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  • Suzuki  Swace

    1.8 Hybrid SZ5 5dr CVT

    From 0% APR & £650 Customer Deposit

    From £280 Per Month

    49 Month Term

    PCP Finance Only

    Only £650 Customer Deposit

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WHAT IS PERSONAL CONTRACT PURCHASE?

Personal Contract Purchase is a Suzuki Finance that can help you buy your dream car with lower monthly repayments than a Hire Purchase product. This is because a large proportion of the amount you repay is deferred into an optional final repayment.

The main difference with Personal Contract Purchase, is the option to choose what you do at the end of the agreement. You can part exchange the vehicle, return the vehicle (return conditions apply), or pay the optional final repayment and own the vehicle.

Still unsure whether this is the right finance deal for you? Here’s how PCP works.

HOW DOES PERSONAL CONTRACT PURCHASE WORK?

You choose your deposit at the beginning of the agreement, and then pay equal monthly repayments with a fixed interest rate, over your chosen period. At the end of the agreement you choose one of the following 3 options:

  1. Part Exchange: subject to paying your agreement in full you can part exchange the vehicle at the end of the term or any time during the agreement. New credit agreements are subject to status.
  2. Return: You have the option to return the vehicle at the end of your agreement. To avoid incurring charges, the vehicle needs to be in good condition and within the permitted maximum mileage 
  3. Own: Own the vehicle outright by paying the optional final repayment. This will include a £10 purchase fee.

You will also decide how many miles you’re likely to travel each year (up to 24,000 miles), this will affect your monthly repayments and the optional final repayment amount. Make sure you select a realistic mileage allowance, otherwise excess mileage charges may be incurred if you decide to return your vehicle above the agreed contractual mileage.

Our dealers will be able to talk you through the personal contract purchase options available to you, and will be able to answer any questions you might have.

WHAT IS GUARANTEED MINIMUM FUTURE VALUE?

A car’s Guaranteed Minimum Future Value (GMFV) is equivalent to the optional final repayment and is based on the estimated value of the vehicle at the end of the agreement. The value assumes that when returned the vehicle is within the set maximum agreed mileage and good condition.

The GMFV protects you against any unexpected decrease in the value of the vehicle. This means Suzuki Finance takes on the risk of depreciation above the level of the GMFV, and you can hand the vehicle back with nothing to further to pay at the end of the agreement.

DECIDING WHETHER PERSONAL CONTRACT PURCHASE IS THE RIGHT CAR FINANCE DEAL FOR YOU

A Personal Contract Purchase agreement is ideal if you’d like to keep your options open as you won’t be paying the full value of the car (unless you decide to buy it at the end).

Other benefits of Personal Contract Purchase include:

  • Flexible deposit options
  • Fixed interest rate over your chosen period (2-4 years)
  • Fixed monthly repayments to suit your budget
  • Set your annual mileage up to 24,000 miles.
  • Borrow any amount from £3,000 for new vehicles and from £2,000 on used.

PERSONAL CONTRACT PURCHASE CONSIDERATIONS

Before you decide whether a Personal Contract Purchase agreement is right for you, it’s worth bearing in mind that:

  • You will pay more interest on a PCP agreement than a like for like HP agreement (same loan amount, term and APR).
  • If you choose to part exchange your vehicle at the end of the agreement it could be worth less than the optional final repayment leaving you with a shortfall to pay before starting a new agreement.
  • You won’t own the car until you have made all the repayments, including the optional final repayment plus any interest.
  • Excess mileage charges may be incurred if you exceed your agreed mileage and return the vehicle to us
  • Age of vehicle must be no more than 7 years old at the end of the agreement

Howard Garages (Weston) Ltd is an Appointed Representative of Automotive Compliance Ltd, who is authorised and regulated by the Financial Conduct Authority (FCA No 497010). Automotive Compliance Ltd’s permissions as a Principal Firm allows Howard Garages (Weston) Ltd to act as a credit broker, not as a lender, for the introduction to a limited number of lenders.

We can introduce you to a selected panel of lenders, which includes manufacturer lenders linked directly to the franchises that we represent. An introduction to a lender does not amount to independent financial advice and we act as their agent for this introduction. Our approach is to introduce you first to the manufacturer lender linked directly to the particular franchise you are purchasing your vehicle from, who are usually able to offer the best available package for you, taking into account both interest rates and other contributions. If they are unable to make you an offer of finance, we then seek to introduce you to whichever of the other lenders on our panel is able to make the next best offer of finance for you. Our aim is to secure the best deal you are eligible for from our panel of lenders. Lenders may pay a fixed commission to us for introducing you to them, calculated by reference to the vehicle model or amount you borrow. Different lenders may pay different commissions for such introductions, and manufacturer lenders linked directly to the franchises that we represent may also provide preferential rates to us for the funding of our vehicle stock and also provide financial support for our training and marketing. But any such amounts they and other lenders pay us will not affect the amounts you pay under your finance agreement, all of which are set by the lender concerned. If you ask us what the amount of commission is, we will tell you in good time before the Finance agreement is executed. 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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