Get Finance on a car with Supercars Southwest

Finance Options

Buying a car is an exciting time so ensuring that you’re getting a great deal is essential. For many people, buying a car requires financial support. At Supercars Southwest, we’re delighted to be able to help you with sourcing such support.

Our finance packages include Hire Purchase arrangements and Personal Contract Purchase deals.

Depending on the finance contract you choose, you will then own the vehicle outright at the end of the agreement, or be free to return it with nothing more to pay.

You can contact our sales team to discuss the options open to you. Simply get in touch over the phone on 01392 327144 or by submitting an online enquiry form today.

We’ll be happy to answer any questions you may have and help you secure the best deal possible.

Representative Example

Hire Purchase: Payable by an initial payment of £115.72 followed by 58 payments of £115.72. Payments are based on a duration of agreement of 60 months, a Cash Price OTR of £6,125.00 with a deposit of £612.50 leaving an amount of credit of £5,512.50. The agreement is calculated using a fixed rate of interest of 5.19% per year resulting in Representative 9.9% APR and a total amount payable of £7,556.70.

We are a Credit Broker, not a Lender

What is Personal Contract Purchase (PCP)?

If you want the option to change or upgrade your vehicle at the end of the agreement.

Spread the cost of your vehicle with a guaranteed minimum future value.

You pay a deposit and the remaining amount borrowed is split into monthly instalments. We guarantee the minimum amount the vehicle is worth at the end of the agreement.

With PCP, you could benefit from lower fixed monthly payments compared to Hire Purchase and Conditional Sale.

Fixed monthly payments
Early repayment options
Option to own the vehicle at the end of the agreement
Option to exchange the vehicle at the end of the agreement

Representative Example

We are a Credit Broker, not a Lender

How does PCP actually work?

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 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 on 01392 327144.

What are the advantages of PCP?

Monthly payments on a car financed by PCP are usually lower than if your car is financed by a Hire Purchase agreement.
If you decide not to buy the car, you can simply walk away when you’ve made all the payments.
Similar to PCH, you can drive away a new or used car every few years (dependent on the chosen term) without worrying about selling it on.
If your car is worth more than the Guaranteed Future Value then you can use that equity towards a deposit on a new car.

What should you consider when opting for a PCP?

If you want to buy the car you will need to pay your final balloon payment (the Guaranteed Future Value).
Similar to PCH, you will need to agree on a mileage allowance at the beginning of your contract and there may be excess mileage charges if you exceed this.
You won’t be able to sell the car without settling the finance.
You won’t own the car until you have made all of your repayments.
You’ll need to keep the car properly insured, maintained and in your possession until the full value is paid off.

Can I settle my PCP agreement early?

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.

What is Hire Purchase (HP)?

If you want the option to hand your vehicle back at the end of the agreement.

Spread the cost of your vehicle with option to buy or return.

You put down a deposit and borrow the rest of the cost of the vehicle. You pay this remaining amount back monthly over the term of the agreement. At the end of the agreement you can choose to own the vehicle or hand it back.

Fixed monthly payments
Early repayment options
Option to own the vehicle at the end of the agreement
No excess mileage charges
No vehicle condition charges (Wear and Tear)

Representative Example

We are a Credit Broker, not a Lender

What are the advantages of HP?

You’ll be able to drive away a car that you may not have managed to buy outright.
Unlike a PCP or PCH contract, you won’t need to estimate your mileage at the start of your Hire Purchase agreement, so you’ll avoid excess mileage charges.
Once you’ve made your final monthly payment, including the option to purchase fee, you’ll have full ownership of the car.

What should you consider when opting for HP?

Monthly payments may be higher than some other finance options, such as PCP, as you’re paying off the full value of the car.
You won’t be able to sell the car without settling the finance.
You won’t own the car until you have made all of your repayments.
You’ll need to keep the car properly insured, maintained and in your possession until the full value is paid off.

Can I settle my HP agreement early?

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.