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Finance at Station Garage

Finance at Station Garage

Finance Enquiry

FINANCE

Buying a car, new or used, doesn’t have to be a financial burden anymore – at Station Garage, our finance experts will help you draft up the ideal plan that is suited for your requirements. Each of our Finance contracts is tailored to you and ensure that you will be in control of your spending.

The type of finance contracts that we offer include Hire Purchase (HP), Personal Contract Plan (PCP) and Personal Contract Hire (PCH). Each one of them appeals to different people and differ regarding the deposit and regular payment amount, as well as period.

A key characteristic of our finance offers is flexibility – paying for your car can be as easy as paying any other bill. If you wish to enquire more about our finance options and services, as well as our attractive offers, contact us today through our website or by phone and we will discuss the best plan for you.

PERSONAL CONTRACT PURCHASE (PCP)

A Personal Contract Purchase (PCP) plan will enable you to purchase your next car 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). 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 us and part exchange your vehicle for a new one. 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.

HIRE PURCHASE (HP)

Hire Purchase (HP) is very similar to borrowing a sum of money from a bank and paying it back over a fixed period of time, with interest.

Hire Purchase is a type of secured loan which are often preferred over alternative (unsecured) loans because they allow a greater borrowing limit. The term "secured loan" means exactly that, a loan that the lender can secure against an asset (in this case, the vehicle).

HP gives you additional rights over those of a personal loan and is only available through dealers that have passed the stringent approval process of the finance companies.

PERSONAL CONTRACT HIRE

Personal Contract hire is a fixed-cost, rental agreement. You choose a new vehicle, agree the maximum annual mileage and length of agreement, and then pay an initial rental followed by fixed monthly rentals to suit your budget. You can even choose to cover vehicle maintenance costs as part of your agreement subject to paying a maintenance charge which is added to your monthly rental.

Station Garage  Ltd is authorised and regulated by the Financial Conduct Authority (FCA) – Firm Reference Number – 314709. You may check this on the Financial Services Register by visiting the FCA website https://register.fca.org.uk or by contacting the FCA by telephone on 0800 111 6768 We are a credit broker and not a lender. We can introduce you to a limited number of lenders and their finance products which may have different rates and charges. We do not charge a fee for our services and are not an independent financial advisor. Whichever lender we introduce you to, we will typically receive a commission from them which is a percentage of the amount you borrow. The lenders we work with could pay commissions at different rates. However, the amount of commission we receive from a lender does not affect the amount you pay to that lender under your credit agreement. All Finance applications are subject to status, terms, and conditions apply, UK residents only, over 18 Years old and guarantees may be required. 

Registered in Scotland: SC239334 Registered Office Address: Station Garage, Johnstone House 52-54 Rose Street, Aberdeen, AB10 1HA Data protection No: Z791677X VAT Number: 297 0512 46

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VAT Number - 297 051 246 | Company Number - SC239334 | FCA Number - 314709

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