About Our Finance | Morecambe & Blackpool | Vantage Citroen

What is 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 (the most popular option)

PCP’s are 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?

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1. Monthly payments on a car financed by PCP are usually lower than if your car is financed by a Hire Purchase agreement.

2. If you decide not to buy the car, you can simply walk away when you have made all your monthly payments over the agreement term.

3. If your car is worth more than the Guaranteed Future Value then you can use that equity towards a deposit on a new car.

How do I get a finance settlement?

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You can either contact your current finance provider or call or email our specially trained customer service team on 01132123456 or customerservice@vantagemotorgroup.co.uk

I have some questions regarding finance, who do I speak to?

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Our customer service team are all trained and SAF qualified, meaning they have the knowledge and information to help you every step of the way. Call or email them on 01132123456 or customerservice@vantagemotorgroup.co.uk

What is HP?

Hire purchase is a method of paying for 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 £1000 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?

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1. You will be able to order a new or used car and drive it away without having to buy it outright.

2. Unlike PCP you will not need to estimate your annual mileage and so therefore will not be subjected to any excess mileage charges.

3. 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?

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1. Your monthly payments maybe higher than PCP as you are paying off the full value of the car.

2. You will not be able to sell the car without settling your agreement.

3. You will not own the car until you have made all of you repayments.

4. You will need to insure the car and keep it maintained in accordance with the manufacturers servicing schedules until the agreement is settled. 

Can I settle my HP agreement early?

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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. You can either contact your current finance provider or call or email our specially trained customer service team on 01132123456 or customerservice@vantagemotorgroup.co.uk

I have some questions regarding financing my purchase who should I speak to?

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​​Our customer service team are all trained and SAF qualified, meaning they have the knowledge and information to help you every step of the way. Call or email them on 01132123456 or customerservice@vantagemotorgroup.co.uk​​