Embracing all current consumer regulations we work with a small number of high quality organisations providing affordable finance, insurance and vehicle protection products. Whether you wish to buy a new or used car at The Brindley Group, we provide competitive finance packages which can be tailored to you, easy to understand and free from jargon. Our onsite finance specialists are linked to all our partners via the latest technologies and our processes are designed to ensure a quick, smooth experience is achieved, from getting your finance approved to concluding all paperwork. Dealer finance provides additional Consumer Rights that using either a bank or your savings don’t and with interest rates Fixed at the outset your monthly instalments will not change during the currency of the agreement.
All our showroom teams are trained and accredited to qualify any customer’s needs and to supply a personalised quotation allowing an informed choice to be made. Let’s clear some of the jargon for you.
Personal Contract Purchase is similar to Hire Purchase agreement as you will usually pay an initial deposit, followed by monthly instalments over a term typically between 24 to 48 months.
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.
Available on all new and used cars, this flexible finance plan will spread the cost of acquiring your car over 24 to 60 months. Whilst a deposit is normally required, subject to status, our panel of lenders will advance up to 100% of the purchase price of your car. At the end of the agreement, assuming all repayments have been made the car is yours on payment of a £10 Option to Purchase Fee. The plans themselves are flexible, and able to have either full or partial settlements made at any point during the agreement.
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.