At Wiltshire & Sons, we can offer you finance options to help you decide on how to purchase your new vehicle, below is a brief summary of the different fiancé options available for a retail customer.
PCP
Personal Contract Plans are designed to give you greater flexibility when you finance your car. You will benefit from affordable monthly payments which are often lower than those you would expect from a traditional car loan. At the beginning of the plan a Guaranteed Future Value is agreed, which is an amount that will be outstanding at the end of the contract. This amount and the deposit you choose to pay are set against the vehicle price and the monthly repayments are based on the balance. Financing your vehicle this way means you can drive a higher specification vehicle for a lower monthly payment.
Key Features
- Affordability
With part of the car's value deferred until the end of the agreement, the monthly payments are lower than with many other finance plans.
- Fixed interest rate
Even if other interest rates go up, the interest rate on your finance repayments will not be affected.
- Financial Security
With our Guaranteed Future Value you have the security of knowing the minimum value of your car at the end of your agreement.
- Choice
At the end of your agreement you can make the final payment and keep the car, hand it back, or trade it in. And there's no need to decide what to do until then!
Hire Purchase
Similar to a bank loan (and sometimes called Hire Purchase), this is where you choose the deposit amount (perhaps including the value of your part exchange), deduct it from the cash price of the vehicle and then make monthly repayments over a 1, 2, 3, 4 or 5-year agreement (whichever you prefer). This is the simplest and most popular method of buying a car with finance. After you've made your final payment at the end of your agreement, the car is yours.
Key Features
- Fixed repayments
At the beginning of the agreement, both the amount you will pay every month and the repayment period is fixed and will not change.
- Fixed Interest Rate
Even if other interest rates go up, the interest rate on your finance repayments will not be affected.
- Flexible Payment Terms
Choose the length of the repayment period to suit your budget. You can choose between 12 and 60 months, it's entirely up to you.
- Low or no deposit
You can choose to either part exchange your current vehicle and use that amount as your deposit, perhaps use some of your savings as a deposit or put down no deposit and finance the whole amount.
Payment Protection/Gap Insurance?
To comply with current FSA regulation, we must advise potential and existing customer’s, in a proper manner and in writing, the options for protection the loan on and vehicle and how a customer can pay payment protection as a monthly figure and how to a one off Gap Insurance to cover, un-case of a vehicle on finance, getting written off, please consult the Sales Staff on this matter.
Settling the finance on my car?
If you have a finance agreement that you wish to clear so that you can make a new purchase at Wiltshire’s. We will contact your finance company and request “an early settlement quotation” for you, this amount can be settled out of the value you get for your trade in or by cash from yourself or it can be added to your new loan