Master Cars HitchinSports & Prestige
1-2 Bunyan Road, Hitchin
Hertfordshire SG5 1NL Tel: 01462 457645
Which finance option is best for me? Master Car Sales offer a range of finance products to suit individual preferences and circumstances, such as Hire Purchase HP, Personal Contract Purchase PCP, Personal Contract Hire, and Lease Purchase. If you are not too sure about your credit rating or ability to get car finance we suggest you use our FREE credit indicator on Check your Credit Rating For Free. This will provide us with your ability and not show on your Credit file.
Hire Purchase could help you buy your dream car while spreading the cost. You agree an initial deposit with the dealer. Then decide your agreement term in months anything from 12 months to 60 months. Then we calculate your monthly repayment amount and submit your finance application to a lender. Subject to your application being approved, you can just drive it away – and after you’ve made all the repayments including the interest the car’s all yours with NO FINAL payment.
If you decide to keep your monthly repayments to a minimum by maximising your term to 60 months, doesn’t mean you have to keep the car the full term. You can exchange your car at any stage through this agreement. You will not pay all the interest charges either as we negotiate an “early” settlement rebate for you with your lender. This enables you to have a better car as the payments are lower. It also betters a personal loan from your Bank as you will get no early settlement from this and you will pay all charges and interest.
With Personal Contract Purchase you can keep your monthly repayments lower by deferring a significant proportion of the amount of credit to the final repayment at the end of the agreement. Agree an initial deposit to pay with us, you can use your old car, pay cash or in some cases we can offer NO DEPOSIT options. Then tell us how many miles you are likely to travel each year as this will have an impact on your Guaranteed Future Value (GFV).Then decide and how long you want the agreement to run for and we will then calculate the Guaranteed Future Value (GFV) of your vehicle and confirm your monthly repayment.
We will then submit the finance your application and subject to your application being approved; you can just drive your car away.
Lease Purchase is similar to a Personal Contract Purchase (PCP) in that you can keep your monthly repayments lower by deferring a significant proportion of the amount of credit to the final repayment at the end of the agreement but do not have the option to return the vehicle at the end of the agreement.
We agree an initial deposit and how long you want the agreement to run for and we will then calculate your final repayment and confirm your regular monthly repayment.
Once that is agreed we will submit the finance application to Lenders and subject to your application being approved, you can just drive your car away.
The options at the end of Term are:
1) Pay the Final Lump Sum Repayment to own the vehicle
2) Part exchange the vehicle subject to settlement of your existing finance agreement; new finance agreements are subject to status. Lease Purchase is often used by Business customers and limited companies who don’t want to be bound by mileage restrictions. Lease purchase is only available to limited companies on a non-regulated basis. For an explanation of regulated and non-regulated agreements please contact us so we can guide and explain.
Lease Purchase is essentially the same as Hire Purchase but with a large lump sum deferred until the end of the agreement. Unlike PCP there is No (GFV) and you do not have the option to return the vehicle at the end of the agreement other than voluntary termination rights. You can part exchange the car but if the valuation of the car does not meet the outstanding final payment, you the customer are liable to make the shortfall.