Buying a new or used car is an exciting time, but also one that is expensive. As such, it’s important that you’re able to take advantage of great value financing that is affordable and manageable over an agreed period of time. At Endeavour Automotive Hyundai, we’re delighted to be able to provide you with both Personal Contract Purchase and Hire Purchase agreements, enabling you to drive away in a model for low monthly repayments.
When you have chosen your vehicle, you will then agree your annual mileage and decide on the agreement term with one of our Business Managers.
We will then determine the Guaranteed Minimum Future Value (GMFV) of the vehicle at the end of the agreement and work out a deposit and monthly amount that works for you.
At the end of your agreement you will then have three options:
Return – Simply return the car the back to us
Retain – Keep the car by paying the optional final payment
Renew – Trade it in for another car
For a quotation, help, or advice contact us and ask to speak to one of our Business Managers.
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.
A Hire Purchase agreement is perhaps the most straightforward of options when investing in a vehicle. This is a traditional purchase arrangement that requires you to pay an initial deposit followed by fixed monthly repayments over an agreed period of time. These payments will be paying off the outstanding balance of the vehicle, meaning that you will be the outright owner once the final payment is made.
To learn more about the payment options and for a competitive quote from one of our experienced sales advisors, get in touch with Endeavour Automotive Hyundai today.
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.