Telephone: 01692 678215

Finance at Ludham Garage Ltd

Hire Purchase or Personal Contract Purchase

We offer you the choice of a Hire Purchase or Personal Contract Purchase finance agreement. Both agreements can be created for car finance deals with no deposit. Which is best for you depends on your individual circumstances. We’ll explain the main differences below to shed clarity on the matter:

Hire Purchase (HP)

Hire Purchase agreements are a type of credit where once you have paid the total loan amount, you own the vehicle. During the loan term, the financer owns the vehicle. Once you repay them in full, ownership passes to you. Typically, Hire Purchase agreements have higher monthly payments because you are repaying the total car amount. With a Personal Contract Purchase, you repay only part of that amount.

Personal Contract Purchase (PCP)

Personal Contract Purchase agreements are a type of credit where you pay off instalments to cover part of the cost of a car. Once you have paid off the amount as set out in the agreement, you hand the car back to the owner, who is the financer. Alternatively, if you want to keep the car, you can refinance the remaining cost of it. This is called the balloon payment. It is based on the guaranteed future value (GFV) of the car.

We are experts in offering finance to customers across the UK. If you have had trouble getting a used vehicle elsewhere, then give us a call to see if we can help, we have flexible finance deals to suit all budgets.

We are a credit broker and not a lender. We can introduce you to a limited number of lenders and their finance products which may have different interest rates and charges. We are not an independent financial advisor. We may advise you on the products, subject to your personal circumstances, though you are not obliged to take our advice or recommendation. We do not charge you a fee for our services. Whichever lender we introduce you to, we will typically receive commission from them (either a fixed fee or a fixed percentage of the amount you borrow). The lenders we work with could pay commission at different rates. However, the amount of commission that we receive from a lender does not have an effect on the amount that you pay to that lender under your credit agreement.

If you require any further information, please call us on 01692 678 215 or fill out the simple enquiry form above.

 

Ludham Garage Ltd is Authorised and Regulated by the Financial Conduct Authority for consumer credit purposes. (660964) Finance Subject to status. Other offers may be available but cannot be used in conjunction with this offer. We act as a credit broker not a lender. We work with a number of carefully selected credit providers who typically will be able to offer you finance for your purchase. Whichever lender we introduce you to, we will typically receive a fee from them (either a fixed fee or a percentage of the amount you borrow). The lenders we work with could pay commissions at different rates. All finance is subject to status and income. A customer may ask for commission disclosure at any time from our initial discussions through to the point when their agreement is set live.  Terms and conditions apply. Applicants must be 18 years or over. Ludham Garage Ltd - High Street, Ludham, Great Yarmouth, Norfolk, NR29 5QQ. Companies House Number:851802. FCA number : 660964. https://www.fca.org.uk/