Nissan Finance | Canterbury Nissan | Broad Oak Motor Group

HIRE PURCHASE

Hire Purchase is the classical way to finance your vehicle. It involves paying off the cost of the vehicle with interest on a monthly basis. Despite being a great way to personally finance your vehicle, Hire Purchase is also a popular finance choice for businesses.

HIRE PURCHASE EXPLAINED

HOW HIRE PURCHASE WORKS

1. You let us know how much deposit you would like to pay.

2. From this we calculate, including interest, the monthly payments for the duration of the contract.

3. At the end of the agreement, after all payments have been made (including the Option to Purchase Fee), ownership of the vehicle is transferred to you.

BENEFITS OF HIRE PURCHASE

The interest rate charged on the finance will remain unaffected by any future changes in interest rates.

The initial payment is flexible.

Fixed monthly payments are not subject to VAT.

Taxation benefit from writing down allowance.

No mileage restrictions.

NISSAN PREFERENCES (PCP)

What is PCP? Nissan Preferences is our Personal Contract Purchase product that stands out from the crowd in terms of the choice and flexibility.

NISSAN PREFERENCES EXPLAINED

HOW NISSAN PRFERENCES WORKS

1. You let us know how much deposit you would like to pay.

2. We will calculate your monthly payment based on the maximum annual mileage to suit your needs.

3. We will calculate your Optional Final Payment depending on your driving requirements.

WHAT HAPPENS AT THE END OF THE AGREEMENT?

You will get a choice of three options when your Nissan Preferences agreement comes to an end.

Perference One - Drive away a new Nissan

If the vehicle is worth more than the Optional Final Payment amount, you could part exchange your vehicle by putting the difference towards a deposit on a new Nissan.

Preference Two - Return your Nissan

Simply return your Nissan in good condition, within the agreed mileage limits, and pay nothing.

Preference Three - Keep your Nissan

Pay the Optional Final Payment and be transferred ownership of the vehicle.

BENEFITS OF NISSAN PREFERENCES

The deposit is negotiable.

Fixed monthly payments.

Option to change your Nissan every 2 to 3 years.

Flexible end of agreement options.

WHAT IS GAP INSURANCE?

If your vehicle is written off or stolen before you finish paying the finance on it, your car insurance payout may not be enough to repay what you still owe and replace your vehicle with one of equivalent value. Guaranteed Asset Protection (GAP) is designed to cover this financial gap.

WHY DO I NEED IT?

On average, new cars lose approximately 60% of their value after just three years. It’s this depreciation that makes it unlikely that a payout from your insurer will be as much as you paid for the car.

And, if you have a finance deal on your car, you risk having to repay more than the amount the car has been valued at by your insurer if:

The deposit for your finance deal was small
You’re paying the balance off slowly
Your finance arrangement will leave you with a lump sum to pay at the end – a ‘balloon payment’

Without GAP Insurance, you might not be able to afford to replace your car. What’s more, you could still owe money for a car that you no longer have.

Nissan Preferences (PCP)

Firstly, we’ll agree a future value for your car, based on how much you drive. Then you’ll pay a flexible deposit followed by fixed monthly payments and the end of your contract you’ll have three options:

Trade the car in and choose a new one.
Keep the car and just pay off the rest.
Give the car back.

Hire Purchase

Pay a fixed deposit, depending on the price of the car you want. The rest is split into monthly payments over two to five years. At the end of your contract make your final payment and the car’s all yours.