Personal Contract Purchase (PCP)
PCP car finance is a perfect way to finance any luxury car from any of our reputable FCA regulated prestige car finance dealers. Essentially, PCP car finance is a flexible form of finance available to our customers. Firstly, you can expect to pay an initial deposit of around 10% for the prestige car of your choice. However, you should be aware that once you have completed all necessary repayments, you will have a number of options to choose from.
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PCP Car Finance
Firstly, you will actually have the option to pay the dealer the guaranteed minimum value (GMV). If you decide you wish to keep the car once your finance plan has ended, this is the option for you. The GMV amount will have been agreed upon at the start of your luxury car finance contract. However, you should also be aware that because of this payment, PCP repayments are generally lower than other forms of finance. Plus, PCP agreements include the APR, because it takes into account the interest charged on the outstanding balance and any other fees associated with the loan agreement. Therefore if you are looking for a more economical option, it could be wise to enter a car finance contract and once your contract is complete. Simply part exchange the vehicle, also you will have the option to return the car to your car finance dealer.
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What are the benefits of PCP finance?
Firstly. PCP car finance is an excellent choice for those who are looking for multiple options to choose from upon completion of their contract. Simply because you have the freedom to change your mind regarding what you actually want to do at the end of your contract. Because for instance if your financial circumstances change, instead of paying the GMV in order to keep the vehicle. You could simply just return it to the car finance dealer instead. As well as this, another benefit to choosing PCP finance is simply that PCP repayments in general are lower than other forms of car finance because of the lump sum due at the end.
Used Car PCP Criteria
Firstly, PCP finance deals for the most part can’t be arranged for older vehicles. This is because the contract will be running for usually at least a couple of years. Therefore once the contract is over the vehicle will have severely depreciated in value if it was already an older vehicle at the start of the contract.
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Because we strive for greatness, we can always assure you get the best sports car finance deal through us by working closely with our lenders with complete transparency.
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Our friendly, knowledgeable and specially trained brokers are experts in helping our customers find the perfect vehicle, as well as the perfect prestige car finance plan for them.
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- Should I get a car on finance?
There are a huge number of benefits to getting a car on finance. Although it is not without it's downsides. Of course this all varies from person to person, what works for you might not work for someone else. That being said prestige car finance is a fantastic option if you don't want to pay for your vehicle with a lump sum, but instead would prefer to pay in monthly instalments. However you should be aware that there is usually a deposit involved with finance options such as Personal Contract Purchase.
- Will applying for PCP Finance impact my credit score?
In short, it all depends on what type of credit check is conducted when you apply for luxury car finance. Because if a soft credit check is conducted, it will have zero effect on your credit score and also will not be visible to future finance lenders. On the other hand, a hard credit check will in fact show on your credit score, also if you have a number of hard credit checks on your credit score within a short window of time. It can actually negatively impact your credit rating.
- What is car finance?
Supercar finance is a brilliant way for you to purchase a car by spreading the cost over a number of months or years. However there are a number of different ways in which a person can acquire a car on finance. Therefore it is important to do your own research regarding interest rates, deposits etc. At Momentum Finance we offer a number of fantastic supercar finance options such as PCP, HP, LP and Equity Release car finance.
- What do I need to consider before applying for car finance?
. You will be subject to a credit check
. You will need to make sure you are sure about the affordability of your choice
. Some cars will have mileage limits
. A lot of finance options require an initial down payment.
. PCP agreements include the APR, because it takes into account the interest charged on the outstanding balance and any other fees associated with the loan agreement.
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