Finance Options | Contract Hire, PCP & Hire Purchase

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  • Finance Options
  • 24 June 2021

    Finance Options

    Contract Hire, Personal Contract Purchase & Hire Purchase

Hire Purchase

Hire Purchase is a finance plan that allows you to pay for the vehicle by fixed monthly payments over the term of the agreement. Hire purchase is a secured loan so the finance company has the vehicle as security for the loan until all payments and fees are made, at the end of the term of the agreement after all payments and option to purchase fee are made you take full ownership of the vehicle.

Personal Contract Purchase

Personal Contract Purchase is a finance plan that allows you to defer part of the cost of the vehicle until the end of the agreement, reducing the regular monthly payments. The deferred element known as the guaranteed future value or optional final payment is based upon the likely value of the vehicle at the end of the agreement and is set by the finance company based upon the annual mileage selected. At the end of the term you have the option to hand the vehicle back, part exchange it or pay to final payment to take ownership of the vehicle. If you choose to hand the vehicle back excess mileage and damage charges may apply.

What Is Contract Hire?

The offers on our website are based on contract hire for business or personal contract hire. Contract Hire is a form of finance and therefore you will be asked to complete a credit application form. It funds the use of the vehicle, you are not buying the vehicle. Business contract hire will be shown excluding VAT and personal will be shown inclusive of VAT.

The monthly amount you pay on Contract hire for a specific vehicle can vary depending on 3 things:

  1. The amount of miles you will drive over the course of a year - an increase in mileage will mean an increase in monthly payment.
  2. The length of contract you take out - Usually the longer the contract will mean the monthly payment will be lower but you should check as this is not always the case.
  3. The amount you pay as your Initial Payment - By paying more money upfront you will reduce the amount payable each month.
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Contact Us: High Street Audnam Stourbridge DY8 4AQ, Tel: 01384 987 940

  • Worcester Carsales Ltd is acting as a credit broker and not a lender. We can introduce you to a limited number of finance providers and may receive commission from them for the introduction.

    Worcester Carsales Limited, T Wall Garages, High Street, Pensnett, Kingswinford DY6 8XB Company Reg 595935