Vehicle Finance at RBS Van Sales
What is Personal Contract Purchase?
PCP is a finance product that is designed to reduce your monthly payments by delaying part of the repayment to the end of the agreement. The Deposit, Monthly Payment and Deferred Final Payment can all be adjusted to meet your needs. The final payment can be referred to as Guaranteed Minimum Future Value or Residual Value or sometimes a Balloon. This figure is worked out using industry data and estimated value at the end of the agreement. The final payment is guaranteed by the finance company. You can put the resale value of the car towards getting another vehicle.
For more information give us a call on 01609 778971.
What is Hire Purchase?
HP is a finance product that is one of the simplest forms of finance, if you want to own the vehicle outright at the end of the agreement, this is likely to be the product for you. There are no mileage restrictions, payments are fixed and so is the interest rate, further to paying the final instalment the vehicle is yours.
For more information give us a call on 01609 778971.
What is Personal Contract Purchase?
PCP is 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 car
- Pay the ‘balloon’ payment and go on to own the vehicle
- Put the resale value of the car towards getting another car
- This is ideal if you like to change your car every few years
For more information give us a call on 01609 778971.