Used Car Finance

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.

Seen something you like?

Why not take advantage of our easy to use online used car finance calculator. This tool allows you to tailor your finance package to suit your individual needs, whether that be a Personal Contract Purchase (PCP) or a Hire Purchase (HP) agreement.

Simply select the used car you're interested in and you can see an instant representative example of the finance packages side by side. Choose the term, annual mileage, and either a monthly budget or initial deposit and let it instantly build you a representative example.

Which car finance options are available to me?

Personal Contract Purchase vs Hire 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 keep or change 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 minimum future value (GMFV) 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 GMFV 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.

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.

Once you reach the end of the agreement you have three choices:

Renew - this is your chance to drive away in another car. You can trade your old car in having fully settled your account including the GMFV of the vehicle, 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 the purchase fee 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.

Finance subject to status. Terms & Conditions apply. 18’s and over. Guarantee may be required. We are a credit broker not a lender for these financial promotions.