The finance specialists at John Barr in Antrim are always ready to help and give advice regarding our wide selection of finance options available for all our customers. Through discussions we will find out your specific needs, and so our specialist dealership team members will then be able to arrange a perfectly tailored finance package to suit you and your requirements.
The benefits that come with a dealership finance package extend beyond added security. When compared to a personal loan, you will have a shorter term, as well as lower monthly payments. Choosing a finance option with us means that documents can be completed quickly and easily, eliminating unnecessary paperwork altogether and thus making the buying process as smooth and simple as possible. Let us help you acquire a piece of history.
One of the most straightforward finance options out there is the Hire Purchase (HP), which spreads the cost of your purchase from two to five years, with no mileage restrictions in place. In addition, the payments are regular and fixed, making budgeting for the plan easy. Once the agreement ends, you will become the owner of the car.
Personal Contract Plan
Few finance options are as popular with customers as the Personal Contract Plan (PCP). The vehicle cost is divided monthly, with the payments reduced (in comparison to the Hire Purchase) as a result of a final lump-sum arrangement at the end of the finance contract, which is based on the estimated value of your vehicle. The flexibility of the offer comes from being able to change your car during the contract in addition to the lower payments.
Get in touch today with one of our finance specialists and find out how we can personalize for you the experience of buying a legendary car with a rich history while making the process as smooth and simple as possible. We look forward to speaking with you soon at John Barr in Antrim.
Personal Contract Purchase (PCP) is a finance product that allows you the opportunity to buy a new or a used car.
It is similar to a Hire Purchase agreement as you will usually pay an initial deposit, followed by monthly instalments over a term typically between 18 to 48 months.
What makes PCP different to Hire Purchase (HP) is that your monthly instalments are paying off the depreciation of the car, and not its entire value, over the course of the term. Then, when you get to the end of your agreement, there is a final, balloon payment that must be made if you want to keep the car. The balloon payment is often referred to also as the Guaranteed Future Value (GFV).
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.
Hire Purchase is a way to finance buying a new or used car. You will normally pay an initial deposit and will pay off the entire value of the car in monthly instalments. When all the payments are made, the Hire Purchase agreement ends, and you own the car outright.
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