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

General Terms and Conditions.

Please note you will not own the vehicle outright until all payments are made.

If you default on your finance payments, then the vehicle may be repossessed by the finance provider.

You must be 18 years or older to apply for finance.

Finance is not guaranteed, and any finance application is subject to a credit check and individual circumstances.

If you require any further information please do not hesitate to contact us.

The finance provider will have their own Terms and Conditions, please contact them directly for further information.


Our Finance Providers.

Volkswagen Financial Services

Skoda Financial Services

Black Horse

Northridge

DSG


T.Hayselden (Doncaster) Ltd and T.Hayselden (Barnsley) Ltd is an Appointed Representative of Automotive Compliance Ltd, who is authorised and regulated by the Financial Conduct Authority (FCA No 497010). Automotive Compliance Ltd’s permissions as a Principal Firm allows T.Hayselden (Doncaster) Ltd and T.Hayselden (Barnsley) Ltd to act as a credit broker, not as a lender, for the introduction to a limited number of lenders and to act as an agent on behalf of the insurer for insurance distribution activities only. We can introduce you to a selected panel of lenders, which includes manufacturer lenders linked directly to the franchises that we represent. An introduction to a lender does not amount to independent financial advice and we act as their agent for this introduction. Our approach is to introduce you first to the manufacturer lender linked directly to the particular franchise you are purchasing your vehicle from, who are usually able to offer the best available package for you, taking into account both interest rates and other contributions. If they are unable to make you an offer of finance, we then seek to introduce you to whichever of the other lenders on our panel is able to make the next best offer of finance for you. Our aim is to secure the best deal you are eligible for from our panel of lenders. Lenders may pay a fixed commission to us for introducing you to them, calculated by reference to the vehicle model or amount you borrow. Different lenders may pay different commissions for such introductions, and manufacturer lenders linked directly to the franchises that we represent may also provide preferential rates to us for the funding of our vehicle stock and also provide financial support for our training and marketing. But any such amounts they and other lenders pay us will not affect the amounts you pay under your finance agreement, all of which are set by the lender concerned. If you ask us what the amount of commission is, we will tell you in good time before the Finance agreement is executed. All finance applications are subject to status, terms and conditions apply, UK residents only, 18’s or over. Guarantees may be required.

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