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Your Suzuki Finance Options
Crown Suzuki provides multiple finance options to help you purchase your next car, including PCH, PCP, HP and Business Contract Hire. Explore more information for PCH, PCP and HP below. For more information about Business Contract Hire, please Click here.
Crown Suzuki is appointed to act as the agent of the insurers and not as your agent, when offering or recommending the below products and where we collect any premium or handle premium refunds, we do so as the agent of the insurer. We act as a credit broker, not as lender, for the introduction to a limited number of finance providers only for.
For more information visit this page.
Specialist Automotive Finance Approved
This certificate provides an assurance to finance customers that they are receiving expert advice from a knowledgeable motor dealership, whose staff are committed to raising standards and improving knowledge of finance sold to private and business vehicle buyers.
What is Personal Contract Hire (PCH)?
Personal Contract Hire is a fixed cost rental agreement.
You first choose your new Suzuki car, pay an initial rental in advance, followed by fixed monthly rentals to suit your budget. You can even choose an optional maintenance package as part of your agreement which can help take away the hassle of keeping your vehicle in good condition.
How does Personal Contract Hire work?
It’s different from Personal Contract Purchase (PCP) because there is no option to purchase the car at the end of the agreement and the vehicle must be returned. Personal Contract Hire works by choosing from an initial rental payment in advance of 1-12 months, you then set the contract term between 2-5 years.
You then decide your annual mileage limit – the minimum is 5,000 and the maximum varies by vehicle. If your circumstances change during your agreement you may be able to amend your contracted mileage. You can also then decide whether to add an optional maintenance package at an additional cost.
At the end of the contract you must return the car and you’ll have nothing more to pay if the vehicle condition is in line with BVRLA guidelines and hasn’t exceeded the maximum agreed annual mileage.
If the vehicle doesn’t meet the mileage and condition terms, then excess charges will apply.
Is Personal Contract Hire for me?
Choosing the right finance agreement that’s suitable for you can be quite difficult to understand, so we’re here to make it easy for you.
The benefits of personal contract hire include:
- Hassle free motoring - road tax is included and no disposal worries
- Flexible initial rentals – choose between 1-12 months advanced payment which will help you set monthly rentals to suit your budget.
- The higher initial rental in advance you pay the lower the remaining monthly rentals will be
- Fixed monthly payments to suit your budget
- You can terminate the contract early by paying 50% of the remaining rental cost and any other charges incurred
- Optional vehicle maintenance packages to make sure your car stays in good condition
Personal Contract Hire considerations.
Before you decide whether a Personal Contract Hire agreement is right for you, it’s worth remembering that:- There is no ownership option at the end of the agreement
- Excess mileage charges may be incurred if you exceed the agreed mileage and return the vehicle to us.
- The condition of the vehicle upon return must also be in line with BVRLA guidelines to avoid incurring charges.
What is PCP?
What is Personal Contract Purchase (PCP)?
Personal Contract Purchase is a finance product that allows you the opportunity to buy a new or a used car.
It is similar to a Hire Purchase agreement as you will usually pay an initial deposit, followed by monthly instalments over a term typically between 18 to 48 months.
What makes Personal Contract Purchase different to Hire Purchase is that, typically, you will have a lower monthly payment, as when you get to the end of your agreement, there is a final balloon payment that must be made if you want to keep the car. The balloon payment is often referred to also as the Guaranteed Future Value (GFV).
How does Personal Contract Hire Work?
Personal Contract Hire works by choosing from an initial rental payment in advance of 1-12 months, you then set the contract term between 2-5 years.
You then decide your annual mileage limit – the minimum is 5,000 and the maximum varies by vehicle. If your circumstances change during your agreement you may be able to amend your contracted mileage. You can also then decide whether to add an optional maintenance package at an additional cost.
At the end of the contract you must return the car and you’ll have nothing more to pay if the vehicle condition is in line with BVRLA guidelines and hasn’t exceeded the maximum agreed annual mileage.
If the vehicle doesn’t meet the mileage and condition terms, then excess charges will apply.
Is Personal Contract Hire for you?
Choosing the right finance agreement that’s suitable for you can be quite difficult to understand, so we’re here to make it easy for you.
The benefits of personal contract hire include:
- Hassle free motoring - road tax is included and no disposal worries
- Flexible initial rentals – choose between 1-12 months advanced payment which will help you set monthly rentals to suit your budget.
- The higher initial rental in advance you pay the lower the remaining monthly rentals will be
- Fixed monthly payments to suit your budget
- You can terminate the contract early by paying 50% of the remaining rental cost and any other charges incurred
- Optional vehicle maintenance packages to make sure your car stays in good condition
How does PCP actually work?
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When you have chosen your vehicle, you will then agree your annual mileage and decide on the agreement term with one of our Business Managers.
We will then determine the Guaranteed Future Value (GFV) of the vehicle at the end of the agreement and work out a deposit and monthly amount that works for you.
At the end of your agreement you will then have three options:
Return – Simply return the car to us
Retain – Keep the car by paying the optional final payment
Renew – Trade it in for another car
For a quotation, help, or advice contact us and ask to speak to one of our Business Managers.
What are the advantages of PCP?
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- Monthly payments on a car financed by PCP are usually lower than if your car is financed by a Hire Purchase agreement.
- If you decide not to buy the car, you can simply walk away when you've made all the payments.
- You can drive away a new or used car every few years (dependent on the chosen term) without worrying about selling it on.
- If your car is worth more than the Guaranteed Future Value then you can use that equity towards a deposit on a new car.
What should you consider when option for a PCP?
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- If you want to buy the car you will need to pay your final balloon payment (the Guaranteed Future Value).
- Similar to PCH, you will need to agree on a mileage allowance at the beginning of your contract and there may be excess mileage charges if you exceed this.
- You won’t be able to sell the car without settling the finance.
- You won’t own the car until you have made all of your repayments.
- You’ll need to keep the car properly insured, maintained and in your possession until the full value is paid off.
Can I settle my PCP agreement early?
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The short answer is yes, you have the right to repay the credit at any time in full or partially.
What is HP?
What is Hire Purchase (HP)?
Hire Purchase is a way to finance buying a new or used car. You will normally pay an initial deposit and will pay off the entire value of the car in monthly instalments. When all the payments are made, the Hire Purchase agreement ends, and you own the car outright.
What are the advantages of HP?
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- You’ll be able to drive away a car that you may not have managed to buy outright.
- Unlike a PCP or PCH contract, you won't need to estimate your mileage at the start of your Hire Purchase agreement, so you'll avoid excess mileage charges.
- Once you’ve made your final monthly payment, including the option to purchase fee, you'll have full ownership of the car.
What should you consider when opting for HP?
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- Monthly payments may be higher than some other finance options, such as PCP, as you're paying off the full value of the car.
- You won’t be able to sell the car without settling the finance.
- You won’t own the car until you have made all of your repayments.
- You’ll need to keep the car properly insured, maintained and in your possession until the full value is paid off.
Can I settle my HP agreement early?
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The short answer is yes, you have the right to repay the credit at any time in full or partially.