Used Car Finance Options

What finance options are available to me?

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If you prefer not to tie up valuable capital, Furness Park can offer full finance facilities at favourable terms. All packages are tailored to suit your individual financial requirements. We have many years experience in dealing with finance. Sourcing your own finance can be time consuming. We want your experience of buying your new vehicle to be stress free - so let us do the hard work for you. We are happy to discuss your individual requirements.

Our finance options are:

Hire Purchase (HP) or Personal Loan

This is a simple, traditional way of funding your new vehicle. It involves fixed monthly payments over a period of between 12 and 60 months. Once all payments have been made the vehicle is yours.

  • Leaves other credit requirements undisturbed as the loan is secured on the vehicle, leaving your bank free for future emergencies and opportunities.
  • Fixed interest rates and monthly payments.
  • Low and zero deposit deals available.

When considering your loan options it’s worth remembering that your bank and other direct lenders are not as tightly regulated as Car Loan Lenders. This gives you many advantages – for example you will benefit from a reduction on interest in the event of you wanting to settle early on a Car Loan, whereas this is very rare on a personal loan.

Personal Contract Purchase (PCP)

This type of agreement keeps your monthly payments to a minimum and gives you greater flexibility by giving you more options at the end of the deal. It is the perfect solution for private buyers and those opting out of company car schemes.

Benefits to you:

  • You can change your car more regularly.
  • You can choose from a wider price range of car for a lower fixed monthly payment over a shorter term.
  • Guaranteed future value eliminates risk of negative money equity and protects against depreciation.
  • Flexible options at the end of the agreement to fit in with your personal circumstances.
  • You have the additional option to settle the agreement early and you will be given a rebate on interest charges.

The maximum term for a PCP agreement is 48 months, and the maximum age of the vehicle is 60 months at the start of the agreement.

What are my options at the end of the agreement?

  1. Make the optional final payment (including the option to purchase fee) and keep your car
  2. Hand the car back to the finance company and pay nothing more (subject to the condition of the vehicle)
  3. Part exchange the car and use any difference in its value to pay the deposit on your new car

Furness Park LLP is authorised and regulated by the Finacial Conduct Authority for the provision of consumer credit - our Office of Fair Trading License number is 655123. We can introduce you to a limited number of providers. We may receive a commission for the introduction. We act as a credit broker and not a lender.

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