Finance Options
Go Back

Helping you decide the best way to Finance your car.

There are a variety of options available to Finance your car such as HP (Hire Purchase), PCP (Personal Contract Purchase) and PCH (Personal Contract Hire). We hope this helps you decide the best Finance option to use to purchase your car at TJ Vickers. 


Why choose Dealer Finance? 

Whether you are purchasing a new or used vehicle there are a range of different Finance options available to raise the funds. 

At TJ Vickers we are able to offer you the following finance options:
- HP (Hire Purchase) 
- PCP (Personal Contract Purchase)
- PCH (Personal Contract Hire) 

On this page we will explain how each of these finance options can work for you.




 

Hire Purchase (HP) 

Hire Purchase offers you flexible deposit options, fixed interest rate and monthly repayment and at the end of the of the agreement you will own the car. 

How does this work?

- Once you have chosen your car you will discuss the deposit, agreement term (this can be up to 60months on HP) and your monthly repayments with the sales person. The deposit you agree on will be taken from the price of the car. 

- Over the agreed term you will pay the remaining balance plus interest in equal monthly repayments. 

- The Finance provider buys the car on your behalf and owns the car for the duration of the finance agreement. 

- Once all the repayments have been paid you will become the owner of the vehicle. 

The maximum age of the vehicle at the end of the agreement is typically 14 years. Minimum and maximum finance amounts may apply.


Please watch the video for more information. 

PCP (Personal Contract Purchase)

PCP can help you to buy your car with lower monthly repayments than a Hire Purchase (HP) product as a large proportion of the amount you repay is deferred into an optional final repayment. You will pay more interest on a PCP agreement than a HP agreement for the same loan amount, term and APR* as your balance reduces more slowly due to the optional final repayment.

How does it work?

- Once you have chosen your car you will agree an initial deposit and term with the dealer and decide how many miles you’ll travel each year (up to 24,000 miles per year). Knowing your realistic annual mileage* is important as this helps generate the Guaranteed Future Value (GFV) this is the anticipated value of the vehicle at the end of the agreement, which is also referred to as the optional final repayment amount.   

- The dealer will then work out the monthly repayment amount and the optional final repayment amount will be generated. The term of this agreement can be between 12 - 48 months and there will be a fixed interest amount for the duration of this period. 

- At the end of your agreement, you can part exchange the vehicle, return the vehicle (return conditions apply) or pay the optional final repayment and own the vehicle.

- The Finance provider buys the car on your behalf and owns the car for the duration of the finance  agreement. After you’ve made all the repayments including the optional final repayment and any interest, you will become the owner of the vehicle.

*Make sure you select a realistic mileage allowance otherwise excess mileage charges may be incurred if you exceed the agreed mileage and return the vehicle to us.

The maximum age of the vehicle at the end of the agreement is typically 7 years. Minimum and maximum finance amounts may apply.

Please watch the video for more information. 
Personal Contract Hire (PCH) 

Personal Contract Hire (PCH) is a fixed cost rental agreement which is available for a period of 2-5 years on new vehicles only. PCH is also available with an optional maintenance package, this is an additonal monthly cost, which can help with keeping your vehicle in good condition. Unlike the other finance options when your agreement comes to an end you must return the vehicle to us as there is no ownership option.

How does it work?

- Select a new vehicle which is available on Personal Contract Hire then decide your annual mileage limit which must be a minimum of 5,000. The maximum limits vary by vehicle. If your circumstances change during your agreement you may be able to amend your contracted mileage. 

- Then you select the amount of Initial Payment you would like to pay an initial rental can be between 1 to 12 monthly rentals. The higher the initial rental, the lower the  monthly rentals will be. 

- Pay regular monthly rentals over the agreed term of between 2-5 years.

- At the end of your agreement you must return the vehicle to us as there is no ownership option. If you have not exceeded your contracted mileage and have kept your vehicle in good condition in line with the Fair Wear & Tear guidelines of the lender you will have nothing further to pay.

- If you decide you would like to terminate your agreement earlier you can do this providing you pay 50% of the remaining monthly rental plus any other charges, such as pro-rata excess mileage or damages.

- The vehicle is owned by the Finance Provider for the duration of the agreement. 



  • Disclosure:
    T J Vickers & Sons Limited t/a T J Vickers is authorised and regulated by the Financial Conduct Authority. FRN 688223. We are a Credit Broker not a Lender and can introduce you to a limited number of lenders.

    We typically receive a fixed commission calculated by reference to the vehicle model or amount you borrow, for introducing you to a lender but this does not affect the interest charged on the agreement, all of which are set by the lender. Our manufacturer supporting finance partner also provides preferential rates to us for the funding of our vehicle stock and financial support for our training and marketing.

    Reg Office:
    TJ Vickers & Sons Ltd – Trench Road, Trench, Telford, TF2 6PL. Reg. Company Number: 1636071 VAT Reg. No. 160 5726 73