We offer you the choice of a Hire Purchase or Personal Contract Purchase finance agreement. Both agreements can be created for car finance deals with no deposit. Which is best for you depends on your individual circumstances.
We’ll explain the main differences below to shed clarity on the matter:
Hire Purchase (HP)
Hire Purchase agreements are a type of credit where once you have paid the total loan amount, you own the vehicle. During the loan term, the financer owns the vehicle. Once you repay them in full, ownership passes to you.
Typically, Hire Purchase agreements have higher monthly payments because you are repaying the total car amount. With a Personal Contract Purchase, you repay only part of that amount.
Personal Contract Purchase (PCP)
Personal Contract Purchase agreements are a type of credit where you pay off instalments to cover part of the cost of a car. Once you have paid off the amount as set out in the agreement, you hand the car back to the owner, who is the financer.
Alternatively, if you want to keep the car, you can refinance the remaining cost of it. This is called the balloon payment. It is based on the guaranteed future value (GFV) of the car.
FINANCIAL DISCLOSURE
Mehta Brothers UK Limited trading as MB Motor Group is an is an Appointed Representative of Automotive Compliance Ltd, who is authorised and regulated by the Financial Conduct Authority (FCA No 497010). Automotive Compliance Ltd’s permissions as a Principal Firm allows MB Motor Group to act as a credit broker, not as a lender, for the introduction to a limited number of lenders and to act as an agent on behalf of the insurer for insurance distribution activities only.
Why Finance Through A Dealership?
What is Hire Purchase?
What is Personal Contract Purchase?
Customer Reviews
Since we visited MB Motor Group we left with a continues smile on our faces as the car was perfect and we are still enjoying the drive, even for the a... Read More
Keith
After crashing my previous car, I was in the market for a new car. This dealer was recommended by a friend to visit. It was nerve racking at first as... Read More
Brenda
The car has treated me well after returning it for some small repairs. It is a daily car so I'm glad that the issues have been resolved.... Read More
Jake
I can't speak highly enough of this dealership. It was my first time buying from here and I'm very picky when it comes to buying my cars, I've had a f... Read More
Raymond A
Had no issues with the car at all, it has treated me well and I still love the drive. Mike was amazing to deal with as he looked after all the little... Read More
Craig
Nice little car dealership with good prices. Mick helped us through the process of buying my new little Fiat and was really patient while dealing with... Read More
Nicole “sketchasaurus” Smith
Bought my little Suzuki form M B Motor Group… Bought my little Suzuki form M B Motor Group. Absolutely over the moon with it. I dealt with Mick who... Read More
Christine Forrest
Like the rest of the reviews here, I only have positives to say about MB Motor Group. The quality preparation of their cars and friendly customer serv... Read More
Ollie Staines
Brilliant professional service from Mb Motors, can not fault. I bought an absolutely stunning Mercedes in mint condition and so refreshing to see sinc... Read More
Lissy 1
I have recently purchased a Mini Countryman from Mick and the team at MB Motor Group. The service I have received from Mick has been outstanding, alwa... Read More
Nicola Dack
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Representative Example HP
FINANCIAL DISCLOSURE
Mehta Brothers UK Limited trading as MB Motor Group is an is an Appointed Representative of Automotive Compliance Ltd, who is authorised and regulated by the Financial Conduct Authority (FCA No 497010). Automotive Compliance Ltd’s permissions as a Principal Firm allows MB Motor Group to act as a credit broker, not as a lender, for the introduction to a limited number of lenders and to act as an agent on behalf of the insurer for insurance distribution activities only.