Credit Options.

PCP

Every pcp is built around a figure often called the guaranteed minimum future value (GMFV). This can vary from one car to another and you can sometimes find big differences between even trim levels and engine choices of a single model range. On a pcp you are effectively borrowing the difference between that figure and the price of the car - less the deposit you have paid.
PCP finance is a little different, because the amount borrowed is a lot less as a proportion of the cost of the car, the amount borrowed will be divided across a given payment schedule, typically between 24 and 48 months.

HP

Whenever you buy a car on finance your basically borrowing money from a finance lender. You will pay a cost in the beginning as a deposit. A hp agreement is between you and the finance lender. The buyer will borrow the remaining balance after the deposit is payed. The balance is the. To be paid of Within an agreed duration.
The amount you put down as a deposit and the length of the agreement will determine the price of your monthly repayments, with any addition of any interest. This will be presented as a annual (APR).
At the end of the agreement you will have paid off the full value of the vehicle plus any additional interest and charges and the vehicle now belongs to you.

Example;

Vehicle price £ 27,450.00
Deposit £ 0
Monthly Payments £ 534.26
Agreement term 36 months
APR 9.9%
Total amount payable £ 33,523.80

*APR rate is calculated by deposit paid, agreement term and credit score.

  

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