Buying a car is a big financial outlay. It is important that you choose the best possible car for your needs at the best possible price. At the Western Motors Group, we understand that and so, our skilled team have a proven history of matching clients with their dream cars. We also appreciate that financing that car in the best possible way is vital. Like our customers, every finance deal is unique. Whether you are a private individual purchasing a family car or a business financing a fleet, we have the specialist knowledge to tailor the right deal for you. But finding the right finance can be a minefield of confusing terms and intricate offers that can overwhelm. Western Motors have been guiding customers through the best car purchase, and the best finance options for over 50 years. Here is our simple and easy guide to car financing.
PCP is a flexible car finance package that combines lower monthly payments with real flexibility over a 2-3 year period. With PCP you can finance your car to suit your circumstances. This is the ‘personal’ in the contract plan. There are three parts to any PCP. The first part is paying a deposit on your chosen motor. This is usually between 10% and 30% of the car value and can be in cash or, if you already have a car, in the form of a trade in. The second part of the deal is the monthly instalments. PCP agreements are renowned for their low monthly repayments. The length of the contract is usually a three year period. The car does not fully come into your possession until the final payment has been made. The last phase of PCP offers a choice of options as you approach the end of the agreement. These include handing the keys back, buying the vehicle, or entering into a new agreement with an upgrade to a newer car. Customers like that flexibility. If you choose to buy the vehicle, you pay a lump sum or the GMV (Gross Merchandise Value). This GMV figure is agreed at the beginning of the contract. At Western Motors we offer PCP through the Volkswagen Bank. It’s a unique arrangement which we have found to be very competitive and easy to deal with. As with all financial and legal agreements, PCP Finance should be considered carefully before singing up. PCP is one of the most popular, smoothest and fastest way to finance a car today.
Hire Purchase is a really simple, affordable and straightforward route to ownership. Whether you are buying a new or used car, with Hire Purchase you can finance your car over a period of time that you choose. This is usually between 1 to 5 years. There is a deposit paid on the car you have chosen, and this is generally around 10% of the car costs. A fixed loan is then organised with steady monthly payments over the term that suits you. Once all the payments have been made, you become the car owner. Our experienced staff can assist in organising an agreement that suits you and your personal budget.
Non-Consumer Hire Purchase agreements are an ideal solution of today’s commercial clients. They offer the small business and the larger established companies a tailored car finance plan to meet the specific needs of each company. Non-Consumer HP has a lot to offer the business client. Not least of these are the tax incentives. For business and tax purposes, a car which is purchased using a Non-consumer Hire Purchase arrangement is treated as a fixed asset of the business, while the amount owed is regarded as a liability. This reduces costs as the interest element of the HP agreement are set against tax. The VAT on your vehicles can be claimed from Revenue in one up-front payment at the beginning of the agreement (provided the car meets the criteria under the rebate scheme). Vat is not usually recoverable on cars, so this is an added bonus to consider in any potential purchase. A quick chat to our sales team at Western Motors and/or a conversation with your financial advisor will seal the deal for any commercial car purchases.
With a range of Used Car Finance options available, the discerning buyer at Western Motors can avail of excellent interest rates and tailored finance plans to suit your own personal circumstances. Our Finance Calculator offers a quick and easy look at monthly repayments based on car price, deposit and terms.
Getting the finance for your car right is as important as choosing the right car for you. Flexible and competitive finance may make the difference between buying the car you need without any extra financial burdens. Pick up the phone, or email and start a conversation with our sales team today and let us match you with the best car and the best finance to suit for you.