Personal Contract Purchase, or
When applying for finance, you can set the deposit and monthly repayment amounts that you can comfortably make. You will also need to provide an estimate of your annual mileage, as this will have an impact on your repayments.
A portion of your total payment is
deferred to the end – this is known as a ‘balloon payment’, and is based on the
vehicle’s Guaranteed Minimum Future Value (GMFV). This amount is set according
to industry averages, and will be adjusted during your
The deferred payment reduces the
amount you need to repay monthly. This could mean that an otherwise ‘too
expensive’ vehicle is affordable on
You can pay off the full amount at any time during the agreement without any penalties. You could even receive an interest rebate.
No matter how much the vehicle depreciates in value during the agreement, at the end you are guaranteed positive equity. If depreciation is much quicker than you were expecting, it’s possible to return the car at no cost.
Contact any Eden Motors team to discuss car finance and start your application.