Finance

Finance Options for your next car:

At Motorsave Direct we have an experienced team available to help you choose the right finance solution for your new vehicle.

Simply call or us and we'll tailor a finance package to suit your needs. Featured below are the most common forms of car

finance that we offer.

Personal Contract Purchase (PCP)

PCP's can operate over terms of 18 months up to 42 months; at the beginning of the period the customer will pay a deposit

and have set monthly repayments. At the end of the contract there are three options facing the customer:

Option 1

Start the process all over again by coming back to us, trading in the car and paying off the Minimum Guaranteed Future Value

(MGFV) to the finance company. Any surplus can then be put towards the deposit on a new car. Alternatively, the car can be

sold privately, keeping any surplus in excess of the MGFV.

Option 2

Return the car and walk away. If the market conditions have changed and the car is worth less than the MGFV, the lender

will absorb any loss. Provided the vehicle is in good condition for its age and does not exceed the agreed mileage.

Option 3

Keep the car by paying off the MGFV. Even if the vehicle is worth more, the customer only has to find the agreed MGFV set

at the outset of your finance plan.

Both new and used vehicles can be purchased on a PCP plan.

Hire Purchase (HP)

This is the most common form of car finance after PCP's. The customer pays the cost of the vehicle plus interest in

fixed instalments over a pre-determined contract period of up to 5 years. If all the payments are satisfied, full ownership

passes to the customer when the final instalment is paid. As the customer does not own the vehicle until all the payments

have been met, the lender still has the right of repossession, should the customer be in default under the terms of agreement.