Finance

At Simpledeal.co.uk we can offer a very competitive selection of finance packages. With the backing of leading banks we are confident that we can choose the right finance solution that suits your needs. Call a member of our sales team for an immediate quote.

Below you will find two of the most commonly used packages that our customers use.

PERSONAL CONTRACT PURCHASE (PCP)
Personal Contract Purchase plan provides the benefits of driving a higher specification vehicle for a lower monthly payment. Unlike the traditional purchase plan, this is achieved by deferring a percentage of the total cost of the vehicle to the end of the contract.

This percentage is known as the Minimum Guaranteed Future Value (MGFV) and is the key difference between PCP and traditional forms of financing.

The MGFV plus your deposit is subtracted from the selling price of the vehicle and your monthly payments are based on the balance (plus interest on the balance and the MGFV). Effectively, you will make lower payments than traditional financing simply because you are only funding the depreciation.

Option 1
If you think the vehicle is worth less than the MGFV you can simply return it to the finance company. As long as the vehicle is in good condition and has not exceeded the agreed mileage, you have nothing more to pay. The finance company guaranteed this future value and they will absorb the loss.

Option 2
If you want to keep the vehicle, you simply pay off the outstanding MGFV to the finance company.

Option 3
Thirdly, you can part exchange the vehicle with a motor dealer for your next new vehicle. If the trade-in value is greater than the MGFV, this sum can be used towards a deposit on the new agreement. Alternatively, you can sell the vehicle privately and keep any profit over and above the MGFV.

Excess Mileage
At the beginning of the agreement, you decide on the total mileage you expect to do. If, at the end of the agreement, having chosen to hand your vehicle back to the finance company, your mileage exceeds the agreed level, you simply pay a fixed amount for every extra mile.

Wear & Tear
It is in your interest to minimize the car’s 'wear and tear' and not exceed the agreed mileage. When the agreement has finished, the car may well be worth more than the MGFV, providing you with extra value. In simple terms 'normal wear and tear' means that for its age and mileage, the vehicle is in fair working order, condition and repair. A detailed guide will be provided to you by the finance company at the start of
your agreement.

For and immediate quote contact our sales team on
0870 609 3016

HIRE PURCHASE
Hire purchase is very similar to a traditional bank loan, you choose how much deposit to put down and or use your part exchange, you then make monthly repayments over either 2, 3, 4 or 5 years. At the end of the agreement the vehicle is yours, simple.

To obtain an immediate quote please use our finance calculator above or contact a member of our sales team.