Suzuki Car Finance

How to protect your vehicle

What is PCP?

Personal Contract Purchase is a Finance that can help you buy your dream car with lower monthly repayments than a Hire Purchase product. This is because a large proportion of the amount you repay is deferred into an optional final repayment.

The main difference with Personal Contract Purchase, is the option to choose what you do at the end of the agreement. You can part exchange the vehicle, return the vehicle (return conditions apply), or pay the optional final repayment and own the vehicle.

Still unsure whether this is the right finance deal for you? Contact us today for a personalised quote.

What is Hire Purchase?

Hire Purchase is one of the finance products offered to help spread the cost of buying a car. It’s a great choice if you want to own your car at the end of the agreement.

You will become the owner of the vehicle after all the repayments including any interest has been paid.

You choose your deposit at the beginning of the agreement, and then pay equal monthly repayments with a fixed interest rate, over your chosen period. After you’ve made all the repayments including any interest you will become the owner of the vehicle.

You can:

• Borrow any amount from £3,000 for new vehicles and from £2,000 on used
• Repay over 1-5 years depending upon the age of your vehicle                              
• Decide on the deposit you would like to pay (no deposit may be available, subject to status)

We're able to talk you through the Hire Purchase options available to you, and will be able to answer any questions you might have.

What is Contract Hire?

Personal Contract Hire is a fixed cost rental agreement.

You first choose your new Suzuki car, pay an initial rental in advance, followed by fixed monthly rentals to suit your budget. You can even choose an optional maintenance package as part of your agreement which can help take away the hassle of keeping your vehicle in good condition.

It’s different from Personal Contract Purchase (PCP) because there is no option to purchase the car at the end of the agreement and the vehicle must be returned.

What Is Gap Insurance?

If your vehicle is written off or stolen before you finish paying the finance on it, your car insurance pay-out 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:

1. The deposit for your finance deal was small
2. You’re paying the balance off slowly
3. 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.