What is Personal Contract Purchase?
When buying New or Approved Used cars from Hendy MG, our customers are given a number of flexible finance options to choose from. An effective method of payment is the Personal Contract Purchase.
This is similar to a Hire Purchase agreement - which is also available from Hendy MG - but allows for a smaller monthly payment for easy budgeting. This is because Personal Contract Purchase payments are related to the depreciation value of the vehicle, rather than the full value of the car.
At the end of the Personal Contract Purchase the motorist has three options: return the car to the finance company, pay the outstanding balance on the value of the car, or upgrade/renew the vehicle using its part exchange value.
Personal Contract Purchase is a simple and effective way to purchase a new car on a regular basis in an affordable manner. It is also possible for the Personal Contract Purchase agreement to be settled early if desired.
The duration of a Personal Contract Purchase agreement is between 18 and 48 months; although 36 months is the favourite choice.
If you would like more information regarding Personal Contract Purchase and your options for new vehicles, leave your details with us in the contact form below. We will get back to you as soon as we can to discuss this with you in more detail.