FINANCE FROM COMPACT CARS

Statistics from the Finance and Leasing Association (FLA) show that more than 2 million cars - 1.36 million of which were used cars - were bought on finance. Whether you're highly likely to be accepted for car finance, or you have poor credit and tend to have difficulty obtaining finance, we will have a product for you.

Unlike some car dealers, we work with a range of finance partners including MotoNovo, Close Brothers, Santander and First Response, offering low monthly payments and competitive APRs of just 3.75%.

Close Brothers Motor Finance
MotoNovo Finance
First Response Finance
Santander Consumer Finance

As well as traditional mainstream Personal Contract Purchase (PCP) and Hire Purchase (HP) finance deals, we also offer a Pay As You Drive option which is specifically designed for people with bad credit struggling to get a finance agreement.

With deposits as low as £99, agreements from 12 - 60 months and weekly payment options available alongside typical monthly payment structures, we can help you get a car finance plan that fits your budget and is suitable for you.

COMPACT CARS ARE RESPONSIBLE LENDERS

Before we offer you credit we make sure that you’re not stretching yourself too far financially and can afford the loan. However, it's important for you to review your finances before you apply for any new finance product.

With a car in particular, you should also take into account the insurance, tax and maintenance costs that will not be covered by the monthly payments. There are tools you can use from independent sites here:

Money Advice Health Check
Money Advice - Debt Test

PERSONAL CONTRACT PURCHASE (PCP)

This finance option starts with giving the car you want to buy a Guaranteed Minimum Future Value (GMFV) which is how much we think it will be worth at the end of the agreement. The GMFV will change depending on the number of months you want to spread the payments over and how many miles per annum you set.

Once you've picked a car, you can put a deposit down for your PCP agreement (which can be as little as £99). This then helps to calculate your monthly payments.

The GMFV and your deposit are subtracted from the total value of the car to leave the amount you need to finance. This will be split into equal monthly payments across the agreed term.

After all of your payments have been made, you will have three choices:

1. Pay the optional final payment (the GMFV) to become the legal owner

2. Hand the car back to us and walk away

3. Trade the car in and use any positive equity as a deposit on a new car from us

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HIRE PURCHASE (HP)

As the name suggests, Hire Purchase works in a similar way to a rental or lease agreement with the end goal of becoming the owner of the car. Our innovative Pay As You Drive product is based on the HP model.

Just like a PCP agreement, you need to put an initial deposit down. However, unlike PCP, there is no Guaranteed Future Minimum Value amount to be deferred until the end of the plan which is why Hire Purchase payments are often more expensive.

The advantage of taking out a HP agreement in favour of a PCP is that the total cost of the car is spread equally across your monthly payments and there isn't a lump sum to pay at the end to become the owner. This finance option is most suited for people looking to buy the car and keep it after the finance agreement has ended.

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