We can introduce you to a wide range of car finance providers depending on your needs. We use a list of lenders but are not limited to these. if you have any CCJ’s or any previously missed payments please let us know so we can select the correct finance companies to get you the best rate without submitting you to lots of finance companies. For our prestige and rare cars, we use a panel of lenders who provide HP agreements and PCP (Personal Contract Plan). Some of our other lenders provide HP/ LEASE and Personal Loan agreements. All Lenders conform to the finance & leasing association’s code of practice. We also have subprime lenders for people with poor credit scores but this would need to be discussed prior to the proposal. All deals APR will be based upon the car’s age and your credit history typically 48 months gives the best APR which start at 8.6% APR. Some high net worth customers may be able to secure a cheaper rate via us.
HP or Hire Purchase, is a loan on the car for a set term, at the end of the term you will own the car in full. HP is normally available between 12 to 60 months
No to be confused with PCP, HP with the balloon is the same as HP apart from a LUMP payment is deferred till the end of the term, to which it will need to be settled in full this can be achieved by selling the car, paying the balance or part ex against another vehicle you could also refinance if applicable to you. Once the final payment has been made you will own the car in full. The term can range and be up to 49 months in total.
PCP or GFV
A personal contract plan or guaranteed future value is a loan with a lump payment at the end. The lump payment is a guaranteed value from the finance company. You will also have to state the annual mileage you make this is used to value the car’s future value, a penalty for any excess mileage over what was stated is normally applied at the end of the agreement if you decide to hand the vehicle back to the finance provider, Most PCP agreements are for longer than 2 years.
Nicolas Raimo is has passed the special automotive finance competence test.
What is RTI or Asset protection?
If your car is declared a “Total Loss” by your road risk insurance company, you will only be paid the ‘current market value of the vehicle at the time of loss NOT WHAT YOU ORIGINALLY PAID! Fortunately, you can soften the blow with RTI. it pays out as a supplement to your comprehensive motor insurance, so you can afford to replace your vehicle with a similar model.
How does RTI work? if your vehicle is deemed a Total Loss by your road risk vehicle insurer. Return to Invoice insurance will pay the difference between; The Motor Insurance settlement or Glass’s Guide Retail Value, whichever is the higher and the net invoice price you paid for your vehicle. For Example; your vehicle is involved in an accident and is declared a Total Loss by your Motor Insurance company. You have RTI and make a claim to make up the shortfall between what you originally paid for the vehicle and the insurance company offers;
Vehicle; Porsche Cayman
Registration Date: 24 May 2007
Net Invoice Price £19,995
Market Value after 2 years: £14,000
Claim Value: £5995.
Eligibility To be eligible for RTI your vehicle must satisfy the following criteria;
- The vehicle is up to 10 years old.
- The vehicle invoice price is less than £75,000
- The vehicle will be fully comprehensively insured throughout the term of the policy.
- The vehicle is less than 3.5 tonnes in GVW
- The vehicle will not be used for hire or reward (e.g. taxi, speed testing, etc…)
Full Terms and conditions available on request.
What is GAP insurance?
If any settlement on your dealer arranged car finance is greater than the amount covered under your RTI policy, then Finance GAP will settle the higher figure. What’s more, Finance GAP will cover up to 60 months of your loan.
•The cover does not include any warranty charges, insurance premiums, service plans and road fun license included in the purchase price of your vehicle.
•Negative equity from a previous vehicle is not covered under this policy, your vehicle qualifies for RTI/GAP insurance if; the vehicle is up to 10 years old and 1000,000 miles at the date of invoice.
•Your total loss is covered when it occurs within Great Britain, ise of man, channel islands or a member country of the European community.
•Market Value is a greater amount of either the insurance company payout or glass’s guide retail value
•And meets all the terms of RTI. Full Terms and conditions available on request or read the Policy Book
We include GAP for free with all our RTI policies.
We do have lenders that can help so please get in contact and let us know in advance.