About Car Finance

What is Personal Contract Purchase (PCP)?
Personal contract plans (PCP) tend to have a lower monthly payment than HP, even with a maximum term of 49 months, with a large balloon payment at the end of the agreement.

You have 3 options at the end:
- Hand the car back to the finance company
- Pay off the balloon payment
- Part exchange against a new car
PCP is ideal if you change your car often and most people choose a term that’s equal to how long they plan on keeping the car.
What are the advantages of PCP?
- Fixed monthly payments
- Interest rate fixed for the loan duration
- Your Optional Final Payment is the anticipated future value of your vehicle assuming its mileage and condition is as agreed when you signed the agreement
- Flexibility at the end of the agreement
- The option to own the car at the end of the agreement
What should you consider when opting for PCP?
- You will not own the car unless you choose to pay the optional final payment at the end of your agreement.
- You will agree an annual mileage from the outset and will be charged for any excess miles.
- If you choose to return the car, it must be in a good condition otherwise you could be subject to surplus charges.
What is Hire Purchase (HP)?

Hire purchase is a method of paying for your car over set monthly payments on a fixed term with a fixed rate of interest.The term can range from 12 to 60 months depending on your circumstances and subject to status you can borrow anything from £1,000 to the full value of the car. Once the final payment has been made you own the car outright.
What are the advantages of HP?
- You will be able to order a new or used car and drive it away without having to buy it outright.
- Unlike PCP you will not need to estimate your annual mileage and so therefore will not be subjected to any excess mileage charges.
- Once you have made your final monthly payment, including the option to purchase fee, you will have full ownership of your car.
What should you consider when opting for HP?
- Your monthly payments maybe higher than PCP as you are paying off the full value of the car.
- You will not be able to sell the car without settling your agreement.
- You will not own the car until you have made all of your repayments.
What is Personal Contract Hire (PCH)?

Lease purchase is a form of long term rental which is perfect for those who know they will be looking to move on to another car once the agreement period is over.

Working in a similar way to Personal Contract Purchase (PCP), the main difference is that ownership of the vehicle would not be assumed at the end of the agreement period and instead the car would be handed back without any further obligation.

However another vehicle could then be chosen under the same scheme (subject to credit checks). This enables maximum flexibility with your choice of vehicle and the benefit of driving a brand new car every few years.
What are the advantages of PCH?
- It's a low risk option as the car can be driven away without the worry of a warranty expiring or worry about the best way to re-sell it in future.
- Monthly payments would be more favourable than compared to HP
- It offers flexibility as the car can be easily changes at the end of the agreement period, with access to a wide range of vehicles which, under normal circumstances, could not be afforded.
What should I consider when opting for PCH?
- You return the car to the dealership with no option to buy the car - hand back the keys with no further obligation.
- It is best to be realistic about annual mileage as there will be a charge for each additional mile covered
- When you return the car, it must be in a good condition otherwise you could be subject to surplus charges.
- There is no option to buy the car at the end of the period.
Apply for Used Car Finance

Here at Sutton Park Group, we can give you helpful advice based on your situation and budget, and always have competitively priced finance options available.

Before you sign up to any kind of finance agreement, it is important to make sure you have worked out what you can afford, both in terms of deposit and monthly payments, and are able to commit to the length of agreement.

Please note: By clicking the below Apply Now you will be leaving our website
Here is how our prearranged finance facility works:
- Complete the brief online application to receive and instant decision at any time of day or night
- One of our customer services team will be happy to answer any queries you may have
- Obtain a credit limit that suits your ideal monthly budget
- Visit the dealership to test drive a selection of cars that you already know are affordable
Credit rating explained:
- A lender will tend to judge your finance application based on 2 key areas :
  i) how you have paid credit in the past (ie your ‘credit history’)
  ii) your overall current ‘profile’ (ie how long you have been at your address and how long you have been in your current in job etc etc).
- The lender will then combine these two elements to create an overall ‘credit score’ or ‘credit rating’ for you as a potential customer.
Anyone can apply provided you:
- Are aged 18yr or over
- Hold a full UK provisional or full licence
- Are currently employed or self employed earning in excess of £850 pmth (after tax)
- Have been resident in the UK for over 3yrs
Terms & Conditions

Sutton Park Motor Company Limited is an appointed representative of ITC Compliance Limited which is authorised and regulated by the Financial Conduct Authority (their registration number is 313486). Permitted activities include advising on and arranging general insurance contracts and acting as a credit broker not a lender.

We can introduce you to a limited number of finance providers. We do not charge fees for our Consumer Credit services. We may receive a payment(s) or other benefits from finance providers should you decide to enter into an agreement with them, typically either a fixed fee or a fixed percentage of the amount you borrow. The payment we receive may vary between finance providers and product types. The payment received does not impact the finance rate offered.

All finance applications are subject to status, terms and conditions apply, UK residents only, 18’s or over, Guarantees may be required.

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