Finance at Central Garage in Irthingborough, Wellingborough Northamptonshire
At Central Garage, we want your vehicle purchase to be as smooth as possible, including choosing the correct finance method to best suit your circumstances.
On this page you can read the basics of the various options on offer. Please feel free to call us and speak to one of our experts for more thorough information.
We are a credit broker and not a lender. Finance is subject to status and finance company acceptance. We can introduce you to a limited number of lenders and their finance products. We will typically receive a commission from the lender, as either a fixed fee or a fixed percentage on the amount you borrow. The commission we earn does not change by the type of finance. A guarantee may be required. The finance rate will vary dependant of customer personal circumstances for in dealership purchases.
Hire Purchase (HP)
With HP, you pay a deposit and pay off the value of the car in affordable monthly instalments with the loan secured against the car. This means you don't own the vehicle until the last payment is made.
- Any outstanding finance must be settled if the vehicle is sold.
- You do not own the vehicle outright until the final payment is made.
- Your vehicle is at risk of repossession if you do not maintain contractual payments.
- You must not sub-lease or rent the vehicle to a third party.
Personal Contract Purchase (PCP)
Currently the most popular way to finance a car and is essentially a long-term loan agreement. Monthly repayments tend to be lower and at the end of the term, you have a few options:
- Return the vehicle.
- Put any equity value of the car towards the the purchase of your next vehicle.
- Pay the ‘balloon’ payment and take fully ownership of the vehicle.
- This is ideal if you like to change your car every few years.