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We know that financing your new car can be an uncertain process.
Questions such as what is the best product for me? What is the best time frame? What our my options at the end of the my contract? are regularly asked by our customers. Talking to us can get you through the process with the right product quickly and effortlessly.
These videos will take you thought not only what is the best product for your needs but also what are the advantages of the additional service WLMG offers at the time of purchase of your new car.
What is PCP car finance?
Personal Contract Purchase (PCP) finance allows you to pay for a selection of a vehicle’s cost over a fixed term, but then settle the balance and own the car once that contract ends. If this is not something you’d like to do, then you can also return the car back to us and have nothing more to pay.
As a result, PCP financing offers much greater flexibility than a Conditional Sale, also known as a Hire Purchase, in which the total cost of the vehicle is split, and you own the car once the deal ends.
How does PCP finance work?
You first pay a deposit on your chosen MG vehicle. Next you agree the length of your payment plan – typically, the longer the plan, the less expensive the payments.
An Optional Final Payment is also agreed. This is the amount it will cost you to own your vehicle outright once the payment plan ends and based on a forecast of the car’s worth once the agreed number of years have passed.
The Optional Final Payment is deducted from the car’s cost when assessing monthly repayment pricing. PCP, therefore, is often likely to be a more cost-effective finance option than a Hire Purchase, as the payments are not designed to cover the full cost of the car.
Another option to explore using our car finance calculator is a Purchase Plan. As with PCP, you can choose whether you wish to finance the whole car or put down a deposit so that your monthly payments are reduced. You also choose how long you want to pay the car off for, and enjoy fixed interest rates throughout the duration.
With this straightforward loan option, the car is yours at the end of the term.
