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Initial Disclosure Document
Buying a used car is an exciting time, but also one that can prove expensive. After all, you will often find yourself in a position to part with many thousands of pounds, so ensuring that you’re getting a great deal is essential. Of course, for many people, buying a used vehicle requires financial support. At Keywise Cars in Exeter, we’re delighted to be able to help you with sourcing such support at rates of APR that are more than competitive.
Our financing packages include Hire Purchase arrangements and Personal Contract Purchase deals. Both types of financing enable you to drive away in the vehicle of your choice for low monthly repayments, with only a small deposit required. Depending on the financing contract you choose, you will then own the vehicle outright at the end of the agreement, or be free to return it with nothing more to pay.
Our online finance calculator enables you to see just how much you will be able to borrow and how much it will cost to purchase the used car of your choice. You can, of course, also liaise with a member of our sales team to discuss the options open to you. Simply get in touch over the phone or by submitting an online enquiry form today. We’ll be happy to answer any questions you may have and help secure the best deal possible.
We can introduce you to a limited number of finance providers. We do not charge fees for our Consumer Credit services. We will receive a payment(s) or other benefits from finance providers should you decide to enter into an agreement with them, typically either a fixed fee or a fixed percentage of the amount you borrow. The payment we receive may vary between finance providers and product types. The payment received does not impact the finance rate offered.
Personal Contract Purchase (PCP) is a finance product that allows you the opportunity to buy a new or a used car.
It is similar to a Hire Purchase agreement as you will usually pay an initial deposit, followed by monthly instalments over a term typically between 18 to 48 months.
What makes PCP different to Hire Purchase (HP) is that your monthly instalments are paying off the depreciation of the car, and not its entire value, over the course of the term. Then, when you get to the end of your agreement, there is a final, balloon payment that must be made if you want to keep the car. The balloon payment is often referred to also as the Guaranteed Future Value (GFV).
When you have chosen your vehicle, you will then agree your annual mileage and decide on the agreement term with one of our Business Managers.
We will then determine the Guaranteed Minimum Future Value (GMFV) of the vehicle at the end of the agreement and work out a deposit and monthly amount that works for you.
At the end of your agreement you will then have three options:
Return – Simply return the car the back to us
Retain – Keep the car by paying the optional final payment
Renew – Trade it in for another car
For a quotation, help, or advice contact us and ask to speak to one of our Business Managers.
Hire Purchase is a way to finance buying a new or used car. You will normally pay an initial deposit and will pay off the entire value of the car in monthly instalments. When all the payments are made, the Hire Purchase agreement ends, and you own the car outright.
The short answer is yes, you can end your finance early. There are different provisions within each finance agreement that allows you to do just that. If you have got through two-thirds of the way through your finance agreement, the options to end the finance agreement early open up.
For a Hire Purchase agreement, there is an option of paying it off early through a settlement fee. A settlement fee covers the cost of any remaining unpaid instalments and interest payments remaining on the agreement. Once the settlement fee is paid, you take full ownership of the car early.
Under a Personal Contract Purchase agreement, you can also pay a settlement fee for bringing the agreement to an end early. After that, you can choose to hand the car back or you have a second option. Through a PCP agreement, you can take full ownership of the car by paying off the remaining Guaranteed Minimum Future Value also known as a balloon payment.
