result of an unexpected fall in the value of the vehicle.
  • You cannot sell or give the vehicle away until you have made all repayments under the agreement.

And finally...

  • You must be at least 18 years of age to apply.
  • You must have fully comprehensive insurance.
  • You must be the registered keeper of the vehicle and keep it in your possession for the term of the agreement. You cannot obtain motor finance in your name for someone else

Lease Purchase

Benefits

  • Part of the loan is deferred to the end of the agreement for future repayment
  • Lower regular monthly payments than traditional Hire Purchase
  • You have the choice to buy a more expensive vehicle
  • Fixed repayments and interest rate
  • You can settle your agreement or part-exchange your vehicle at any time

Risks

  • You won't be able to keep the vehicle unless you repay the final payment
  • Future value is not guaranteed by the lender
  • No benefit to you if general interest rates go down, as your agreement has a fixed interest rate
  • The lender takes security in the vehicle - you cannot sell or give the vehicle away until you have paid all payments under the agreement
  • The vehicle can be repossessed if you don't keep your repayments up to date
  • Finance must be settled when you sell/part-exchange the vehicle

T Hayselden (Doncaster) Ltd is authorised and regulated by the Financial Conduct Authority. Indemnities may be required in certain circumstances. Finance is only available to persons aged 18 or over, subject to status. We work with a number of carefully selected lenders who may be able to offer you finance for your vehicle. We are only able to offer finance from these providers. Postal Address: T Hayselden (Doncaster) ltd, York Road Roundabout, Doncaster, DN5 8AN Finance is available subject to status, to UK residents aged 18 years or over. Indemnities may be required. Conditions may apply depending on credit score status. We can introduce you to a limited numbers of finance providers that we have carefully selected, and we may receive a benefit from them.

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