Finance Products

Your dream car broken into small affordable amounts

Capital Car Finance specialise in three main methods of regulated finance, namely Personal Contract Purchase [PCP], Lease Purchase [LP] and traditional Hire Purchase [HP].

All these finance products will assist you in buying a highest specification car for a lower monthly outlay and are available for all cars up to 5 years old. Please find more detailed information below, this should give you a better understanding of how all these car finance products work.

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We specialise in low rate PCP car finance schemes from several major UK lenders

If your vehicle is already on finance with another lender and think you may be paying over the odds, why not give us a call to see if we can save you money!

Most of our low rate finance schemes are based on either PCP [Personal Contract purchase] or LP [Lease Purchase,} both of which are designed to save you a considerable amount of money compared to using dealer car finance.

Our car finance products are available for most makes and models providing your vehice is less than 5 years old and originally purchased from an established UK supplying dealer. Most of the car finance deals we offer are based on the prestige market, as our finance providers have favourable finance deals available in this sector, so if you have purchased a vehicle such as BMW, Audi, Mercedes, Jaguar, Land Rover or Volkswagen, we should be able to offer you a fantastic deal.

All our personal car finance products are regulated by the FCA [unless you are a business] so you have the peace of mind knowing the products we offer gives you complete comfort, please find a summary of each car finance product below, this should give you a better understanding of how all these products work.

Our Finance Products

Lease Purchase Low Payment Plan (LPP)

Lease Purchase is sometimes referred to as Hire Purchase with a balloon and is structured in a similar way PCP, however unlike PCP there is no guarantee offered at the end of the agreement, customer can defer a capital lump sum amount until the end of the agreement, this is known as the Residual Value.

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Personal Contract Purchase (PCP)

PCP is one of the best ways to purchase a new or used car today, it allows customers to purchase a car of their choice at a very attractive fixed monthly finance payment, with the benefit of a low initial deposit outlay and a guaranteed minimum future value (GMFV) at the end of the agreement.

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Hire Purchase (HP)

Hire Purchase (HP) is very similar to borrowing a sum of money from a bank and paying it back over a fixed period of time, with interest.

Hire Purchase is a type of secured loan which are often preferred over alternative (unsecured) loans because they allow....

Hire Purchase is a type of secured loan which are often preferred over alternative (unsecured) loans.

HP gives you additional rights over those of a personal loan because it’s secured on the vehicle.

contract hire

Contract Hire and Leasing is basically a long-term rental agreement and can include service and maintenance, breakdown cover and a replacement vehicle and in most cases, includes the road fund licence for the duration. Your monthly payments will be subject to VAT though as its a rental product, if you are a VAT registered business you can reclaim this back from.... reclaim this back from HMRC.

PCP – The Benefits

PCP car finance is particularly useful if you are a company car driver opting out of the company car scheme (Cash for Car), because you can use your company car allowance or mileage reclaims to fund your monthly PCP payments and avoid paying excessive company car taxes.

The Residual Value (RV) (sometimes called the balloon) at the end of the agreement reduces the regular monthly payments accordingly, thus making vehicles that traditionally have a strong Residual Value (RV) more suitable for this type of product as they make repayments far more affordable.

The Residual Values (RV) is calculated and set at the beginning of the agreement and although this is not payable until the end. At the end of the agreement, there are realistically two options, 1. Pay off the residual value in cash or settlement by part-exchange or 2. Some lenders will allow the residual value to be spread over a secondary period and be refinanced again.

Option 1

Return the vehicle to the finance company and if you have not exceeded the agreed mileage, there is nothing more to pay.

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Option 2

You may keep the vehicle and simply pay off or refinance the outstanding Guaranteed Minimum Future Value payment.

A guide to pCP

Option 3

You can part-exchange your vehicle and if the trade-in value is greater than the GMFV, the difference is yours to keep.

PCP vs Lease Purchase

Lease Purchase – The Benefits

Lease Purchase is sometimes referred to as Hire Purchase with a balloon and is structured in a similar way to Personal Contract Purchase (PCP).

The customer will normally benefit from a slightly lower finance rate with a Lease Purchase product as there is no guarantee offered at the end of the agreement, the deferred capital lump sum amount at the end of the agreement is known as the Residual Value (RV), and this has to be paid by the customer for outright ownership. Deposits for Lease Purchase are flexible and are normally a minimum of 10% and a maximum of 50% of the total vehicle price, repayment periods are taken over 3 or 4 years typically.

Refinance-mycar.co.uk is a trading style of Capital Car Finance Ltd who are fully authorised and regulated by the Financial Conduct Authority (FCA Registration Number 685925) We are a credit broker and not a lender, which means we act as an intermediary to enable us to offer a wide range of products from a number of different lenders.

We will receive a commission payment from our finance provider should you decide to enter into an agreement with them, typically this is either a fixed fee or a fixed percentage of the amount you borrow. The payment we receive may vary between different finance providers and product types. However, the payment received does not impact the finance rate offered. Details of the amount of commission we receive will be provided for you prior to completion. All finance applications are subject to status, terms and conditions apply, UK residents only, 18’s or over, Guarantees may be required.

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