Spoticar

Our finance guide will help explain the various finance options available when buying a used car

PERSONAL CONTRACT PURCHASE (PCP) OFFERS FIXED MONTHLY PAYMENTS WITH DIFFERENT OPTIONS AT THE END OF YOUR CONTRACT.

How it works

• PCP offers a way to purchase a vehicle with a deposit and fixed monthly payments. It also allows deferring part of the cost of the vehicle until the end of the contract

• The deferred amount, also called the Guaranteed Future Value (GFV), an Optional Final Payment or Balloon gives you the benefit of tailoring your monthly payments to suit your personal circumstances.

• If you’re unsure what you will want to do with your vehicle at the end of your contract or require lower monthly payments than a standard Hire Purchase Contract, PCP offers you a flexible vehicle finance option

AT THE END OF THE AGREEMENT, YOU CAN CHOOSE ONE OF 3 OPTIONS.

1. Part exchange your vehicle for a new one and start another contract, paying any excess mileage and/or damage charges (if applicable).

2. Return your vehicle, paying any damage and/or excess mileage charges (if applicable). Should damage and excess mileage impact the value of your vehicle, additional payment could be necessary as it could be worth less than the GFV.

3. Pay the Optional Final Payment and keep your car.

A guarantee may be required. Finance subject to status. Over 18s only. Terms and conditions apply. Excess mileage charges may apply. Deposit may be required.

 

FIND A RETAILER

 

CONDITIONAL SALE OFFERS AN AGREEMENT WHEREBY YOU PAY A DEPOSIT FOLLOWED BY EQUAL MONTHLY PAYMENTS. ONCE YOU HAVE MADE YOUR FINAL PAYMENT, YOU WILL OWN THE VEHICLE.

How it works

• This is the traditional way of purchasing a car on finance, whereby you will pay a deposit at the beginning of your agreement and then pay equal monthly instalments until the end of the contract, at which point you will own the car outright.

• The initial deposit and repayment period is agreed based on the length of time you want to keep the vehicle and your budget.

• You have the option to part exchange your existing vehicle and put this towards the initial deposit, or if you would prefer to, just put down a cash deposit.

• Unlike with other agreements, you don’t have to estimate your mileage and there is no Guaranteed Future Value (GFV) payment at the end of the contract.

• For those who want to own their car at the end of the contract, conditional sale agreements are the ideal solution.

 

A guarantee may be required. Finance subject to status. Over 18s only. Terms and conditions apply. Deposit may be required. Once you have made all payment under the agreement you will own the vehicle. You do not have the option to return the vehicle at the end of the agreement.

 

FIND A RETAILER

 


PEUGEOT MOTOR COMPANY plc trading as SPOTiCAR is acting as a credit broker and not as a lender and may introduce you to other credit brokers (vehicle retailers). We will introduce you to PSA Finance or Vauxhall Finance as a lender and we may receive a fixed commission for this introduction or no commission at all. The vehicle retailer, acting as credit broker, may receive from the lender a commission, fee or other remuneration typically. This may be in the form of a standard amount e.g. based on a fixed fee or fixed interest rates, campaigns or targets agreed between PSA Finance UK Limited and the credit broker. Alternative finance products may be available with different commission amounts and/or arrangements. For more details, or if you think this will affect your decision to enter into an agreement, you should ask PSA Finance or Vauxhall Finance for further information.