At Victoria Motors Ltd we aim to make every step of the car buying experience a clear and convenient one and our finance packages are no different. We offer a mix of packages and its possible for us to also cater for those with a below average credit rating. Often people buy cars outright with savings that don't always reach the price of their ideal car. This means they have to buy an older, higher mileage or inferior car. This is where financing a car can be utilised by setting up a package that gives you surprisingly low monthly payments and therefore allowing you to spend that bit extra to get the car you desire. That way you won't find yourself buying a cheap car that needs replacing every year. Finance can also be for the people who have the funds to buy their ideal car outright, instead of using your savings you can keep them and pay a much smaller monthly sum! Using the calculator on our website is a great way of working out whether car finance is a suitable option for you and to find out what kind of car you could then afford to buy. Scroll down this page for an explanation on how to use the calculator. A lot of packages don't require a deposit and at the same time if you want to put down a small, medium or large deposit you can. The balance can be settled at any time in part or in full so you are not tied into a long term agreement if half way through your situation changes and you have more money available to you. As well as an explanation of our online finance calculator you will also find below an explanation of two of the most opted for packages available which will give you a bit more insight into how the work. So finance need not be daunting or complicated, it's actually a great way to fund a car and can have some really positive advantages to your lifestyle and finances. Our sales team are always happy to answer questions, go through figures and help you in your exciting journey of buying your next car so never hesitate to call us on 01747 838103.
Hire Purchase (HP)
Hire Purchase is a finance product that is very popular in the used car industry. It allows you to budget accurately thanks to fixed interest rates and monthly payments. Our hire purchase packages can be tailored to you and your budget by adjusting the length of your agreement (usually from 1-5 years) and the amount you pay as an initial deposit. It's up to you what initial deposit you put down which can range from 10% to 80% you could even come away with your new vehicle having paid no deposit at all. It's really flexible and if your circumstances change and it turns out you can afford to pay more, you can settle your agreement early without any penalty or indeed make lump sum reductions at any time if and when you choose resulting in an agreement that may have been set up over a 5 year period being finished and paid off after three. You also have the choice of coming back to us to part exchange and upgrade the car during your HP agreement and as long as the car is worth more than you owe on the remaining finance you can use it as deposit for your next car.
Personal Contract Payment (PCP)
Personal Contract Payment (PCP) is a great finance option which not only gives you affordable monthly repayments, but also lots of options at the end of your agreement too. As you are effectively moving a proportion of the monthly payments to a lump sum at the end the term payments are much lower enabling the purchase of a more expensive car than you might otherwise have thought possible. Like HP, PCP agreement are adjustable in terms of the amount of monthly repayments, annual mileage, deposit and the final payment amount. You can also settle your agreement at any time and/or part exchange with us during the agreement if a change or upgrade is desired. AAt the conclusion of your PCP agreement you will have three options. The first is to make the final payment which is known as the Guaranteed Residual Value of the vehicle. Once this is paid you will take full ownership of the car. The final payment amount is worked out at the start of your agreement and is guaranteed by the finance company so you will know, from the offset, how much this payment will be. The second option is to return the vehicle to the finance company at no extra cost and the final payment is then cleared. The third and final option is to part exchange the vehicle at the end of your agreement and use any positive equity from the vehicle being handed back as deposit against a new PCP or HP deal for another car.
How to use our online calculator
First thing first, head to our stock page. There you can go through all of our cars that we have in stock and click on the one you like the look of. Once you have reached the cars individual page you need to scroll down to the finance calculator, this is where the choice is in your hands. Type in your preferred deposit amount click on the drop down box next to it and select your preferred length of term. The length of term can be anything from 12 months to 60 months [remember you have the option to settle the agreement if and when you can so if you start it over 60 months you can pay it off after 12 months or even less if your circumstances change]. Now select what you think your annual mileage is. All that's left is to click the update button and scroll down for the results. The results will show you the two main options of HP and PCP finance packages by reading through them you will see the monthly payment figure and the total amount payable which includes your deposit, the amount on finance, interest charges and admin fees. With the PCP package, it will also tell you what your deferred final payment will be, this is calculated using the estimated annual mileage that you entered so make sure it's as accurate as possible. Take a look above at our PCP finance explanation above for what your options are when you get to the deferred final payment. If you want to see if you are eligible for this quote you can click on the 'learn more' button and then on the apply button which will allow you to make a no obligation application. We will then inform you if you qualify for what you have applied for and what to do next. Call us on 01747 838103 to arrange an appointment or ask some questions we look forward to helping you with any questions you have.
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We can also help with poor credit!
If you have struggled to get finance in the past, we may still be able to help - call us on 01747 838103 to learn more!