Personal Contract Purchase (HP)

A Personal Contract Purchase (PCP) product is well-suited for customers who like to have a new car every two or three years. At the end of any agreement, you have three options: 1. Renew your car: You can part-exchange your existing car or sell it privately once you have settled your account. Any excess value over the Optional Final Payment can be used as a deposit towards your new car. 2. Return your car: We will complete a vehicle appraisal. As long as your car meets the finance company fair wear and tear standards, is within the agreed mileage, and your account is up to date, there will be nothing further to pay. Additional charges will be made if you exceed the agreed mileage or if your car does not meet the fair wear and tear standards. 3. Retain your car: This programme also gives you the flexibility to own the car at the end of your agreement. All you need to do is arrange payment of the Optional Final Payment, which was deferred at the start of your agreement, plus the purchase fee. Under the agreement you are required to maintain a comprehensive motor insurance policy in respect of the goods with a reputable insurer of your choice.

Hire Purchase (HP)

A Hire Purchase (HP) product is suited for customers who want to own their car outright at the end of the agreement. It's a clear path to ownership, often chosen by those who plan to keep their vehicle for a longer period. At the end of your agreement, you have one main option: Own your car. Once all your regular monthly payments are made, you will own the car. There is usually a small 'Option to Purchase' fee at the very end, which transfers legal ownership to you. Under the agreement, you are required to maintain a comprehensive motor insurance policy in respect of the goods with a reputable insurer of your choice.

Conditional Sale (CS)

A Conditional Sale (CS) product is suited for customers who want to own their car automatically at the end of the agreement, without a final balloon payment or option fee. It's similar to Hire Purchase but simplifies the ownership transfer at the end. At the end of your agreement, you have one main option: Own your car. Once all your regular monthly payments are made, the car automatically becomes yours. There is no large final payment or extra fee to transfer ownership. Under the agreement, you are required to maintain a comprehensive motor insurance policy in respect of the goods with a reputable insurer of your choice.

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