Purchasing one of the many Approved Used cars currently listed at Eden Approved is surprisingly straightforward and affordable, with our selection of financing options meaning you can get behind the wheel of your chosen model for a price that is manageable. Our sales advisors will be able to help secure competitive rates of APR regardless of your situation, with both Hire Purchase and Personal Contract Purchase schemes available.
Personal Contract Purchase (PCP) is similar to Hire Purchase but means you are only paying off the cost of depreciation in the vehicle’s price over a set period of time. To take full ownership of the model, you will have to pay an optional final payment, the value of which is agreed at the beginning of the contract. If, however, you prefer to return the vehicle to us with nothing more to pay, this option is also available.
To find out more about the financing plans we have available or to speak to a member of the team for a quote today, get in touch with Eden Approved now.
When you have chosen your vehicle, you will then agree your annual mileage and decide on the agreement term with one of our Business Managers.
We will then determine the Guaranteed Minimum Future Value (GMFV) of the vehicle at the end of the agreement and work out a deposit and monthly amount that works for you.
At the end of your agreement you will then have three options:
Return – Simply return the car the back to us
Retain – Keep the car by paying the optional final payment
Renew – Trade it in for another car
For a quotation, help, or advice contact us and ask to speak to one of our Business Managers.
You can normally settle your agreement early by asking the finance company to provide you with a settlement figure. However, the finance company will require you to pay off the difference between what your car is worth, and what you still owe and there may be a difference which is known as negative equity. On the other hand, you may find that at the end of your term your car is worth more than the Guaranteed Future Value, which means you will have some positive equity to contribute towards your next car.
Arguably the most straightforward of all vehicle purchasing schemes, Hire Purchase simply enables you to borrow the finance needed to cover the full cost of the vehicle, less any deposit (either cash or part exchange) you choose to make. You will then pay off the remaining balance over an agreed period of time, usually up to five years in duration. At the end of the term, there will be nothing more to pay and you will be the overall owner of the car.
The short answer is yes, you can end your finance early. There are different provisions within each finance agreement that allows you to do just that. If you have got through two-thirds of the way through your finance agreement, the options to end the finance agreement early open up.
For a Hire Purchase agreement, there is an option of paying it off early through a settlement fee. A settlement fee covers the cost of any remaining unpaid instalments and interest payments remaining on the agreement. Once the settlement fee is paid, you take full ownership of the car early.
Under a Personal Contract Purchase agreement, you can also pay a settlement fee for bringing the agreement to an end early. After that, you can choose to hand the car back or you have a second option. Through a PCP agreement, you can take full ownership of the car by paying off the remaining Guaranteed Minimum Future Value also known as a balloon payment.