FINANCE YOUR CAR THOUGH MARTYN READING CARMONEY FINANCE
Representative Example: borrow £7,000 with £1,000 deposit over 48 months with a representative APR of 14.9%, monthly payment would be £163.87, with a total cost of credit of £1,865.76 and a total amount payable of £7,865.76.
MARTYN READING CARS ARE A BROKER NOT A LENDER.
HIRE PURCHASE (HP):
This is a simple and popular option. It involves you hiring a vehicle from a finance company for an agreed time period. Then, after you’ve made the final payment, the vehicle’s yours. You own it outright.
In short: Higher payments. You can own the car after a final payment.
PERSONAL CONTRACT PURCHASE (PCP):
Similar to HP, PCP differs in the following ways. You pay only the depreciation of the value of the vehicle. Not its full value. So the monthly payments will be lower. But, at the end of the agreement, if you would like to own the vehicle, you’ll have to pay a lump sum.
In short: Lower payments. You can change cars more often without the hassle. A lump sum is needed to secure ownership.
SOFT SEARCH CREDIT CHECK:
At Martyn Reading Cars we will collect some very basic personal details so that we can conduct a soft credit search. This type of search leaves no mark on your credit record visible to lenders. It is however enough information to help show you a panel of lenders and rates ranked by the likelihood of you being accepted for credit. This in turn helps give you the most transparent way of making a decision.
Lenders we recommend are a selection of the key lenders in the market, this allows us to provide you with the best rate possible no matter what our credit rating is.
Hire Purchase, sometimes referred to as HP, is the simplest way to buy your next vehicle.
With a Hire Purchase loan, you pay a deposit at the start of the agreement and then the remaining balance is repaid from 12 to 60 months. If you’re part exchanging a vehicle then you can use this as a deposit too.
We’ll work to fit the length of your loan around your monthly budget or how often you like to change your vehicle.
Your payments are fixed throughout your loan and you can settle your agreement at any time, allowing you to change your vehicle before the end of your agreement. Once you have finished making your repayments, the vehicle becomes yours.
We don’t rely on computers to make a decision about your application. Instead, our team of experts combine their years of experience with modern technology to provide a personal, friendly and professional service.
How does it work?
1. Speak to us directly that you want us to arrange your finance. We’ll make the necessary arrangements with them.
2. Once we’ve approved your application we’ll make sure the paperwork is waiting at the dealership for you. Alternatively you can have it emailed.
3. Once the paperwork has been completed, we’ll make sure the payments have gone though in time to collect your new vehicle!
WHAT IF YOU WANT TO CHANGE YOUR VEHICLE?
If you decide you want to change your vehicle part way through your loan then all you need to do is speak to us to get a settlement figure.
This is the amount required to settle the outstanding loan but as it’s secured on your vehicle, you may be able to sell or part exchange your vehicle to do this.
Once you know what your settlement figure is, we’ll talk you through the process of changing your vehicle, ensuring your new finance is right for your needs.
We also offer our customers the ability to make partial settlements, this allows you to repay some of your outstanding finance and reduce your monthly repayment.
If you want to know more about Hire Purchase or if you’ve seen a vehicle and would like a quote, contact us on 01228 526 526 or pop into our office for a coffee and we can give you an answer in minutes.
We are governed by the Financial Conduct Authority.
Martyn Reading Cars Ltd are authorised and regulated by the Financial Conduct Authority (FCA) FRN: 796184. All finance is subject to status and income. Written quotation can be given on request. We act as a broker not a lender. We work with a panel of credit providers who maybe able to offer you finance for your purchase. We are only able to offer finance options from these lenders.