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Bywater Motor Group LTD acts a credit broker and deals with over 30 different finance companies in order to bring you the best possible package to suit your needs.

If you have already found your next car and just require the finance, please give us a call to see what we can do. We offer the most competitive rates available and can supply finance to suit a wide array of credit profiles.

Personal Contract Purchase (PCP)

A Personal Contract Purchase (PCP) is a loan secured against the vehicle, where repayments are based on part of the value of the vehicle.

The finance company guarantees the minimum the vehicle will be worth at the end of the agreement known as the Guaranteed Minimum Future Value (GMFV) or Optional Final Payment (OFP). This is offset until the end of the agreement.

PCP’s can run from 2 to 4 years and repayments are determined by the size of the deposit, how many miles the customer intends to do and the length of the agreement.

Hire Purchase (HP)

Hire Purchase (HP) is a hiring agreement between the customer and the finance company.

The loan is secured against the vehicle over a set period between 1 and 5 years, with fixed monthly repayments including interest.

During or at the end of agreement (if the balance has been paid in full), the customer has the option to own the vehicle by paying an additional sum called the Option to Purchase Fee and will then own the title to the car, becoming the legal owner.

The customer is the registered keeper of the car and responsible for insuring and maintaining it, but the finance company remains the legal owner until the amount borrowed has been fully repaid.

Personal and Business Contract Hire

Personal Contract Hire (PCH) or Business Contract Hire (BCH) allows the customer (the lessee) to choose the vehicle they want, use it for a set period of time and then give it back to the leasing company (the lessor) at the end of the period of hire.

The customer will pay a fixed monthly rental payment for a fixed period of time, this is based on a fixed annual agreed mileage.

Some PCH and BCH agreements include Annual Vehicle Excise Duty (road tax). Service and maintenance plans can also be added.

The customer is not responsible for the disposal or sale price of the vehicle at the end of the contract. The car is owned by the finance company, the customer has no option to buy it, and cannot sell it. All rentals will attract VAT at the current rate.

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