Finance Options
At Clevedon Garages, we offer a range of finance options and our sales team will be happy to help explain the various options available and make recommendations based on your individual requirements. To see the full breakdown of finance options available across our new car range please refer to our Clevedon Mazda website.
Personal Contract Purchase
Personal Contract Purchase, (or PCP) is a flexible payment option that enables you to drive the vehicle of your choice with the freedom to change, keep or return your vehicle at the end of the agreement. The initial deposit, annual mileage and agreement term can all be adjusted to suit your needs.
Within the agreement a guaranteed future value (GFV) for you vehicle is given. This figure is deferred to the end of the finance contract meaning that your regular monthly payments are smaller than those of a Hire Purchase (HP) agreement. The GFV of your car is guaranteed by the lender so will not fluctuate and is calculated using industry data on the likely value of your vehicle at the end on your agreement based on your annual mileage on the finance agreement.
Once you reach the end of the agreement you have three choices:
Renew - You can part exchange your car in and we'll fully settle your outstanding finance, with any excess value being used as deposit for your next car.
Retain - should you wish to keep the car, assuming all monthly payments have been made, you just need to pay the GMFV of the vehicle plus any purchase fees and it's yours to drive away.
Return - Assuming all monthly payments have been made, you'll have nothing further to pay, providing the car is in good condition and the agreed mileage hasn't been exceeded.
Hire Purchase Agreement
A Hire Purchase agreement involves payment of an initial deposit with the remaining cost of the vehicle spread over a series of fixed monthly payments. The initial deposit and length of the agreement can be adjust to meet your requirements. By the end of the agreement, you have paid the total cost of the car plus a rate of interest on the loan.
If you are interested in financing your purchase from Clevedon Garages, you can ask any of our sales advisers for assistance. You can arrange an appointment by enquiring online via our finance enquiry form, or by phoning one of the sales team directly.
Take a look at our video to further understand all features of a HP agreement and how it may suit you.
Seen something you like?
Use our easy online used car finance calculator to customise a PCP or HP package that suits you. Just pick a car, set your preferences such as term, mileage, budget or deposit, and get instant finance examples. Or fill out a finance enquiry form and our team will be in touch.
