If you've decided that you'd like to make the switch to a hybrid or electric vehicle, then we can outline the finance products available to fund your new purchase.
Buying an EV of any kind makes a lot of sense financially (strong residual values, relatively low running costs, lower tax, fewer clean air zone charges), whether it's for yourself or your company.
Our team is available to assist with any questions, whether upfront or at any point on your journey with us.
If you want to drive a vehicle for an agreed period and wish to benefit from the advantages that contract hire can offer, Personal Contract Hire could be the right choice for you. This finance product allows you to take a vehicle for an agreed period of time but as you do not own it, you don't carry all of the responsibilities that ownership brings.
Taking advantage of Personal Contract Hire is simple. After
selecting your preferred model, you will need to pay a small advance
rental to secure the vehicle. You will then be responsible for fixed
monthly rentals over a predetermined period. The payment plan can also
include a maintenance package to help fund the running costs over the
course of the agreement.
With a low advance rental and fixed monthly rentals, Personal Contract Hire may enable you to enjoy a higher-specification model. The fixed monthly rentals may be lower than a personal loan, enabling better budgeting, while the inclusion of maintenance plans makes this an even more attractive proposition.
Personal Contract Purchase (PCP) is a finance product that allows you the opportunity to buy a new or a used car.
It is similar to a Hire Purchase agreement as you will usually pay an initial deposit, followed by monthly instalments over a term typically between 18 to 48 months.
What makes PCP different to Hire Purchase (HP) is that your monthly instalments are paying off the depreciation of the car, and not its entire value, over the course of the term. Then, when you get to the end of your agreement, there is a final, balloon payment that must be made if you want to keep the car. The balloon payment is often referred to also as the Guaranteed Future Value (GFV).
Hire Purchase is a way to finance buying a new or used car. You will normally pay an initial deposit and will pay off the entire value of the car in monthly instalments. When all the payments are made, the Hire Purchase agreement ends, and you own the car outright.
* Information correct as of April 2022.