We at Brayley Renault understand that securing value for money is critical when it comes to purchasing a new or used vehicle. That’s why we’re delighted to be able to provide you with financing solutions that help make buying as cost effective as can be. Find out more about the financing options we have available below.
A Personal Contract Purchase (or PCP) agreement is a simple and affordable means of vehicle investment that provides low monthly repayments and flexibility. Ideal for those that like to change cars on a frequent basis, the scheme enables you to pay a deposit on your chosen vehicle and agree a Guaranteed Future Value with our dealership. This will be the cost of the vehicle at the end of your agreed contract, and the monthly payments you make will pay off the difference between the sale price and this figure.
At the end of the term, you can choose to return the vehicle, pay the outstanding balance, or take out a new financing plan.
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.
You can normally settle your agreement early by asking the finance company to provide you with a settlement figure. However, the finance company will require you to pay off the difference between what your car is worth, and what you still owe and 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 Guaranteed Future Value, which means you will have some positive equity to contribute towards your next car.
A Hire Purchase financing plan is perhaps the most traditional of all buying options for any new or used car. Such an agreement requires that you pay an initial deposit and agree upon a contract length. You will then be required to pay off the outstanding balance through fixed monthly repayments. At the end of the contract, you will be the outright owner of the vehicle and to do with it as you please.
You can discuss the specifics of each purchasing plan by liaising with a member of the team at Brayley Renault today. We’ll be happy to help ensure that you get the best value for money on any vehicle you choose.
The short answer is yes, you can end your finance early. There are different provisions within each finance agreement that allows you to do just that. If you have got through two-thirds of the way through your finance agreement, the options to end the finance agreement early open up.
For a Hire Purchase agreement, there is an option of paying it off early through a settlement fee. A settlement fee covers the cost of any remaining unpaid instalments and interest payments remaining on the agreement. Once the settlement fee is paid, you take full ownership of the car early.
Under a Personal Contract Purchase agreement, you can also pay a settlement fee for bringing the agreement to an end early. After that, you can choose to hand the car back or you have a second option. Through a PCP agreement, you can take full ownership of the car by paying off the remaining Guaranteed Minimum Future Value also known as a balloon payment.