At Waylands we have trained finance specialists within all of our dealerships who pride themselves in offering outstanding customer service and assisting customers in finding the right funding solution to suit their pocket and individual circumstances. With clear agreements and competitive finance packages available to suit your needs, we're confident we can help you get something special on your driveway.
The added advantage on this plan is that the final payment (guaranteed to be the minimum worth of the car) is optional – if you don’t wish to pay you can part exchange or return the car. Finding the right purchasing agreement is as important as selecting the right vehicle.
With this in mind, we have designed a number of attractive finance packages to make things that much easier.
Personal Contract Purchase (PCP) is a finance product that allows you the opportunity to buy a new or a used car.
If you like to change your car every 2-3 years, then the Volvo Car Advantage personal contract purchase plan, is perfect. By deferring part of the cost to the end it means you can reduce the length of your agreement, and at the end you have the flexibility to keep,exchange or return your vehicle.
What makes PCP different to Conditional Sale (CS) is that your monthly instalments are paying off the depreciation of the car, and not its entire value, over the course of the term. Then, 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).
Conditional Sale is a method of obtaining goods e.g. a vehicle, pay for the use of the vehicle over a pre- agreed period and at the end of that period, once an Option to Purchase Fee has been paid, the goods become your property. To find out more about Conditional Sale, including important things you must consider before taking out an agreement, click on the link above.
The short answer is yes, you can end your finance early. There are different provisions within each finance agreement that allows you to do just that. If you have got through two-thirds of the way through your finance agreement, the options to end the finance agreement early open up.
For a Conditional Sale agreement, there is an option of paying it off early through a settlement fee. A settlement fee covers the cost of any remaining unpaid instalments and interest payments remaining on the agreement. Once the settlement fee is paid, you take full ownership of the car early.
Under a Personal Contract Purchase agreement, you can also pay a settlement fee for bringing the agreement to an end early. After that, you can choose to hand the car back or you have a second option. Through a PCP agreement, you can take full ownership of the car by paying off the remaining Guaranteed Minimum Future Value also known as a balloon payment.