WHICH FINANCE PLAN IS RIGHT FOR YOU?

One size does not fit all: that’s true for vehicles and it’s true for payment plans. There are a number of ways to finance your vehicle.

Before you make your decision, please read below or watch one of our videos.

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Personal Contract Purchase (PCP)

Personal Contract Purchase (PCP) is a type of Hire Purchase for customers who want to make fixed monthly payments, guarantee the future value of their vehicle, and have a choice of three final options at the end of the agreement term.

 

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Hire Purchase (HP)

For customers who want to make fixed regular monthly payments with outright ownership of their vehicle at the end of the agreement term. This straightforward finance option allows you to spread the cost over a fixed period, with no mileage restrictions and no large final payment.

 

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Personal Contract Hire (PCH)

Personal Contract Hire provides hassle free motoring - you benefit from a low initial outlay, regular rentals and no worry about disposing of your vehicle at the end of the contract. You can also benefit from the reassurance of a choice of optional service, maintenance and repair packages.

 

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PCP - How it works

  1. Choose your vehicle - new or used - and confirm an anticipated annual mileage allowance and agreement term between 24 and 48 months.
  2. This then determines the Optional Final Payment (also referred to as the Guaranteed Minimum Future Value) for the vehicle which is deferred to the end of your agreement.
  3. Decide on your deposit, which along with the Optional Final Payment, is deducted from the selling price of the vehicle, leaving you to make your regular monthly payments based on the remaining balance plus the agreement interest and any applicable fees.

At the end of the agreement, just choose from one of the following three options:

Renew - Choose a replacement vehicle and use any equity that is over the Optional Final Payment due for your current part-exchange vehicle towards your new deposit.
Retain - To keep your vehicle, you only need to pay the Optional Final Payment.
Return - Simply return your vehicle and as long as it’s within the agreed mileage and fair wear and tear guidelines there’ll be nothing more to pay.

Customer Benefits

  • Fixed regular monthly payments for easy budgeting.
  • The Guaranteed Minimum Future Value protects you against any potential fall in used vehicle values.
  • With shorter terms you could be driving a newer vehicle more often, meaning your running, servicing and maintenance costs may be reduced.
  • Flexibility – you choose the deposit, annual mileage and agreement term to suit your needs and budget, then at the end of your agreement you choose which of the three options is right for you.

Anything else to be aware of?

  • The finance provider owns the vehicle until all the monthly payments including the Optional Final Payment have been made.
  • If you opt to return the vehicle at the end of the term or earlier in the agreement, you might be required to pay additional charges set out under the credit agreement.
  • It is not possible to change or adjust the mileage allowance once the agreement has been signed.
  • The vehicle must be fully comprehensively insured as you will be responsible for any loss of, damage to or deterioration of the vehicle, except through fair wear and tear.

HP - How it works

  • Choose your vehicle, the amount of deposit you want to pay and decide on an agreement term between 12 and 60 months.
  • Any deposit is deducted from the selling price of the vehicle. You make regular monthly payments based on the remaining balance plus the agreement interest and any applicable fees.
  • Once all payments have been made, you will own your vehicle outright.

Customer Benefits

  • Fixed regular monthly payments for easy budgeting.
  • You own the vehicle at the end of the agreement with no deferred lump sum to pay.

Anything else to be aware of?

  • The finance provider owns the vehicle until all the monthly payments including any option to purchase fee have been made.
  • The vehicle must be fully comprehensively insured as you will be responsible for any loss of, damage to or deterioration of the vehicle, except through fair wear and tear.

PCH - How it works

  • Just choose the vehicle you want, agree your annual mileage and decide your hire period between 24 and 48 months.
  • Choose the right optional service, maintenance and repair package for you. Your rental is calculated based on your choices.
  • At the end of your agreement, simply return the vehicle (within the agreed mileage and in line with BVRLA Fair Wear and Tear guidelines), choose your next vehicle and start again.

The Benefits

  • Low initial outlay and regular rentals for easy budgeting.
  • Road Fund Licence included for the duration of your contract.
  • Optional servicing, maintenance and repair packages can bring all your running costs together in a single rental.
  • Flexibility to change your contract term and mileage should your circumstances change (subject to agreement of the lessor).
  • No concerns over the disposal or future value of your vehicle at the end of your contract.

Anything else to be aware of?

  • There is no option to purchase the vehicle at the end of the contract.
  • The vehicle must be fully comprehensively insured as you will be responsible for any loss of, damage to or deterioration of the vehicle, except through fair wear and tear.
  • There is no automatic right to early contract termination and just like a mobile phone contract an early termination or changes to the hire agreement can result in significant charges.
  • Exceeding the mileage allowance will result in excess mileage charges.
  • Damage beyond reasonable wear and tear will be subject to charges – set out in the hire agreement – and made by the lessor.

D. M. Keith Ltd, Thwaite Gate, Leeds, LS10 1DY

Contact Us

D. M. Keith Limited, D. M. Keith (RGL) Limited, D. M. Keith (RGD) Limited, D. M. Keith (CA) Limited & Ringways (Hire & Leasing) Ltd are an appointed representative of ITC Compliance Limited which is authorised and regulated by the Financial Conduct Authority (their registration number is 313486). Permitted activities include advising on and arranging general insurance contracts and acting as a credit broker not a lender.

We can introduce you to a limited number of finance providers. We do not charge a fee for our Consumer Credit services. We do not act as a financial adviser, or fiduciary. We act in our own interest, whichever lender we introduce you to, we will typically receive commission from them based on either a fixed fee or a fixed percentage of the amount you borrow. Any and all commission amounts will be fully disclosed to you as part of your sales journey. You will be required to give your fully informed consent to our receipt of this commission. By doing this, you acknowledge that you understand our role as a credit broker, and that we will receive a financial incentive if you take out a loan from a lender that we introduce you to.

All finance applications are subject to status, terms and conditions apply, UK residents only, 18s or over, Guarantees may be required. All group companies VAT registration No. GB169785889.

D. M. Keith Limited, D. M. Keith (RGL) Limited, D. M. Keith (RGD) Limited, D. M. Keith (CA) Limited & Ringways (Hire & Leasing) Ltd are an appointed representative of ITC Compliance Limited which is authorised and regulated by the Financial Conduct Authority (their registration number is 313486). Permitted activities include advising on and arranging general insurance contracts and acting as a credit broker not a lender.

We can introduce you to a limited number of finance providers. We do not charge a fee for our Consumer Credit services. We do not act as a financial adviser, or fiduciary. We act in our own interest, whichever lender we introduce you to, we will typically receive commission from them based on either a fixed fee or a fixed percentage of the amount you borrow. Any and all commission amounts will be fully disclosed to you as part of your sales journey. You will be required to give your fully informed consent to our receipt of this commission. By doing this, you acknowledge that you understand our role as a credit broker, and that we will receive a financial incentive if you take out a loan from a lender that we introduce you to.

All finance applications are subject to status, terms and conditions apply, UK residents only, 18s or over, Guarantees may be required. All group companies VAT registration No. GB169785889.

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