One of the most popular types of car financing is Personal Contract Purchase (PCP). PCP plans start with an initial deposit payment. Then, for the fixed term of the agreement, you will pay monthly instalments. The length of the agreement term is typically between 18 and 48 months, depending on your deposit and credit rating. The monthly payments are made against the depreciation of the car, not its entire value so, at the end of your agreement, a final payment must be made if you want to keep the car. This is often referred to as the Guaranteed Future Value (GFV) of the car. You will also be required to estimate your mileage and surcharges may apply if you exceed this estimate. The great thing about this product is that it allows you the opportunity to buy a new or a used car for affordable monthly payments.
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 your local dealership and ask to speak to one of our Business Managers at your local BMW GForces dealership
Hire Purchase is a very popular way of financing either a new or used car. The agreement starts with an initial deposit payment followed by agreed monthly instalments until the value of the car is paid in full. The length of the term of HP agreements can vary depending on your circumstances, but the advantages are that, at the end of the agreement, you will have full ownership of the car. Your mileage is also irrelevant so you can’t incur any excess mileage charges.
To find out more about the finance options available to you with The Car Sales Company, you can enquire online. Or, get in touch with our friendly and helpful team. They have extensive knowledge of all of the financial products we offer which, combined with our superb offers and special promotions, could see you behind the wheel of your dream car for less than you think.