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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:
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.
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.
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.
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.
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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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Stourbridge, West Midlands, DY8 2TB
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