At Finset, we're doing things differently. We don't believe car finance should be over complicated or anything but transparent. That's why we are partnering with some of the industry's most trusted lenders to bring the best possible deals and outcomes to our partners.
One of the most common forms of financing an asset is through a process known as Hire Purchase, or HP, which offers a straightforward way to spread the cost of your loan.
There is a fixed rate of interest with fixed monthly payments, which allows you to take ownership of your asset once all payments have been made. HP finance can make budgeting for your new purchase simple and easy.
Advantages:
Personal Contract Purchase or PCP is an increasingly popular choice for vehicle finance. If customers like to change their cars regularly but want low monthly payments to fit their budget, personal contract purchase could be the answer.
PCP finance may be the best option for your customers if they are looking for flexible options and guaranteed future value.
Advantages:
It is a flexible product and it is possible to put down a larger initial payment, which has the advantage of reducing the monthly payments. The monthly cost is worked out on the difference between the retail value and the depreciation value plus interest. This means that choosing Lease Purchase for a vehicle which holds its value will work out better for the customer.
Advantages:
A Representative HP Example: borrowing £10,000 over 60 Months with a representative of 13.5% APR, an annual interest rate of 13.5% (fixed) and a deposit of £0.00, the amount payable would be 59 repayments of £226.15 per month, with one final repayment of £236.15 (which includes the option to purchase fee of £10.00), with a total cost of credit of £3,569.15 and a total amount payable of £13,579.15 Finset Finance is a broker, not a lender. This means that we may offer different rates and the above is for illustrative purposes only and is not a quote or an offer of finance.
