Finance

At Wheels 4 You, we understand that purchasing a car is a significant investment, which is why we offer tailored finance solutions to make buying your dream vehicle easier and more affordable. Whether you're interested in Hire Purchase (HP), Personal Contract Purchase (PCP), or leasing options, our dedicated finance team is here to help you find the perfect financing package to suit your budget and lifestyle. With competitive rates, flexible terms, and transparent agreements, we aim to make the process simple and stress-free. Our priority is to ensure that our customers can drive away in the car they want, with financing options that work for them.

Hire Purchase (HP):

Hire Purchase is a straightforward and traditional method of financing a car. With HP, you pay a deposit upfront, typically around 10% of the car's value, and then make fixed monthly payments over an agreed-upon term, usually between 1 to 5 years.

During the repayment period, you are effectively hiring the car from the finance company. Once you've made the final payment, ownership of the vehicle transfers to you.

One of the key advantages of HP is that you'll eventually own the car outright, making it a popular choice for those who want eventual ownership without a large upfront cost. Additionally, because the loan is secured against the car, interest rates are often more favourable compared to unsecured loans.

However, it's essential to remember that until you've made the final payment, the finance company technically owns the car. This means you can't sell or modify the vehicle without their consent.

Personal Contract Purchase (PCP):

Personal Contract Purchase is a flexible and popular form of car finance that offers lower monthly payments than traditional Hire Purchase.

With PCP, you pay a deposit similar to HP, followed by fixed monthly payments over a set term, usually between 2 to 4 years. However, unlike HP, these payments only cover the depreciation of the car over the term of the agreement, not its full value.

At the end of the term, you have three options:

1. Return the car: You can simply return the car to the finance company, provided it meets their agreed-upon condition and mileage limits, with nothing more to pay.

2. Keep the car: You have the option to purchase the car outright by paying a final lump sum, known as the "balloon payment" or "guaranteed future value" (GFV). This payment was predetermined at the start of the agreement based on the expected depreciation of the vehicle.

3. Part-exchange the car: You can use any equity left in the car (if its value is higher than the GFV) towards a deposit on a new PCP agreement.

PCP is popular because it offers lower monthly payments than HP and provides flexibility at the end of the term. However, it's essential to be mindful of mileage limits and the condition of the car to avoid additional charges upon return. Additionally, if you decide not to purchase the car at the end of the agreement, you'll have nothing to show for the monthly payments made.

Both Hire Purchase and Personal Contract Purchase have their advantages and considerations, so it's essential to carefully assess your needs and financial situation before choosing the right option for you.

Motor Supermarket Ltd T/A Wheels 4 You are trading as a credit broker and not a lender, and are authorised and regulated by the Financial Conduct Authority, firm reference 665693. 

We can introduce you to a limited number of lenders while providing details of finance products available. We will not charge you a fee for an introduction, but will typically receive a commission from the lender. Lender’s commissions may vary. The commission received does not influence the interest rate you will pay. For questions about commission, please speak to us. Motor Supermarket Ltd T/A Wheels 4 You, UNIT 20A SHERATON BUSINESS CENTRE, WADSWORTH CLOSE, PERIVALE, GREENFORD, MIDDLESEX, UB6 7JB.

Representative finance examples are for illustrative purposes only. Finance is subject to status and credit acceptance. Terms and conditions apply. Available to 18s and over & UK residents only. Guarantees and/or indemnities may be required. Excess mileage and damage charges may apply when the vehicle is returned.