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What are the Typical Vehicle Finance Options

Different Finance Options Explained

Ford Finance from Gates Ford

Car finance can be a mysterious and complex world, with a variety of different options open to you. With Gates Ford it doesn't have to be, and we aim to make paying for your car as simple and straightforward as possible.

Through our range of finance options we are able to provide personalised finance deals that match your particular budgeting requirements. Car finance from Gates will mean more affordable monthly payments than a personal loan, allowing you to defer a part of the capital repayment until the end of the agreement. Your car will also act as security for the finance, leaving additional forms of credit open to you for other personal purchases.

Hire purchase (HP)

A Hire Purchase agreement is the most traditional method of funding a car purchase, giving you a fixed interest rate and fixed monthly payments. You will pay an initial deposit and then several monthly payments over a time period that suits you, so you can opt for a monthly amount that suits your requirements.

The contract can be settled whenever you like and when it comes to an end you will have complete ownership of the vehicle.

Personal Contract Purchase (PCP)

Taking out a Personal Contract Purchase arrangement is now the most common way of funding a new car in the UK and it is becoming increasingly popular for used car sales as well. A PCP leaves part of the payment until the end of the agreement and it can be settled at any time you like. Known as the Guaranteed Minimum Future Value, it is based on the deposit amount, length of agreement and expected annual mileage, all of which can be tailored to match your budget needs.

Benefits include:

● Chance to own higher specification models

● Lower than normal monthly repayments

● Shorter agreement term

● Chance to upgrade your car regularly

For more information about specific cars you can browse our current stock and see accurate finance quotes next to the model that interests you. You can also use your current vehicle value to offset the cost of a new model.

Find out more about the different types of finance agreements by getting in touch with Gates Ford today and if you have any questions don't hesitate to contact us.