Westridge Motor Co

Finance Options


Hire Purchase (HP)
 
Hire Purchase agreements are available Subject to Status (STS) and is our most popular choice for motor finance, due to its flexibility and low monthly repayments. You will make an initial payment, followed by a series of monthly payments over a period of between 12 months - 60 months. At the end of the term you will then own the vehicle.
 
Personal Loans
 
These are available, Subject to Status (STS), over a period of between 12 months - 60 months. You will make an initial deposit payment, followed by a series of monthly payments.
  
Personal Contract Purchase (PCP)
 
Personal Contract Purchase is available Subject to Status (STS) and will enable you to purchase a new vehicle with lower monthly repayments. The way this is achieved is by deferring an amount of the total cost of the vehicle to the end of the contract. This amount is known as the Guaranteed Future Value (GFV) which is often referred to as the optional final balloon payment.
The Guaranteed Future Value plus your deposit is subtracted from the cash price of the vehicle and your monthly payments are based on the balance (plus interest on the balance and the GFV).
By only repaying the difference between the cash price and the optional balloon payment you are only financing the depreciation of the car.                           
 
At the end of the contract you have four options:                                   
  • You can return the vehicle to the finance company. As long as you have not exceeded the agreed mileage, you will have nothing more to pay.
  • If you want to keep the vehicle, you can simply pay off or refinance the outstanding balloon payment.
  • You can come back to Westridge and part exchange your vehicle for the next new vehicle. If the trade-in value is greater than the GFV, the difference can be used towards a deposit on the next agreement.
  • You can sell the vehicle privately and keep any profit over and above the GFV

 Want lower monthly payments?                                  

Just a few pointers which may help towards lowering your monthly payments and so in turn, making your dream car that little more attainable:
  • Consider financing the car over a longer contract period – perhaps a 48 month contract will make your car of choice more affordable.
  • The amount of deposit you are able to put down will dramatically affect your monthly payments.