Car Finance Schemes
IFA Car Finance are able to provide whole of the market searches on Car finance to find the right type of car finance for you. The finance schemes we can offer to private individuals and businesses are as follows:
Car Hire Purchase
Hire purchase is the traditional method of buying a motor vehicle. You simply choose how much deposit you would like to pay toward your car. This might be a cash deposit or the value of your part exchange and repay the outstanding balance over a period of 1 to 5 years. We are often able to arrange car finance with no deposit depending on your individual/company circumstances.
When you make the last payment the vehicle becomes yours. This is very similar to a bank loan but with the added advantage that you can choose to part exchange your vehicle at any time and simply take out a new car loan to replace your currently agreement.
One of the most important benefits of using Hire Purchase versus a bank or personal loan is that the motor finance company registers your vehicle on the Hire Purchase Index. This means that should your car be stolen it cannot be used for a loan as the finance company is already registered as the legal owner and the Police will be aware of this.
We are confident that we will be able to beat any quote that you may be offered, plus all our clients are guaranteed to benefit from a reduced settlement figure when changing vehicles.
Apply online Now or alternatively if you would prefer to speak to someone in person then give us a call and we can quickly tell you if we can save you money. Call now on 0845 652 1746
Car Lease Purchase
Lease purchase is sometimes called Hire Purchase with a ‘balloon’. The ‘balloon’ is set as a prediction of the future value of the vehicle in accordance with the current mileage and the predicted annual mileage and means that you benefit from a lower monthly payment by offsetting an amount of the capital you are borrowing.
At the end of the agreement you choose from the following options:
- Pay the final payment and own the vehicle outright
- Part exchange the vehicle and choose a new car
You can part exchange your vehicle at any time during the agreement and when taking out a new loan with IFA Car Finance you will benefit from a reduced settlement figure.
Apply online Now or if you would prefer to speak to someone in person then give us a call and we can quickly tell you if we can save you money. Call now on 0845 652 1746
Personal Contract Purchase
Often referred to as ‘PCP’ this scheme works in a similar way to lease purchase but has the added advantage that the final payment, or balloon, is Guaranteed – hence it is called the ‘Guaranteed Future Value’ or ‘GFV’. This means that should your car be worth less than the Guaranteed Future Value you simply hand the car back and are not liable for any shortfall. If the car is worth more than the GFV then this can be your equity to use as a deposit for a new vehicle.
PCP schemes have similar mileage constraints to Lease Purcahse with the difference being that if you exceed the stated annual mileage an excess mileage charge will apply.
Apply online Now or alternatively if you would prefer to speak to someone in person then give us a call and we can quickly tell you if we can save you money on your car finance. Call now on 0845 652 1746
Once you have read through the options available to you and would like to proceed with a quote from IFA Car Finance simply contact us and leave your details and someone will call you back - or if you would prefer to speak to someone call us on 0845 652 1746 to see if we can get you the right car finance.