Finance
What is Personal Contract Purchase?
PCP is a finance product that is designed to reduce your monthly payments by delaying part of the repayment to the end of the agreement. The Deposit, Monthly Payment and Deferred Final Payment can all be adjusted to meet your needs. The final payment can be referred to as Guaranteed Minimum Future Value or Residual Value or sometimes a Balloon. This figure is worked out using industry data and estimated value at the end of the agreement. The final payment is guaranteed by the finance company. You can put the resale value of the car towards getting another vehicle.
For more information give us a call on 01646 651255
What is Conditional Sale?
CS is a finance product that allows you to budget accurately by giving you a fixed interest rate and fixed monthly payments. The deposit and length of contract can be easily adjusted to give you a affordable monthly payment. The vehicle acts as security for the finance arrangement. When the finance has been fully paid off you will own the vehicle.
For more information give us a call on 01646 651255
W.P LEWIS & SON (GREENFIELD GARAGE) LIMITED is an appointed representative of ITC Compliance Limited which is authorised and regulated by the Financial Conduct Authority (their registration number is 313486). Permitted activities include advising on and arranging general insurance contracts and acting as a credit broker not a lender.
We can introduce you to a limited number of finance providers. We do not charge fees for our Consumer Credit services. We typically receive a payment(s) or other benefits from finance providers should you decide to enter into an agreement with them, typically either a fixed fee or a fixed percentage of the amount you borrow. The payment we receive may vary between finance providers and product types. The payment received does not impact the finance rate offered.
All finance applications are subject to status, terms and conditions apply, UK residents only, 18’s or over, Guarantees may be required.
At the end of the agreement, you have three options:
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Part exchange your vehicle
You can part exchange for a new one and start another contract.
Keep your car
You’ll need to pay an optional final payment (also known as the Guaranteed Future Value (GFV) or Balloon payment) and the vehicle will be yours. If you do not have the money to pay this in full, you may be able to refinance the remaining amount and own the car outright once all the payments have been made.
Return your vehicle to us
Should excess mileage and damage impact the value of your vehicle it could be worth less than the GFV, meaning that additional payment could be necessary.