Suzuki Finance available at Monty's of Sheffield

We know that buying a car is a significant investment, which is why we offer a variety of finance options to help you stretch your car payment and stay on top of your budget. Even if you are new to the world of car finance, the finance specialists at Monty’s Of Sheffield will help by giving you all the impartial advice you need.

The type of finance contracts that we offer include choices such as Hire Purchase (HP), Personal Contract Purchase Plans (PCP), Leasing and Personal Contract Hire. The differences between each are significant, with one more likely to suit you than the others. For instance, it is important to keep in mind that each plan has different payment periods, as well as deposit amounts and details regarding ownership.

We look forward to helping you purchase your next dream car.

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.

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.

One of our sales team 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.

Is Personal Contract Purchase 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.

Points to consider

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

• **Under our PCP product, you have the option at the end of the agreement to return the vehicle and not pay the deferred optional Final Payment. Providing the vehicle is in good condition and has not exceeded the maximum agreed mileage you will have nothing further to pay. If the vehicle has exceeded the maximum agreed mileage a charge for excess mileage will apply. Further information on what is considered good condition can be found at here.

We hope you found this information useful. To find out more click on the link below and one of our sales team will be in touch shortly.

Enquire about Personal Contract Purchase

What is Personal Contract Hire?

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.

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.

How Personal Contract Hire works

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 the right car finance deal 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

Things to consider

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.

• Enquire about Personal Contract Hire

What is Hire Purchase?

Hire Purchase is one of the finance products offered by Suzuki Finance to help spread the cost of buying a car. It’s a great choice if you want to own your car at the end of the agreement.

Suzuki Finance owns the vehicle for the duration of the finance agreement. You will become the owner of the vehicle after all the repayments including any interest has been paid.

How Hire Purchase works

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. After you’ve made all the repayments including any interest you will become the owner of the vehicle.

You can:

• Borrow any amount from £3,000 for new vehicles and from £2,000 on used
• Repay over 1-5 years depending upon the age of your vehicle
• Decide on the deposit you would like to pay (no deposit may be available, subject to status)

Our team of experts will be able to talk you through the Hire Purchase options available to you, and will be able to answer any questions you might have.

Is Hire Purchase the right finance deal for you?

Hire Purchase is ideal if you want to own your car outright at the end of your agreement.

Other benefits of Hire Purchase include:

• Flexible deposit options
• Fixed interest rate and monthly repayments (including any interest) over your chosen period (1-5 years)
• Fixed monthly repayments to suit your budget
• You won’t be restrained to a certain mileage
• Choose any new or used car as long as the car is less than 14 years old at the end of the agreement

Things to consider

Before you decide whether a Hire Purchase agreement is right for you, it’s worth remembering that:

• You won’t own the car until you’ve made your final repayment, including any interest
• You won’t be able to sell or modify your car over the length of the agreement
• You bear more risk of depreciation than with PCP, which means if the vehicle’s value depreciates faster than expected, you will continue paying the fixed monthly repayments

Enquire about Hire Purchase

A BREAK DOWN OF SUZUKI PRODUCTS

*Hire Purchase, PCP and Personal Contract Hire are subject to status and only available to UK residents aged 18 and over. Credit products are provided by Suzuki Finance, a trading style of Suzuki Financial Services Ltd, St William House, Tresillian Terrace, Cardiff CF10 5BH. Personal Contract Hire is provided by Lex Autolease Limited trading as Suzuki Contract Hire, Heathside Park, Heathside Park Road, Stockport SK3 0RB.

**Under our PCP product, you have the option at the end of the agreement to return the vehicle and not pay the deferred optional Final Payment. Providing the vehicle is in good condition and has not exceeded the maximum agreed mileage you will have nothing further to pay. If the vehicle has exceeded the maximum agreed mileage a charge for excess mileage will apply.