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Finance at Close Motor Company

Funding Options Available:

HIRE PURCHASE

Hire Purchase is one of the finance products offered by Black Horse 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.

Black Horse 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.

PERSONAL CONTRACT PURCHASE

Personal Contract Purchase is a Black Horse Finance product 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.

PERSONAL CONTRACT HIRE

Personal Contract Hire is a fixed cost rental agreement. You first choose your new 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.

CONTRACT HIRE

Contract Hire can be defined as a contract by which the hirer is provided with a vehicle of their choice for an agreed period, nominated mileage, for a fixed monthly rental and where the residual value, either profit or loss is borne by the contract hire company. Excess mileage above the agreed amount will be charged at a per mile basis.

Contract Hire can also include full vehicle maintenance and a relief vehicle. Payments are subject to VAT.

Benefits of Contract Hire;

  • Low Initial Outlay
  • Flexible Repayment Period
  • Hassle-Free Vehicle Disposal
  • No Depreciation Risk
  • Able to Reclaim a Portion of VAT on Monthly Payments
  • Fixed Monthly Cost
  • Option to Include Full Maintenance
  • RFL Paid For Contract Period
  • Rentals can be Offset Against Profits
  • Cash Flow – Contract Hire allows you to make a low initial outlay freeing up funds for other purposes.
  • Fixed Monthly Payments – Offers Peace of Mind fixed monthly payments and with the option a maintenance package makes budgeting for your vehicle easy leaving you with no financial uncertainty.
  • Repayment Periods Choose the correct term that suits your needs.
  • End of Contract – Simply return the vehicle to the Contract Hire Company. Excess mileage charges will apply if agreed parameter exceeded. Charges will be made for any damage.

Financing your vehicle

We offer business and retail finance options to help you turn your dream of owning a car from Close  Motor Company into a reality.

Why Finance Through a Dealership

 

What is Hire Purchase?

 

What is Personal Contract Purchase