Once you have selected the right car to suit both your wants and needs, the next question is, ‘How do I afford it?’
Our sales teams and their Business Managers are on hand to advise on the various means of funding, from cash and its implications, to Personal Contract Purchases and how they can help you budget for a renewal date.
Merritts, along with our supporting finance houses, have developed a range of finance and insurance plans to meet our customer’s requirements. We will help you select the most effective method of funding to suit your budget. We can offer Hire Purchase, Personal Contract Plans with Guaranteed Residual Values, Hire Purchase with Balloon, Advance Payment Plans and Personal Loans.
Simply contact us and allow us to quote. You never know, that car of your dreams may become a reality.
PCP
Once you have chosen the car you wish to purchase, and agreed your annual mileage, our finance companies will determine the Guaranteed Minimum Future Value of your car at the end of your preferred contract term. The GMFV and deposit are deducted from the price of the car and your payments are calculated on the balance plus interest on both the balance and GMFV.
At the end of the agreement you have the flexibility to choose from one of the following three options:
- RENEW. Simply return to the dealership and choose your next car, using any equity over the GMFV as your deposit towards your new car.
- RETAIN. Should you wish to keep the car, you simply pay the GMFV plus an Option to Purchase Fee. This can be refinanced over a further period should you wish.
- RETURN. At the end of the agreement, if the marketplace dictates that your car is in negative equity, you may return it and have nothing further to pay ( subject to condition and mileage ).
Under a PCP agreement you maintain ownership of the car, but enjoy the benefits of lower monthly payments and shorter term. You also remove the possibility of negative equity.
Advanced Payment Plan
Similar to PCP, Jaguar Financial Services offer the option of a one single up-front payment, instead of fixed regular payments, whilst retaining the benefits of GMFV and the three end of agreement options.
Hire Purchase
This is the traditional form of funding a car whereby you pay a deposit and the remaining cost of the vehicle, plus the interest, is paid off over an agreed period of time.
Balloon Hire Purchase
As with Hire Purchase you fund the vehicle over an agreed period, however this allows you to include a final balloon payment as part of your end of agreement, thus allowing you to reduce your monthly outgoings.
Personal Loan
As with most High Street lenders, we have the facility to provide a personal loan towards the purchasing of that dream car. By funding with us you are freeing up your main credit line whilst also having the convenience of shopping under one roof.
So, why not pick up the phone and contact us.
Let us help you make your dreams a reality.
