Autovogue Financial Services offer a plethora of hand picked funders to assist with the purchase of your next Autovogue Vehicle.
Transparent relationships formed with these key funders over many years offers flexible tailored solutions to suite your personal or business requirements.
Please contact our Finance team for assistance.
Personal Contract Purchase (PCP)
A PCP or Personal Contract Purchase offers flexibility and lower monthly payments. Unlike HP you will have a balloon at the end of the term, by paying this balloon you will then own the car. The deferred portion borrowed is offset until the end of the agreement, this is known as the Guaranteed Future Value ( GFV) this deferred amount is what enables smaller deposits and monthly repayments to be realised. During the agreement you will only pay the difference between the initial deposit up front and the deferred amount (GFV), plus the interest charges.
At the end of the agreement and before you pay the deferred amount (GFV) you have three choices as follows:
- PURCHASE THE VEHICLE :
To own the vehicle you will need to pay the deferred amount in full including the option to purchase fee and keep the vehicle once fully paid.
- HAND THE VEHICLE BACK:
You can hand the vehicle back to the finance company and walk away. This is subject to the vehicle condition, mileage and any general terms under the finance company contract.
- TRADE THE VEHICLE IN:
You can trade the vehicle in against another Autovogue vehicle utilising any value above the GFV as equity and onward deposit to facilitate a new car deal.
Hire Purchase (HP)
You agree with the Dealer the amount you need to borrow (less any deposit and part exchange equity) and the length of time or term you wish to borrow the money over. Making sure this amount is affordable to you now and in the future. Dealer then contacts the Motor Finance Company who will undertake an assessment of your creditworthiness (Using credit reference agencies and other sources as required). Once they are satisfied with your creditworthiness they will pay the Dealer for the vehicle on your behalf.
You repay the Motor Finance Company usually on a monthly basis, for the length of the agreement (usually between 12 - 60 months). You do not own the vehicle until you make all regular payments due under your agreement and the option to purchase fee.
Lease Purchase LP
This is Similar to Hire Purchase but structured like a Personal Contract Hire without a Guaranteed future Value. The only option at the end of the agreement If you wish to own the vehicle is to pay the deferred amount and the Option to Purchase fee.The only difference between a Hire Purchase and a Lease Purchase is the size of the final payment.
The information we have provided is for guidance only.
We recommend that you seek professional advice from your accountant and tax office before making a decision based on the information given.